CBDCs, The Poop of Cash Eating ATMs

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Cash is definitely on its fast sliding slope towards extinction. You can look at it as such from a new world order universal currency point of view, which kind of makes sense in the midst of this world crisis/great reset, or from an evolutionary perspective where the digitization of everything will ultimately swallow cash along with many other everyday activities and requirements.

Wire transfers, NFC payments, cross border transfers and many other banking products are a clear evolution step from where cash was standing a few decades ago. I bet some of the elderly in my country don't even understand electronic payment systems and honestly they don't even need to.

China has claimed for a few years that it's aiming at becoming the first country to permanently ditch cash and become a full cashless society and Sweden is falling to the same pattern, with less than 10% of purchases being conducted through cash in the Nordic country. Both countries have a communist flavor if you ask me and they have the same incentive to rush ditching cash.

The Agricultural Bank of China (ABC), one of the largest banks in the world by assets, launched a pilot program that allows users to move their cash to digital renminbi (RMB), according to the Shenzhen News Network. The bank rolled out several ATMs across the province to facilitate the adoption of the digital currency, says Zou Hua, the manager of ABC’s digital RMB innovation lab.
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Machines are gradually eating cash from citizens and issue the new digital cash, or the cash poop, and that's probably part of the evolution of money, but as I've stated several times on my blog, cashless societies will ultimately kill every last dime of financial freedom and privacy that paper money has ever granted. One could say that we have XMR and ZEC for that, but banks and governments won't use those.

They're rushing towards issuing their own CBDCs that will mostly benefit the issuers and the governments under which protective umbrellas such digital currencies are being created. It seems however that "IMF Says Only 40 Countries Allowed To Issue Digital Currencies" and that's a mere 20% of the world countries. The reasoning being that while the tech is here the consumers aren't fully equipped to consume it.

…Legal tender status is usually only given to means of payment that can be easily received and used by the majority of the population… To use digital currencies, digital infrastructure – laptops, smartphones, connectivity – must first be in place. But governments cannot impose on their citizens to have it, so granting legal tender status to a central bank digital instrument might be challenging.”
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Putting aside news that one can find over the internet regarding CBDCs we have to also think of how many countries are actually prepared and have the means to make those a working reality. Is the population ready for that, do they have the gadgets and education to operate this new digital money...? Well, I agree with the IMF on this one and I'd say most aren't.

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I can clearly see Norway for example adopting CBDCs and totally ditching cash in a few years from now, as these people are decades ahead of my native ones, but in regards of my country, some few other Eastern European ones and others around the world, don't really have the means nor the general public to do that. I get why they're rushing to launch CBDCs... First of all they're actually afraid of crypto and what crypto can do.

No government will ever allow businesses being developed in accepting XMR payments for example, or almost any other crypto, they need to be in control of the circulating currency of each country, and also act as the issuers, otherwise they would loose the control over the population and its freedom. They would not allow crypto payments wide spread even as an alternative currency.

Central banks and governments are actually on a countdown race against crypto and instead of keeping on fighting it, they've switched lanes towards regulating the existence and trading of those cryptocurrencies and based on the concepts of crypto they're actually rushing now to developing their own versions, which will further represent their own money and not the people's money.

The way I see it, cryptos are people's money as they're designed, mined, distributed, valued, transferred and spent by the people while cash, whether digital or not, is banks and implicitly governments money. It's central banks or FED issued, it's distributed by central banks, using the easily controllable streams of those entities and totally under the control of its creators.

Hence it seems that the digitization of money, stores of value, wealth concepts and distribution of wealth is not heading towards a one lane road. Two separate worlds might open in the near future and it weighs quite heavy on us on how these worlds will look like and which one are we building upon the most.

Thanks for attention,
Adrian

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It seems that Central Banks are trying to “rebrand”. But once confidence is lost it is lost forever. Banking monopolies are a danger to all free markets.

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Yes they do and that's when the importance of Bitcoin and cryptocurrencies is becoming clearer and clearer.

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i remember 3 years ago that i visited china everyone was using card payments. It came as quite a surprise because although that's a thing in Greece it isn't that mass adopted as there. Even old guys were using it and even for street food buys and stuff

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Look at China to see where the world is heading in a few years from now. I love my cash and will always will as same as I love crypto.

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It appears cryptocurrency is here to stay.
Only a matter of time .. A subtle revolution is being staged.. Cryptocurrency 1- 0 Cash..
Lovely quote there!

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I hope that to. I also wish CBDCs will fail.

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While the entire world are taking these giant timed leaps of going digital with their currency, all i can see is how my country is lagging far behind,...our ICT ministry is nothing to write home about, the govt are focused on archaic mundane issues while still faux-battling insurgency. Our biggest problems are issues the world have moved on from years ago like electricity supply etc....yet developments are taking place around the world,...I'm greatful for the internet that has given one exposure

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You should be happy about that. CBDCs are all about control and the totalitarian system they try to impose. The less civilized a country is the far it is from globalization.

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Youre right, but I just feel such preparations or moves actually encourage the citizens to be more aware of the digital world and its accompanying currencies.

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I love my cash...

China is still underdeveloped if you compare it to Eastern Europe. I mean China as a whole, not the coastal cities sold to the world as standard for China. This are two different things. Digital currency will be all about control and tracking of money. China has this rating where they track every citizen and give them scores on behavior. If you vote against the party, you lose points. If you have friends that are not voting the party, you lose points. This is also what they do with the money, if the system sees that you buy something that they don't like, you lose points and your life is a mess..

That is why when I have to chose FIAT, I chose cash for the control of it..

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I love my cash...

Me too. I keep most of my money in cash and just a few hundred bucks on revolut for every day purchases.

I agree on everything you said and for the above mentioned reasons I disregard this pandemic because it pushes the world towards that totalitarian system similar to China.

I have said it multiple times and will say it once again, when cash will go extinct it's bye bye freedom.

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It might be than the age of Monero or other privacy coins ;)

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Yes. For now I stick with my classic way: cash and crypto and will continue as such for as long as possible.

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That has to be the best quote I've heard in a long time lol
I do have a strong feeling we will be moving to a cashless system at some point in my life. However that system is going to take "BANKS" a long time 10+ years all while crypto already is doing it. Will they be able to make the transition fast enough. I think so, but until that happens Crypto has very good chances of taking over. The only issue is so few people actually hold any value in crypto and it's heavily lopsided to a few big wings just like banks.

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It would be great for cryptos to reach more mass adoption as currencies and forms of payment. This way CBDCs won't make any sense.

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Totally according to you, the governments are developing a master plan to have more control over the population and digital money will do it, reading this I understand why they have so many regulations and why they try to delete them for even the smallest detail, but as we have seen the new technologies are beyond the control of the public elites.

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A totalitarian state, that's what they try to enforce.

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Get your cold storage wallets. CB's will target exchanges and 'your' wallets. They can effectively control your crypto that way.

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They can target exchanges, but not my wallet.

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