I can’t find any media that offers much insight and YouTubers know just about as much as most of us, so we don’t have much insight on them. And governments are keeping it under wraps until last minute?
It’s fairly obvious that with the proliferation of Bitcoin and crypto that banks have kicked up the R&D on CBDCs, but some things still leaves me a bit curious.
Will they be based on any of the cryptos we currently use today? Will all currencies be worth the same? I’m aware that the Digital Yuan is already a common place in China through the Wechat app. Are we going to see a system like that? Seems a bit intrusive. And which leads me, will it be on a public or private blockchain? Today you’ll be able to cash out your crypto and be given the amount it’s worth in fiat and buy crypto with your fiat, but what would be the plan if they deny transactions with this new system?
Us westerners see Bitcoin as a luxury and mostly a store of value now, but it’s highly possible that in a few decades we might see our need to switch to Bitcoin as a medium of exchange for goods and services similar to El Salvador, because the way things are heading and some of the decisions being made by a handful of governments (Looking at you UK for that Binance stunt), they’ll all potentially become a third world countries if they don’t embrace it. The stubbornness is what is also driving them to create another imitation of fiat digitally rather than using the hard money that’s available to us currently.