What Is The Deal With CBDCs And What Ways Can This Go
There is a lot of fear relating to CBDCs. The big question is whether it is all a waste of time or not.
In this video I discuss the different options pertaining to them and how they could be structured. There are a lot of drawbacks, not only for the populations but the banks. How is this to be resolved?
We go through some of the scnearios in this.
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You're getting very close to hitting the nail on the head here.
It's very important to understand that the definition of a CBDC doesn't have anything to do with the code being implemented, but rather who is in charge. If we take the code of a CBDC and clone it, suddenly it becomes not a CBDC. This is a critical factor that most people are not fully grasping. If a CBDC is defined by centralized control... suddenly we can begin to define every single DEFI project on EVM in a similar manner.
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friend excuse my ignorance but the CBDC is the acronym of which institution to better understand its publication.
CBDC is not an institution, Central Bank Digital Currency (CBDC) - virtual money created by a central bank
Thanks friend
Summary:
In this video, Task discusses central bank digital currencies (CBDCs) and delves into their potential impact on the current financial system. He explores different scenarios involving CBDCs, such as using them for interbank settlements or replacing traditional currency. Task highlights concerns like privacy, control, and the possible implications of CBDCs on individuals and governments. Additionally, he questions the necessity and viability of CBDCs compared to cryptocurrencies like Bitcoin. Overall, Task suggests that CBDCs may not present a substantial advancement and advocates for the continued development of cryptocurrencies to counter their influence.
Taskmaster4450, in his video, centers the discussion around central bank digital currencies (CBDCs), dissecting their significance and potential ramifications. He begins by outlining the current interest and discourse around CBDCs among various stakeholders, including politicians, central bankers, and the media. Task relates CBDCs to handling payments and settlements, drawing a comparison to initiatives like the JP Morgan coin for interbank transactions. He brings attention to the distinctions between decentralized cryptocurrencies like Bitcoin and tokens like the JP Morgan coin, emphasizing the utility of blockchain technology in enhancing the efficiency of financial systems.
Furthermore, Task explores two primary use cases for CBDCs: facilitating interbank transactions and potentially replacing traditional currency. He delves into the challenges and implications of shifting the money supply creation dynamics from commercial banks to central banks, raising legal and operational considerations. Task scrutinizes the privacy concerns associated with CBDCs, including programmable features like negative interest rates and the potential intrusion on individual financial accounts.
The video extends to discuss the power dynamics and implications of CBDCs on political and economic landscapes. Task debates the feasibility and desirability of implementing CBDCs, considering the vested interests of various stakeholders like commercial banks, governments, and the Federal Reserve. He contemplates the impact of CBDCs on monetary policy, the distribution of power, and the broader financial ecosystem, urging caution in embracing revolutionary changes without due consideration.
Towards the conclusion, Task expresses skepticism regarding the transformative potential of CBDCs in comparison to existing private bank money and decentralized cryptocurrencies like Bitcoin. He emphasizes the importance of continued innovation in the cryptocurrency space to counterbalance the influence of CBDCs. The video closes with Task highlighting the ongoing research and the evolving nature of CBDC discussions, indicating the uncertainty surrounding their development and implementation in the current financial environment.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.