TL;DR
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Florida just outright banned Central Bank Digital Currencies (CBDCs)! And we get the feeling that the whole ‘CBDC debate’ is about to get politicized, very quick…
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But you don’t have to. Here’s a super-simple breakdown of the pros and cons of CBDCs:
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Pros: Instant global transfers and payments. Cons: CBDCs are “programmable currencies,” controlled by a single government agency (in the case of the US, that’s the Federal Reserve).
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The consideration looks like this: Lightning fast money transfers using a digital currency that can be blocked, disabled and/or tracked in real time by a government agency.
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There is already fraud proof decentralized digital currencies that support super-fast global payments… so it feels like we’re on the wrong side of a bad trade here.
Full story
So, Florida banned Central Bank Digital Currencies (CBDCs) outright!
Reading all the coverage surrounding it, we got the feeling that the whole ‘CBDC debate’ is about to become politicized, very quick…
(But you don’t have to).
Here’s a super-simple breakdown of the pros and cons of CBDCs:
Advantages
cons
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CBDCs are “programmable currencies” managed by a single government agency (in the case of the US, the Federal Reserve).
The consideration looks like this:
Lightning fast money transfers anywhere in the world (hurray!) using a digital currency that can be blocked, disabled and/or tracked in real time by a government agency (booo!).
Here’s our two cents:
We’ve said this in the past, but we’ll say it again: we’re the glass half full kind of people.
We don’t assume that just because the Fed can stop us spending our CBDCs the way we want them to shall. (Maybe we’re too gullible, who knows?)
That being said: why leave the option?
For faster international money transfers?
There is already fraud proof decentralized digital currencies that do just that.
…it feels like we’re on the wrong side of a bad trade here.
