Nobody’s using CBDCs – India’s piloting one anyway
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Nobody’s using CBDCs – India’s piloting one anyway
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Re: Nobody’s using CBDCs – India’s piloting one anyway
#2Really wish they said what a CBDC is.
Re: Nobody’s using CBDCs – India’s piloting one anyway
#3Really wish they said what a CBDC is.
Indian here - I had to read the article to find out what it was.
Then I remembered the RBI had made a ruckus about it a few months ago.
I doubt anyone cares since almost every one uses their mobile phone and UPI for money transfers.
Re: Nobody’s using CBDCs – India’s piloting one anyway
#4Really wish they said what a CBDC is.
Really? It's right there in the second sentence:
> From China to the UAE, the Bahamas to Nigeria, countries around the world have started trialling the use of central bank digital currencies as a way to translate their national fiat currencies into a means of digital exchange.
CBDC = Central Bank Digital Currency.
Re: Nobody’s using CBDCs – India’s piloting one anyway
#5Really wish they said what a CBDC is.
It’s there in the first sentence, though def not so clear as it’s not capitalized: Central Bank Digital Currency (CBDC).
Re: Nobody’s using CBDCs – India’s piloting one anyway
#6Really wish they said what a CBDC is.
CBDC = What is central bank digital currency? see https://www.bankofengland.co.uk/research/digital-currencies
Re: Nobody’s using CBDCs – India’s piloting one anyway
#7They will use a major crisis to force adoption.
Re: Nobody’s using CBDCs – India’s piloting one anyway
#8> As the popularity of physical money diminishes, however, that nexus could break down.
And if the "popularity" of physical money does not diminish, they will get rid of physical money. But physical money is still popular for people in many cases.
CBDCs need to be resisted with everything we have. They are not about convience, they are about control "on the fact that it provides another opportunity for the state to peer into private individual transactions."
India is hostile to crypto because its cannot be (as easily) controlled.
I am no fan of crypto either.
Re: Nobody’s using CBDCs – India’s piloting one anyway
#9Meh. The article expends zero effort in actually engaging with the Reserve Bank of India's motivations or the CBDC design [1], and is filled with shallow comments about the roll-out in other countries.
This is a very important topic as it has the potential to reshape banking/economics on the timescale of decades. For a good down-to-earth understanding of "layer 1" -vs- "layer 2" money, refer the following post [2]. India's digital payments ecosystem (the "UPI") has been an unparallelled success at the second layer. Beyond that, there are many motivations that make it potentially interesting to consider digital layer 1 money -- starting with the costs of managing paper money, reducing settlement risk, potentially smoothing cross-border payments, the possibility of setting negative interest rates, etc. There are definitely pros and cons, but I'm yet to find a comprehensive and well thought-out analysis (and would appreciate any links!), especially in the Indian context.
[1]: RBI Concept Note on CBDC: https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/CONC...
[2]: https://brettscott.substack.com/p/casino-chip-cashless-socie...
Re: Nobody’s using CBDCs – India’s piloting one anyway
#10They will use a major crisis to force adoption.
Thank the Lord this wasn't ready to deploy during covid. They are going to prepare it for the next crisis.