Digital Money Across Borders: Macro-Financial Implications

Post by pcdoodle » Fri, Oct 23, 2020, 11:26 AM UTC

therein wrote: post #4

janandonly wrote: post #3

We already have a digital Euro/Dollar/Yen, just look at the banking app on your phone or the transactions you do with a bank or credit card. But I'm very scared to see what those digital wallets for CBDC will turn into. If central banks get control over money flows they can do horrible stuff: * set a maximum limit on the amount of money you are allowed to have/save in your CBDC wallet. * give you an x amount of money…

Attach those digital wallets to biometrics and just like that, we have the nightmare to which you are alluding. Going against the zeigeist again but if something gets pushed onto us for something silly like "pandemic preparedness" or "contact & trace" like 9/11 has brought onto us...that offers identity management that can be expanded into a system like this... If that happens, can we please stop pretending like some…

Post by SailingSperm » Fri, Oct 23, 2020, 12:00 PM UTC

tsjq wrote: post #6

janandonly wrote: post #3

We already have a digital Euro/Dollar/Yen, just look at the banking app on your phone or the transactions you do with a bank or credit card. But I'm very scared to see what those digital wallets for CBDC will turn into. If central banks get control over money flows they can do horrible stuff: * set a maximum limit on the amount of money you are allowed to have/save in your CBDC wallet. * give you an x amount of money…

>give you an x amount of money and force you to spend it (by taking the excess away at the end of the month or topping it up to a limit). that could be an interesting one for Universal Basic Income .

Post by nine_k » Fri, Oct 23, 2020, 12:03 PM UTC

v4dok wrote: post #20

I was in many crypto presentations during the 2018 BTC rise. The crypto-anarchists (left and right leaning) were getting their spotlight and laying out their "dream". Basically an updated version of Kropotkin's and Bakunin's work for the blockchain-era. I really don't get what is the hate with the central banks getting control over the money. Yes they are not appointed by the Government but it does not matter, the mo…

Post by adambyrtek » Fri, Oct 23, 2020, 12:08 PM UTC

dajohnson89 wrote: post #14

bboygravity wrote: post #7

Earlier quoted context omitted.

I would argue that all of that is already more or less the case with the central banking system as we have it now: negative interest rates, money only insured up to 100k per person in EU bank accounts, massive decrease in buying power (look at the price of real estate/gold/crypto expressed in EUR/USD over the past 10 years), Dutch citizens pay "capital tax" over any capital over some 30k EUR (literally: spend it or w…

to be fair, crypto purchases have a high incidence of chargeback fraud. this is expensive for banks. edit: i chuckled at the little britain reference :)

Post by JumpCrisscross » Fri, Oct 23, 2020, 12:20 PM UTC

mikro2nd wrote: post #8

I find it interesting that the paper focusses on Central Bank Digital Currencies and Global Stablecoins, but pretends not to see/prefers not to deal with the elephant in the room - Bitcoin. If anything is a candidate for a potential Reserve Currency, BTC is it, imho. Deep in the footnotes comes the contorted logic," According to the IMF Treatment of Crypto Assets in Macroeconomic Statistics, crypto assets such as Bit…