“China’s experiment is very large scale,” said J. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission. “When the world arrives in Beijing next winter for the Winter Olympics, they are going to be using the new digital renminbi to shop and to stay in hotels and to buy meals in restaurants. The world is going to see a functioning [central bank digital currency] very soon, within the coming year.”
The U.S. is playing catch-up. In late February 2021, Fed Chairman Jerome Powell said the U.S. will engage with the public on the digital dollar this year.
Advocates contend central bank digital currencies can make cross-border transactions easier, promote financial inclusion and provide payment system stability. There are also privacy and surveillance risks with government-issued digital currencies. And in times of economic uncertainty, people may be more likely to pull their funds from commercial banks, accelerating a bank run.
Yes they have been talking about it like seriously, but all the central banks digital currencies I have seen so far were never a success. And to be sincere if the central bank in my country should release a digital currency I don’t think I am ready to be making use of any of those, because first of all they are not really cryptocurrencies, they are not any different form of asset, because they are for sure going to be the same fiat or pegged to the same fiat, maybe we should call them stablecoins I guess.
I can make the same transaction that I would do with these CBDCs by using my bank app or my card, so why all the stress of buying it and still using it for the same transactions? Bitcoin and other cryptocurrencies are different , because there are ways that they are different and they are pegged to nothing.