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CBDCS COULD BE INEVITABLE

 


CBDCs are inevitable

I personally believe that CBDCs are inevitable. There are too many supposed benefits. These currencies provide broad public access and instant settlement, streamline cross-border payments, maintain the dominance of a country's currency, and also reduce the operational costs of storing physical cash. Every year in the United States, billions of dollars worth of bills and coins are lost or accidentally discarded. CBDCs would arguably solve this problem.


An estimated 90% of the world’s central banks already have plans for CBDCs in the pipeline.


Only two countries have officially launched their own digital currencies. The Bahamas with their Sand Dollar and Nigeria with its eNaira - but expect many more countries to follow in the years to come.


China, the world's second-largest economy, has been testing its own CBDC for a number of years, and India, the seventh-largest economy, published a report last week detailing the "planned features of the digital rupee." A pilot program for the currency is expected to begin “soon”. At the International Monetary Fund (IMF) annual meeting, Treasury Secretary Janet Yellen said the US “should be able to issue a CBDC.”


Central bank digital currencies could be inevitable

CBDCs enhance Bitcoin's use case

However, due to the centralized nature of CBDCs, there are a number of concerns that make many people hesitate. Unlike Bitcoin, which is completely decentralized and anonymous, CBDCs raise questions about privacy, government interference, and manipulation.


In the White House's own investigation into digital currencies, released last month, politicians write that a potential US coin system should encourage compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) laws. Such a system should also “prevent the use of CBDC in a way that violates civil or human rights.” It should also be sustainable, meaning it should “minimise energy use, resource consumption, greenhouse gas emissions, other pollution and environmental impact on local communities”.


None of this sounds inherently nefarious, but some of us may have said the same thing about PayPal's "misinformation" policy (whether intentional or not) and JPMorgan's decision to end its relationship with a polarizing celebrity.


I believe this will only improve Bitcoin's use case, especially as we move towards a digital future.

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With just over 50 trading days left in 2022, it's now becoming increasingly likely that this will be one of the worst years in investing history.


Since World War II, there have only been three occasions (1974, 2002 and 2008) when the S&P 500 ended the year down more than 20%. If the year 2022 ended today, it would only be the fourth time.

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