https://www.forbes.com/sites/anthon...come-obsolete-if-us-digital-currency-existed/ Here is the first (or second, depending on how deep into theories you are) rollout of getting the public ok with a FedCoin Pow still wrong tho, BTC and a few other Alt coins wont become obsolete.
Bloomberg commentary this morning:- "The European Central Bank will decide today whether to move to the next phase of development of a digital euro. While the discussion about the need for central bank digital currencies remains robust, I want to take a minute to try to figure out what it is they actually are. To use an analogy, “digital currency” is quite like “football.” Because, depending on where you are in the world, football means different things. The recent European football championship was won by Italy. Unless you are American, in which case Italy won the soccer championship. In the U.S., football is an entirely different sport which has almost nothing in common with the version played in the rest of the world. I’m Irish, and we have our own sport here called football. Whether you are Italian, or Irish, or American, you know what you mean when you say “football.” It’s just entirely different from what other people mean. Likewise with digital currencies. Most people think “Bitcoin” when they think digital currency. If, to continue the analogy, Bitcoin is (Italian) football, then something like Dogecoin would be (Irish) football and CBDCs would be (American) football. CBDCs will have few of the features of Bitcoin, they will not be anonymous, they will not be an asset class in themselves, and there may even be controls on how much a person can hold. It’s hard to see how digital currency advocates will get excited about them at all. So, a CBDC is not really a “digital currency” in the traditional sense. Basically, it is a slightly more efficient payment system with good cheerleaders."
Right now.......This is what they say now, but shit will change 3-5yrs after the rollout, like what always happens with trojan horses. only reason the internet is not under the thumb of anyone (yet) really is because it is a pandora's box of some sort.
A trojan horse for those who don't know any better. That is why I highlighted the sentence that I did. People are not stupid: with the qualifiers some are, some aren't. We currently have electronic money. paper money did not go away. Gubmint digital currency can come, other digital currencies will still be here too.
Considering the total value of tax evasion and illicit cash business in the US alone, it would make sense from a gov perspective to replace cash with a digital currency. I wouldn't be surprised if some day sooner than we think, money will be entirely dematerialized and coins and paper cash no longer accepted. Many euro nations are almost there, with transactions being almost entirely by card. Next step will be, printing money is costly and promotes crime; we will do away with it.
Completely agree i think they are trying to add centralised digital currencies to the defi network and infiltrate it.
And the irony is that it all came from the rebellious financial system/tech world... As they say, beware of unintended consequences.
The European Central Bank approved a plan that could lead to the adoption of a digital euro by the middle of the decade. ECB initiated an “investigation phase”, which will last for two years and is expected to resolve a number of technical issues regarding the design and the distribution of the future digital coin, the Institution said in a statement. ECB however clarified that its current initiative “will not prejudge any future decision on the possible issuance of a digital euro, which will come only later. In any event, a digital euro would complement cash, not replace it”.