FINANCE: Why Central Banks Want To Get Into Digital Currencies – VIDEO

Why Central Banks Want To Get Into Digital Currencies – CNBC

Intense interest in cryptocurrencies, like bitcoin, and the Covid-19 pandemic have sparked debate among central banks on whether they should issue digital currencies of their own. Advocates argue that central bank digital currencies, or CBDCs, can make cross-border transactions easier, promote financial inclusion, and provide payment system stability.   

Here’s how central bank digital currencies could become the future of digital finance. Intense interest in cryptocurrencies and the Covid-19 pandemic have sparked debate among central banks on whether they should issue digital currencies of their own.

China has been in the lead in developing its own digital currency. It’s been working on the initiative since 2014. Chinese central bank officials have already conducted massive trials in major cities including Shenzhen, Chengdu and Hangzhou. “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.

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Comments

  • Dennis Albert  On 04/11/2021 at 10:40 pm

    Digital money backed by NOTHING except the threats and force of the IMF and armies of the G7 countries.

    Meanwhile, Guyana and Venezuela got enough gold to produce trillions of dollars worth of gold coins…

    (America considers invading like Libya to spread democracy)…

    Change mi mind!

  • Chris Prashad  On 04/13/2021 at 12:01 pm

    For your information all the corrupt central banks of evil cabals including the Federal Reserve are bankrupt. Their push for crypto’s and digital currencies including the Fed coin shows the desperate attempts by the criminal banksters cartels to hold on to their control of the financial system.
    A new financial system is in place – the Key Integrated Monetary System and all transactions now go through this System… not through the old dismantled and defunct system.
    The issuance of any new currency MUST be backed by a unique code issued by the Trustee of the Key Integrated Monetary System before such currency is issued. Besides that, the said currency MUST be backed by real assets including in ground resources. The Federal Reserve and their central banks have no authority to issue any form of new currencies… period. And they never will be given such authority again because of their criminal past.
    All the assets of the planet are now under the umbrella of the Global Repository with the Global Intelligence Agency in control of the security of the System.
    Hundreds of attempts were made by the deep state psychopaths, the Blacksun generals, so-called Chinese elders, their dragon families and even the black pope of the Vatican to hack into the new system to steal funds as happened in the past but all failed and WILL continue to fail. Lifeforce enforcement teams will see to that.
    So in their desperation, the psychopaths are ramping up their covid bs to keep the ignorant masses in fear as their desperate attempts to hold on to their control.
    They have a very rude awakening coming.

    http://www.unn.today

    The only truth Channel on the planet.

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