CBDCs ‘An Investment’ to Protect the Fiat System, Cash Will Disappear, Swedish Central Banker Says - Aliens: AI Crypto News & Markets Updates
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CBDCs ‘An Investment’ to Protect the Fiat System, Cash Will Disappear, Swedish Central Banker Says

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Cryptonews

Tue, Jun 28, 2022

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“I think cash will disappear as a payment method, that’s for sure,” the central banker said.

In support of the idea that central banks are in no way obligated to issue cash, Bindseil said that, “Moving with time, accepting [the] digitalization of society, [and] rejecting the claim that central banks are natural issuers of bank notes only as a monetary liability.” The ECB official added that he sees efficient and reliable payment methods as “a basis of modern society,” while hinting that CBDCs will have a key role here.

“We need a certain level of privacy for people to accept a CBDC,” he said, while admitting that cash is still the ultimate payment method for private transactions.

Lastly, Neha Narula, Director of the Digital Currency Initiative at the Massachusetts Institute of Technology Media Lab, spoke more about the technical nature of CBDCs, while reminding her fellow panelists that “CBDCs do not require a blockchain to operate.” “Blockchain technology is an umbrella term” with many different components, she said, adding that central bankers are free to “pick and choose the components that make sense” for what they are trying to achieve.

She also said that CBDCs should be seen as “digital cash.” As such, there should be no need for users to make an account with a private company or accept any terms and conditions related to their use.

Lastly, Narula stressed that a CBDC should use “tried and tested technology,” and not necessarily the “latest and greatest from the cryptocurrency world.” However, she still admitted that “there is a lot to learn from the cryptocurrency world,” and noted that, “We wouldn’t be talking about CBDCs at all if it weren’t for cryptocurrencies like bitcoin .” ____ Learn more: - Central Bankers' Attack on Crypto is ‘a Legacy Vision’, Failure to Recognize ‘Revolutionary Benefits’ of DeFi - Analysts - After Inflation Fiasco, Central Banks Now Want to Monopolize Trust in Money With CBDC Push and Crypto Bashing - CBDCs Are Likely to Make You Less Anonymous - Central Banks Struggle With Privacy-Related CBDC Headaches - Bitcoin Is More ‘Public’ Money than Central Bank-Issued Fiat Currencies - Why Fiat Currency Is More Confusing Than Crypto

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