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Central Bank Digital Currencies: CBDC

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That's my point.

I'm not making a moral judgement but there'd no doubt be people who spend money on such things who wouldn't be at all happy with any kind of "paper trail" existing.

That's easily done with cash, there's no record of where the money went, but in the case of electronic payment it's hard to imagine no record of any sort is being created and especially not with a centralised government system.

For the average random individual that may be of no concern, but there are no doubt people who'd be extremely uncomfortable with the potential that someone else is able to find out the details of all their spending. Eg politicians, media people, celebrities, even someone like senior police or a school principal might not be too keen on having all their activity traceable.

I'm not passing a moral judgement there, personally I'm pretty broad minded, but I can see many having objections to the option for privacy being taken away. :2twocents
I agree, it’s just my comment that you were responding to was not about getting rid of cash, it was about whether it made sense to switch the cash to a Digital currency.

I was saying there is not that much point in doing that.
 

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It's slightly different in that a CBDC would be newly issued currency rather than existing currency in a digital form.

Lots of interesting resources at the below RBA link.

Yeah, but won’t this digital currency just end up sitting in a digital vault some where, while all out transactions and loans etc continue to exist on ledgers of banks.
 
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I understand what you are saying about sex work and gambling, but this thread is about replacing the cash system with digital currency.

wouldn’t the digital currency leave a trail of the sex workers and gambling houses one has been using? Perhaps even a permanent public record?
but will the embarrassment of using those services be shared around equally

( it has been in the past , J Edgar Hoover comes straight to mind for how information like that has been abused )

CBDC is more than simple transaction accounting it has all sorts of ways it can be abused , and that abuse can be secret and targeted
 
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It's slightly different in that a CBDC would be newly issued currency rather than existing currency in a digital form.

Lots of interesting resources at the below RBA link.

That is the sort of Digital I was thinking about, where international trading between countries is concerned. I think I read once that there are several teirs of money, the stuff the public deals in, stuff the banks deal in and stuff that the World bank, IMF and international clearing houses deal in.
 
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That is the sort of Digital I was thinking about, where international trading between countries is concerned. I think I read once that there are several teirs of money, the stuff the public deals in, stuff the banks deal in and stuff that the World bank, IMF and international clearing houses deal in.
that is how i understand it , currently

i don't know if you included SDRs ( Special Drawing Rights ) in that mix

that is why i thought BRICs would use a gold-backed CBDC for international trade settlements between ( BRICS ) member nations and keep control of their own local currencies

however i guess time will time what sort of mess they have concocted
 
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that is how i understand it , currently

i don't know if you included SDRs ( Special Drawing Rights ) in that mix

that is why i thought BRICs would use a gold-backed CBDC for international trade settlements between ( BRICS ) member nations and keep control of their own local currencies

however i guess time will time what sort of mess they have concocted
I tend to think as systems become more technically advanced, a central currency that tracks the GDP's of all countries and therefore adjusts each countries currency against a World standard, therefore the conversion rates are uniform and accurate in real time.
Then at any point in time the trading rate is accepted and trusted, if a country money prints, its currency is devalued by a certain amount, much the same as a company that does a capital raising, its shares drop in value as there are more shares on issue.
If the money printing is associated with productive debt, that is reflected in an increase in the countries GDP.
My guess is that central exchange currency will be digital and constantly tracked, well that is my guess as to where this BRICS/US dollar reserve currency will end up. :2twocents
 
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if a country money prints, its currency is devalued by a certain amount, much the same as a company that does a capital raising, its shares drop in value as there are more shares on issue.
the current problem is dozens of nations 'money print ' there are several running debt ratios of over 100% of GDP ( as shaky as GDP measurements can be ) if it were only Zimbabwe and Argentina the global economy would adjust but we are even talking about some G7 economies , while others are completely opaque

i don't see any long-lasting way except international trade settlements in physical gold ( say delivered annually to the recipient's vault )

smaller nations will suddenly veer to balanced trade accounts , so i don't expect hundred of tonnes of gold circulating around the world every year
 

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That is the sort of Digital I was thinking about, where international trading between countries is concerned. I think I read once that there are several teirs of money, the stuff the public deals in, stuff the banks deal in and stuff that the World bank, IMF and international clearing houses deal in.
Yep.

Central banks deal in gold and issue cash to commercial banks.

Commercial banks deal in cash and issue bank credit to the public.

The public deals in bank credit.

—————-

my point was that it doesn’t really matter whether the central banks issue physical cash or digital cash, either one will just be an asset that sits at the bank, and the public will just deal in bank credit.
 
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Yep.

Central banks deal in gold and issue cash to commercial banks.

Commercial banks deal in cash and issue bank credit to the public.

The public deals in bank credit.

—————-

my point was that it doesn’t really matter whether the central banks issue physical cash or digital cash, either one will just be an asset that sits at the bank, and the public will just deal in bank credit.
Yes very true, I was more talking about the issue China is having with the U.S regarding the U.S being the reserve currency and manipulating money markets.
 

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Yes very true, I was more talking about the issue China is having with the U.S regarding the U.S being the reserve currency and manipulating money markets.
There is lots of reserve currencies, even the Australian dollar is a reserve currency, but none come close to being as trusted or dominant at the USA.

China has a long way to go if they want to want to rival the US Dollar, not much Chinese currency is held in reserves.

IMG_9671.jpeg
 
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Why does there have to be a US Conspiracy ?

It is not US governments fault that
APPLE is now larger than the DAX
MICROSOFT is larger than the CAC and the FTSE combined
GOOGLE , META and all the other Global magnificent 7+3 +27 are probably bigger than the Whole World

Crikey! The ASX would not probably rank as a contender in the S&P 500

From what I understand
Nobody has ever wanted to be the "Reserve Currency"
You can buy GOLD in AUD and even Italian Lire if you can find a Bunny

What you can't do is Live without GOOGLE META APPLE MICROSOFT etc etc etc
Crikey! We can't even make a FORD or HOLDEN anymore
An Airplane or Submarine

If the world stops Buying "Made in the USA" the USD will always be the Reserve Currency

The BRICS + can cry and revolt as loud as they can

It falls on Deaf Ears with me
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