February 24, 2024 5:04 am

ComBank & ANZ Have Been ‘Selected’ by the Central Bank to Usher in a Cashless Society in Australia

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ComBank & ANZ Have Been ‘Selected’ by the Central Bank to Usher in a Cashless Society in Australia

 Diogo

Australia is the latest country to be the test dummy for the G7 CBDC. CBDC stands for Central Bank Digital Currency. It is a digital form of a country’s currency that is issued and backed by the central bank of that country. Unlike traditional fiat currency, which is physical cash, CBDC is entirely digital and can be used for electronic transactions.

CBDCs are designed to offer many of the benefits of cryptocurrencies, such as fast and cheap transactions, while also providing the stability and backing of traditional fiat currency. They also give central banks MORE CONTROL over the monetary system, allowing them to TRACK transactions and monitor the money supply in real-time.

Where does this lead us?

There are two types of CBDCs: retail CBDCs and wholesale CBDCs. Retail CBDCs are designed for use by the general public and can be used for everyday transactions, just like physical cash or a digital payment system. Wholesale CBDCs are designed for use by financial institutions, such as banks, and are used for large-scale interbank transactions.

CBDCs are a relatively new concept, and it’s the Central Banks’ scrum attempt at getting ahead of the blockchain and de-centralised transactions. If it is successful, a cashless society where money is fully controlled by the elite bankers will be in our future. Cash is king and if the bankers FULLY control the cash, they are king.

Following today’s announcement from the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC), the Commonwealth Bank (CBA) has welcomed the opportunity to collaborate with a competitor, ANZ, and both RBA, DFCRC, and other industry participants to explore use cases for a central bank digital currency (CBDC) in Australia. e.g a test run.

Here are just some quick potential drawbacks and concerns regarding CBDCs:

  1. Privacy concerns: A CBDC could give central banks and governments unprecedented access to citizens’ financial transactions, raising concerns about privacy and personal liberties.
  2. Cybersecurity risks: A digital currency is vulnerable to cyber attacks, which could result in significant financial losses for individuals and institutions. Moreover, since CBDCs rely on centralized databases, a single attack could compromise the entire system.
  3. Financial stability: The introduction of CBDCs could destabilize the existing financial system, particularly if they displace traditional bank deposits, which could undermine banks’ ability to lend and fund the economy.
  4. Implementation challenges: Implementing a CBDC would require significant investment and infrastructure, particularly in developing countries. Moreover, it would require a significant shift in how people use and think about money.
  5. Exclusion of marginalized communities: Some experts worry that CBDCs could further exclude marginalized communities, particularly those who lack access to digital infrastructure or are otherwise financially vulnerable.
  6. Impact on monetary policy: CBDCs could give central banks greater control over the money supply, but it could also limit their ability to use monetary policy to stabilize the economy during times of crisis.
  7. The entire human race could be completely controlled.

I’m for decentralisation of money however, as it stands CBDC possess a serious risk to individual citizens. Especially ones who may want to question the current government or the Central Bank itself.

 

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