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Yeah, but there are no serious proposals to ban cash that have any chance of actually happening within our lifetimes. People write research papers about all so
by jlund-molfese 3y ago
Yeah, but there are no serious proposals to ban cash that have any chance of actually happening within our lifetimes.
People write research papers about all sorts of things. Omnipresent AI video surveillance of every square inch on Earth would probably have some benefits, but it’s politically unpalatable anywhere outside of a few countries.
- mitthrowaway2 3y agoThe central banks are the ones tasked with implementing the CBDC, of course. I think it's fair to say they've "seriously considered it" given that they have analyzed it in depth as part of their own monetary policy research. It is not likely to happen as part of an initial introduction of CBDCs. Whether it ever gets implemented is up to policymakers.
- treyd 3y agoIn the United States, the Fed cannot deploy a production CBDC on its own. Their responsibilities and privileges are bound by a mandate of congress, so it would require an act of congress to allow them make it happen and on what terms.
- mitthrowaway2 3y agoThat's precisely what I meant by "whether it ever gets implemented is up to policymakers." The central banks, though, are the ones who actually implement the mechanics of the CBDC, even though policymakers are the ones who authorize it. And it's likely that unless policymakers are especially wonkish about those implementation details, they will defer to the central bank's research and recommendations, in terms of how it should be implemented, once the policymakers have decided that they want the central bank to introduce a CBDC.