FT News Briefing Digital cash and culture wars
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Sep 15, 2023 Shares in chip designer Arm skyrocketed by 25% upon debut on Nasdaq, highlighting a vibrant financial landscape. The European Central Bank also made headlines by raising interest rates to an all-time high. Meanwhile, the discussion takes a deep dive into how digital cash has intertwined with culture wars. Central Bank Digital Currencies are contrasted with traditional banking, raising privacy and oversight concerns, and exploring their implications for financial literacy.
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ECB's Balancing Act
- The European Central Bank raised interest rates to an all-time high to combat inflation.
- However, they signaled a potential end to the tightening cycle due to a weakening economy.
CBDCs: A Double-Edged Sword
- Central Bank Digital Currencies (CBDCs) offer a universal payment solution and help central banks maintain control.
- However, concerns exist regarding their potential use as political tools and privacy implications.