FT News Briefing The ABCs of CBDCs
8 snips
Aug 30, 2024 Turkey's booming stock market is losing steam as high interest rates draw savers away. Meanwhile, Telegram emerges as a crucial communication tool for both Russian and Ukrainian forces amid the conflict. The potential impact of central bank digital currencies is explored, particularly through Thailand's innovative $12 billion digital payments initiative aimed at aiding low-income families. The discussions raise important questions about the future of money and government oversight in digital finance.
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Turkey's Stock Market Rollercoaster
- Turkey's stock market boomed after investors saw equities as a safe bet during soaring inflation.
- However, recent interest rate hikes have led savers to seek better returns elsewhere, causing market growth to unravel.
Telegram's Role in the War
- Telegram has become essential in the Russia-Ukraine war, used for everything from protest coordination to air raid alerts.
- Its popularity stems from its versatility, light footprint, and relaxed content moderation.
Thailand's CBDC Experiment
- Thailand's digital cash transfer program provides insights into CBDC implementation and potential risks.
- While offering short-term economic benefits, it raises concerns about government overreach in social engineering.
