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CBDCs: More Hype than Hope
Central Bank Digital Currencies (CBDCs) are rooted in long-standing concepts, with the Bank of England being among the first to explore their potential. However, the transparency of central banks, particularly in terms of total assets and liabilities, raises concerns about the genuine utility of CBDCs. Although many countries are experimenting with CBDCs, they remain in early stages of development. CBDCs are envisioned as a digital counterpart to physical cash, contributing to the financial system. The integration of CBDCs into everyday payments could eliminate the need for traditional banks. However, significant opposition from banks, which are key stakeholders of central banks, is likely to hinder widespread adoption of CBDCs. This raises doubts about the feasibility of an extensive CBDC network, as it contradicts the existing financial structure where banks facilitate monetary transactions. Thus, the enthusiasm surrounding CBDCs may be more excessive than practical, indicating that their emergence may be driven more by institutional posturing than by a transformative financial revolution.
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