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In March 2019, the UK Institute and Faculty of Actuaries published a comprehensive report on CBDCs. It lists the countries that are either researching this or are abandoning it for the time being. I did not come across the Netherlands so quickly but this country will definitely switch to the new digital currency for everyone because it is involved in the great reset of which CO2 emission and the co-vi-d hoax are part as well. Even if the Dutchman is not, the government is ready to build back better. Not the better for the average man but that does not matter. The report by the British institute lists, among others, the countries where the system has already been implemented. China, by the way, is not included. This report also mentions that Ecuador has stopped its CBDC. Personally, none of this means anything to me, and I cannot say whether they have ever issued a digital currency. Up to now, I have not been much interested in the emergence of the central digital currency for the Netherlands (most likely the EU).
What exactly is CBDC except for a name?
It is a means of payment similar to paper banknotes, coins and the well-known bank card or credit card. It is a unit of account and a store of value (see, among others, Wikipedia).
Incidentally, there is no fixed definition for CBDC (yet), so it can still go either way.
For those who are used to online payments, the new system will not cause many problems. The same goes for those active in the world of cryptocurrencies. The difference between the money we know now and CBDC is that CBDC is not tangible. You cannot hold it, smell it, bathe in it or hide it under your mattress. Just like with cryptocurrencies, you have a wallet (account at the Central Bank) where your amount to be spent is stored. A wallet that likely not only the Central Bank guards. With the help of the blockchain, the government will automatically collect taxes, fines, control you and if you don't behave...
When it comes to banks, there are two types, central and commercial. Each country has, on average, one central bank.
'De Nederlandsche Bank' (DNB) is the central bank of the Netherlands and is responsible for compiling the Dutch balance of payments and the Dutch International Investment Position. The EU has a central bank too. This bank is responsible for the balance of the countries affiliated with the EU. This means the governments of EU countries deal with two central banks that watch over them, whereby the national bank probably has little to say. Those who still believe that money does not make one happy are wrong. It is the central banks who are in charge because they have the money, print it and decide who's gonna live and who has to die. They don't care about (small) businesses or countries going bankrupt. As a watchdog of finances, they do a lousy job. Whoever has the money has the power enough power to rule the world.
CBDC stands for Central Bank Digital Currency and this is or will be the digital money that a central bank of a country will issue. Commercial banks cannot do this and will not play a major role in the future. We are already seeing this in the Netherlands. Many banks no longer have branches. The online bank has become quite normal, as has the discontinuation of issuing bank cards.
The central bank is not the bank where you and I, private individuals, can open an account but the one powerful bank of the country. As mentioned, some central banks are already developing their own digital currency (coin) while others are still ignoring this option.
The problem with commercial banks?
Most of them are too big to fail. They are the ones who perpetuate the fiscal deficit and the resulting problems that many countries have been facing for years but the economic crisis, the depreciation of money, have to be stopped. Also, the central banks that keep on printing money without anything of value (gold) will not solve the economic crisis. In the end, money that is printed is always spent and lent out, which only makes the financial problem worse. No less than 90% of the savings in the Netherlands are used by banks to 'earn' money. Their earning model is doomed for years. The only thing that keeps the existing most used currencies alive (especially the dollar is said to account for more than half of all transactions worldwide and central banks this is worrying) is the belief in the coin. Clearly, trust in a coin alone is not enough to avert inflation, the bankruptcy of a country and with that a completely new financial system.
I grew up with cash. I saved in a piggy bank and once a year the bank emptied it with a key. A debit card did not yet exist in those days. The amount of money from the piggy bank was entered in a booklet. Those who did not receive their salary in cash went to collect it at the bank. An employee of the bank handed it over. ATMs did not yet exist, nor did credit or debit cards. Nothing was ordered or paid online.
By now I have experienced many financial changes. This doesn't mean I participate(d) in each one of them. I have never used the 'chipknip', I do not pay contactless or with NFC. Like many people, I pay a lot of fixed costs automatically because I am forced to. Taxes are not one of them, but rent, health insurance and bank charges are. It will therefore not be a big step for the average Dutchman to exchange the euro for a digital coin, the account for a wallet and to allow third parties to collect their bills automatically.
The Dutch government is increasingly steering towards this, as well as being able to check and control everyone. An app is needed for everything. Those who refuse or have an old phone can no longer participate in the most basic things. Once the elderly died those who remain will have to learn all about the new (financial) system.
Like it or not, this new financial system is going to happen. In all likelihood, it will be a digital currency because private individuals who issue such a currency are the Central Bank's greatest fear and therefore enemy. Facebook is on its way and it is not the only one. The CBDC can be issued per country by the national central bank or the central bank of the EU (for America the FED). My estimation is that given the great reset and the setting up of a world government it will be one currency for all. Everyone except the two countries that are seen as the greatest enemies: China and Russia (in Russia they guard against money printing).
A digital central bank currency (CBDC) can ensure that people can continue to pay with central bank money even if cash disappears. This can be a great advantage, especially since the central bank will then be the guarantor. However, it is unusual for central banks to do business with private individuals. Count with the fact that in the banking sector a great reset will take place as well. If it comes to the banking sector, the redundant will not have to count on another job. Banking at home and on the go will soon be commonplace for everyone, regardless of age or education. I do not think that savings will still exist for ordinary people. The social credit system will not allow it.
The European Central Bank (ECB) investigates the possibilities of developing European digital money and so does 'De Nederlandse Bank' (DNB). Here, they are also looking at what the blockchain has to offer in terms of creating their own digital currency.
The majority of the Dutch population knows nothing about cryptocurrencies and isn't interested still the banks are watching this development with suspicion because they have no control over it. From their perspective, you can't blame them. Should the Dutch massively switch to cryptocurrencies, the central bank and the government will lose all power.
By the way, it is not a requirement that a CBDC runs on a blockchain, although it is the way to exercise total control over the account holders.