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28 November 2020

CBDCs Have Global Implications on Privacy, Politics - CoinDesk

CBDCs Have Global Implications on Privacy, Politics - CoinDesk

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Central bank digital currencies (CBDCs) can have broad implications for the global balance of power in both finance and politics, but the optimal scenarios for adoption have yet to be found. .

Griffoli outlined three scenarios for adoption for future digital currencies issued by central banks: a limited usage just for remittances, currency substitution for countries with weaker currencies, and a multipolar world using different CBDCs as reserve currencies.

“You can’t pretend that CBDCs don’t have a political component,” Birch said, pointing out that a huge number of U.S.

Widespread adoption of CBDCs around the world could reduce the dollar’s domination, leading to unpredictable effects if, for example, those non-dollar CBDCs are used for sanctions evasion, Birch added. 

The main goal should not be reducing the cost of transactions – which many countries have already achieved – but creating “a platform for innovation and economic growth,” in which a CBDC might be even not the only kind, but one of the many digital assets integrated into a new-generation payment system, Birch said

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