My first new post of 2023 a podcast where I make it crystal clear that CBDCs will change global banking in 2023!
A huge thank you to K Yatish Rajawat and moneycontrol.com! This is a great interview that touches on the role of digital and CBDC in society!
The link below is an ARTICLE and podcast!
Timestamp:
1:00- CBDCs in global context?
90% of banks investigating CBDCs! Disruption of cash systems coming!
4:20- What did China learn in its 7-year development of CBDCs?
CBDCs need context! Compare them with Bitcoin and WeChat, and Alipay.
7:00- UPI and India! Listen to Yatish explain how wonderful UPI is!
UPI is FANTASTIC! India should be congratulated for seeing digital payment as a public good, the opposite of how the US thinks of payments.
12:00- What will be the role of banks with CBDCs?
CBDCs will not destabilize banks. Nonsense! SWIFT and dollar use are a matched pair, and CBDCs will disrupt both within the next year due to BRICS nations. Sanctions will be impossible to enforce! De-dollarization, yes! Toppling the dollar, no!
18:00- De-dollarization and the CBDC world hit to bank profits?
Bank profits from foreign exchange will suffer! Banks’ FX profits are a sunsetting business.
21:50- Digitization of the economy
The biggest question in the world right now! From fake news to free speech, this is the question of our time. We need to codify into law our privacy rights.
25:50- Social media’s duopoly?
Antitrust is coming for Facebook and many other Big Techs!
30:00- Will data localization change social media?
Yes, who has your data is key! We need to understand this!
31:45- The rise of CBDC and the death of crypto! Listen at 32:10 for a great joke!!
I acknowledge the debt of gratitude we all owe to crypto. I have zero tolerance for crypto’s culture of greed and deceit! Crypto fraud should disgust everyone! Regulation is required.
36:30- Crypto will follow regulation?
Yes, we have regulations like KYC and AML because they are common sense requirements that have been around for quite a while!
40:00- Smart contracts and smart money?
People are conflicted about smart contracts! They are required, and we already have them!
44:17- When machines pay, they’ll need programmable money!
Programmable money terrifies some people! Debit cards already have programmable features! They are determined by companies, not gov’t which is even more dystopian!
46:40- CBDCs don’t have superpowers!
Your account can be frozen NOW without CBDCs!
For more on this topic see the accompanying article in MoneyControl! Click here
