The Bankless Podcast: “CBDCs owe their existance to crypto”

Respect!  That’s what the fans of both #CBDC and #cryptocurrency need to have for one another.

Grateful to Ryan Sean Adams and David Hoffman for this great podcast!

I loved doing this podcast because it brought me fully into the crypto world whose innovators and innovations I genuinely respect, and I got full respect for my take on CBDCs back in full!

I get it if crypto may not be your thing and yes the $600 million Poly Network hack makes my ongoing relation with crypto more complicated.

But let’s make it clear, I have tremendous respect for the crypto world and all that they are doing to make payment better.  We are all benefiting from their efforts as they are behind much of the tech that we’ll all be using in the near future, not just CBDCs.

I also get that if you love crypto, you may also loath fiat currency, who can blame you!  But just maybe you can make a tenuous peace with CBDCs as part of a transition to digital currency.  If you love crypto, CBDCs are far from perfect.

Still, even crypto lovers can admit that #CBDCs beat waiting for the check to clear or paying vendor charges of 5% for credit cards.  Maybe you can make peace with CBDC for buying coffee?

 

 

Time stamp:

The material in quotes ” ” are my own additional comments on the topics.

0:00 Intro  GREAT INSIGHTS!  “China is dead serious” “I feel a debt of gratitude to crypto pioneers”

9:30 Richard Turrin

12:03 Where The US Went Wrong  “You should all be mad! “

16:34 China’s Last 10 Years  “China is on version 2.0 digital payment!”

23:10 Comparing the User Experience  “Platform rules”

30:00 A Cultural Divide  “Yes Chinese LOVE new digital products”

38:17 A Regulatory Divide  “Throwing gas on the fire…US banks are complacent due to regulators”

47:00 Central Bank Digital Currencies  “China is deadly serious about CBDC”

57:43 Digitized vs Digital Currency  “The money is on your phone”

1:05:19 Benefits of a CBDC  “No 1 benefit is financial inclusion”

1:14:48 The Design & Smart Contracts  “Two-tier CBDC, smart money through big data and smart contracts”

1:25:00 Verification and KYC  “Separate data centers for security”

1:30:57 China’s International Ambitions  “e-CNY will take on the dollar”

1:35:43 The Impact on Crypto  “NO CBDC WILL NOT kill CRYPTO” Not a chance!

1:39:13 When the West Wakes Up “Stablecoins”

1:42:03 Closing & Disclaimers

 

Never forget that CBDCs are built on crypto tech and we owe all crypto pioneers a debt of gratitude.  Without them there wouldn’t be any CBDCs. 

Peace and love to both crypto fans and those who see a fiat based #CBDC future.  That’s the message I want to share with everyone.

 

Cashless is available here:

https://www.amazon.com/Cashless-Chinas-Digital-Currency-Revolution-ebook/dp/B0925JY69H

Also available on: Apple Books (51 countries), Barnes & Noble, Kobo, Walmart, OverDrive, Gardners, Scribd, Libri, Baker & Taylor