“China’s CBDC Dominance” is the absolute best discussion I have ever had about CBDC, and I’ve had a lot of them!
I am grateful to Brett King and JP Nicols of Breaking Banks Fintech Podcast for the opportunity to get the message on e-CNY out along with industry greats Henri Arslanian, David Birch, and Dr. Ruth Wandhöfer!
This is without question the best hour on China’s CBDC that you’re going to hear.
Link to podcast here: (https://bit.ly/38Dagv9 ) Also on Apple, Spotify, Android, Blubrry.
Youtube here and below: (https://bit.ly/3M7m4o3)
This podcast has something for everyone. From man on the street interviews, to in-depth commentary on where China’s e-CNY is going.
Frankly, no one has done a program like this before and only Brett could pull it off!
Four industry experts in one hour of this special episode of Breaking Banks discuss China's trial on CBDC. Listen in as the experts share their insights. https://t.co/n7A8ygnysV @richardturrin #cbdc #digitalcurrency #fintech pic.twitter.com/UpMfbCaMhr
— Brett King #Technosocialism #OptimalHumanity (@BrettKing) April 21, 2022
Below are some of my comments from the podcast but I encourage you enough to listen to the entire show!!
🔵 On why we’re getting CBDC all wrong:
“The entire discussion about CBDC is sadly tied into how we use money today. We think “I’m going going to the coffee shop and buying a cup of coffee.” We project that onto CBDC and that is a tremendous crisis of vision into what our CBDC future is going to look like.”
“No one cares about how you buy your coffee and yes while CBDC can buy coffee, that’s not why we’re doing this. We’re doing CBDCs because we’re looking at a future where machines pay. …. and they’re not going to use credit cards with interchange fees.”
🔵 On WeChat and Alipay:
“The CBDC in China is not a zero-sum proposition where whatever market the CBDC gets it takes it from WeChat and Alipay. It’s going into totally new areas like paying people’s salaries.”
“People say “the digital yuan is going to kill WeChat and Alipay.” There is nothing further from the truth. The e-CNY is going to make more digital money flow through society than ever before. And where is it going to flow? Through the superapps because they have the critical interface with human beings.”
🔵 On our dysfunctional relationship with smart contracts:
One last thing that’s critical is smart contracts. This is controversial. People say ‘I don’t want my dollar to disappear.’ Well, we have it already! We issue food supplement payments through debit cards that cannot be used to buy liquor or firearms, and they expire after 9 months!
So people have difficulty with smart contracts. On one hand, we certainly like them when it comes to limiting social payments. On the other hand, we say “well it’s ok for them but we don’t want limitations on my digital dollar.”
Smart contracts are going to give us digital investments, insurance and things that we can’t imagine yet because they are beyond what most can imagine.
That’s where China is already going with the e-CNY.
The West is 10 years behind!