tag:blogger.com,1999:blog-3381985327954951465.post1024387594639939072..comments2023-09-23T08:36:08.569-05:00Comments on The View From Our Whitehouse - Monetary System Reform Watchdog: BIS - Central Bank CryptocurrenciesLarry Whitehttp://www.blogger.com/profile/02134971615760319862noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-3381985327954951465.post-6965756376170490672017-09-20T22:11:42.456-05:002017-09-20T22:11:42.456-05:00I think that is a good point. Today's youth do...I think that is a good point. Today's youth don't seem to care as much about privacy and anonymity because the post on Facebook, Twitter, Snap, and all other social media constantly. So as the author of the paper says, if anonymity is not desired, public accounts at the central bank could provide the digital function without distributed cryptocurrencies. <br />----------------------------------------------------------------------------------------------<br />Exactly. This is my thinking. Why bother imposing something on people when they are happy to accept it on their own anyway.<br />I think you nailed it with those comments. My generation (older) is less that way, but every year there are less of us and more younger people making up the general public. Those in the younger generation who don't trust central banks are into Bitcoin etc. But they are a tiny % of the public so far. If Bitcoin (and other cryptos) were to become a real threat, then I would expect central banks and governments to get more involved in trying to regulate it and control it. I agree that this is why central banks are questioning the need for some kind of token version of their existing currency or even using blockchain. The currencies they issue now are mostly digital and most people don't use cash most of the time now anyway. To me, the issue is really more are you going to let individual private citizens open a bank account at the Fed instead of their corner private bank. Their concern is that people might flee the private banks in a crisis to the perceived "safety" of holding their money at the central bank. The Bank of England talked about that issue a long time ago and we covered that on the blog. I have no indication that those kinds of decisions have been made yet at any of the major central banks studying this.Larry Whitehttps://www.blogger.com/profile/02134971615760319862noreply@blogger.comtag:blogger.com,1999:blog-3381985327954951465.post-46292115961295709272017-09-20T21:58:26.705-05:002017-09-20T21:58:26.705-05:00I think that is a good point. Today's youth ...I think that is a good point. Today's youth don't seem to care as much about privacy and anonymity because the post on Facebook, Twitter, Snap, and all other social media constantly. So as the author of the paper says, if anonymity is not desired, public accounts at the central bank could provide the digital function without distributed cryptocurrencies.Doug Thompsonhttps://www.blogger.com/profile/17400186026920563087noreply@blogger.comtag:blogger.com,1999:blog-3381985327954951465.post-66119409393130157682017-09-20T21:37:47.834-05:002017-09-20T21:37:47.834-05:00The best information I have at this time is that t...The best information I have at this time is that there are no plans to try to get rid of cash any time soon. Instead, what I think is more likely is that the use of cash will continue to diminish on its own just because people like the convenience of online and mobile money payments and apps etc. As the younger generation becomes a higher % of the population, more people will prefer this kind of thing instead of using cash I believe. They have grown up that way using their phones for everything. What would be interesting is what they would do if the system collapses and those forms of money payments don't function properly. Not sure if many would know what to do these days.Larry Whitehttps://www.blogger.com/profile/02134971615760319862noreply@blogger.comtag:blogger.com,1999:blog-3381985327954951465.post-74069529886547740292017-09-20T21:30:16.577-05:002017-09-20T21:30:16.577-05:00"If a retail CBCC were to completely replace ... "If a retail CBCC were to completely replace cash, it would no longer be possible for depositors to avoid negative interest rates and still hold central bank money." This sentence caught my eye, and why I don't think CBCC will ever completely replace paper.Doug Thompsonhttps://www.blogger.com/profile/17400186026920563087noreply@blogger.com