Today, passions are running high in the entire economic world. We are on the threshold of the arrival of AI, crypto assets, de-dollarization (declarations by countries about the refusal to use the dollar in settlements), and the introduction of digital currencies throughout the world.
All this is happening against the backdrop of the looming US elections and the global financial crisis. Digital currencies. Who needs them and what for? Digital euro, dollar, yuan, ruble – what is it? Digital currency is a form of national currency. Each country's bank intends to issue it as an addition to the existing ones. This form is a unique electronic code – a token. Digital currency (DC) is issued only by the Central Bank of the state.
An important difference from cryptocurrencies that the issuer (the organization that issues securities) will only be the Central Bank. Cryptocurrencies are very unstable, because their rate largely depends on the interest in them (supply and demand), and the digital currency is backed by the country's gold and foreign exchange reserves. It will be stored in digital wallets on the country's Bank platform, which will be created specifically for this purpose.
From non-cash currency digital currencies are different in that the former are stored in accounts in commercial banks. Non-cash ones can accrue interest on the balance and cashback, but digital ones cannot. However, digital currency has its own advantage – you can pay with it offline without access to the Internet. For cashless payments, you need POS terminals connected to the network.
It turns out that this is another financial mechanism. Didn't we have enough of them? Here's what the bulk of mainstream experts say:
- the desire to stimulate the transition to non-cash payment methods;
- ease of use;
- introduction of an alternative to cryptocurrencies that do not have a single issuer;
- reduce dependence on global payment infrastructure providers;
- reduce the shadow economy;
- control over the expenditure of budget funds.
I especially liked the part about control of budget funds. How was it controlled before? Or maybe it was not controlled at all, which is why we are now having such “happy times”. This is the opinion of one side of the experts. Let's see what others say – the marginals, so to speak.
M.Khazin: If our country leaves the organization (IMF), the West will control the financial system through a national digital currency. This system is transparent for international settlements in Zurich. “I do not rule out that we will leave the IMF, but the West would very much like to control the processes that are happening in our financial system, and not only in ours. For this reason, the idea of digital national currencies is connected with the fact that they have a single protocol, which is transparent for the bank for international settlements in Zurich. That is, this is another way to take control of us. Of course, nothing prevents us from changing the protocol, or at least trying to change it, but not under the current leadership of the Central Bank.”
Do you think that these are only Russian prospects? Nothing of the sort – your country is not a member of the IMF? It turns out that the introduction of digital currency is beneficial primarily to the WORLD financial elite, who will now be able to control all the finances of any country. Another good reason is to eliminate unaccounted financial turnover (this is already within the country). Just like little children. Barter will resume, various alternative means of payment will appear, maybe local ones, and so on and so forth. Life will, of course, be complicated. But there will always be a way out.
Author's opinion. In very simple terms, digital currencies are no longer cash or non-cash money. Cash is in your pocket. Non-cash is in your bank (any, not necessarily the central bank). But digital money will lie in a wallet on a shelf in the central bank, and you and the central bank will know everything about your wallet. And you and the central bank will be able to carry out actions with the wallet. Then think for yourself.
P.S. Only you know what exactly is in your crypto wallet.
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