FabSwingers.com forum: Central Bank digital currency.

By (user no longer on site) OP
over a year ago

the Chinese government announced it’s exploring “money with expiration dates,” using its prototype Central Bank Digital Currency (CBDC) digital yuan, or DCEP, as the guinea pig in a move that literally means your money, or the money you are given by the government, will expire if not used in a certain timeframe

https://www.fanaticalfuturist.com/2022/05/chinas-new-digital-currency-comes-with-an-expiry-date-for-better-and-worse/

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By *aughty power coupleCouple
over a year ago

Cotswolds

Sounds like another one of those 'conspiracy stories' that is going to come true

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By (user no longer on site)
over a year ago

Pretty interesting concept in terms of stimulus.

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By (user no longer on site)
over a year ago

Don’t tell Tom. I don’t think he’s a fan of the Chinese.

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By *inaTitzTV/TS
over a year ago

Titz Towers, North Notts

"Don’t tell Tom. I don’t think he’s a fan of the Chinese."

I don't think he's a fan of anything outside the pages of the Daily Fail

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By (user no longer on site)
over a year ago

"Don’t tell Tom. I don’t think he’s a fan of the Chinese.

I don't think he's a fan of anything outside the pages of the Daily Fail

True

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By (user no longer on site)
over a year ago

"Sounds like another one of those 'conspiracy stories' that is going to come true

It’s amazing how all these crazy conspiracy theories are slowly coming true.

I mean *AS IF* they’d ever withhold your access to your digital currency in the future if you did something the Government or Society didn’t like, for example a bit of wrong think or questioning of policy.

Anyway, I’m sure Klaus and co at the WEF are delighted the plans are all progressing to schedule ..

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By *ir-March-a-lotMan
over a year ago

london

If you think this is going to happen people will just buy gold coins. Seriously if this does happen you wouldn’t want to hold cash.

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By * la carteCouple
over a year ago

Dublin

"If you think this is going to happen people will just buy gold coins. Seriously if this does happen you wouldn’t want to hold cash. "

Isn't that the idea, if it's true?

No cash, it'll become void. Just digital currency... who'll take your gold coins - the local supermarket, your pharmacy, your doctor? Hardly, if digital currency will be the only form of legal tender - though I would think that there'll be mass riots if an expiry date is applied

...I know I would!

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By *ir-March-a-lotMan
over a year ago

london

You’ll hold enough to get by. Your savings will be in real assets

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By (user no longer on site)
over a year ago

I was reading it as more of a stimulus tool. A bit like the cash handed out but the US during the pandemic.

Or Rishi's eat out to help out (how absurd that seems now!).

Obviously potential for it to be used/abused in other ways too though.

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By *inky_couple2020Couple
over a year ago

North West

"You’ll hold enough to get by. Your savings will be in real assets"

Exactly. I don't think many people have read or understood what it is. It's essentially a Chinese e-wallet system, like anyone using Google Pay. China doesn't allow the likes of Google and other e-wallet providers to operate. The e-yuan doesn't gain any interest and is not designed to be the only place currency is held. You'd continue to hold your capital in a savings account or in other assets and only transfer what you require to your e-wallet app.

There ARE serious privacy and monitoring issues, no doubt about that, but the original article cited seems to be extrapolating and going to the nth degree.

Here's another article on the e-yuan:

What Will Be the Impact of China’s State-Sponsored Digital Currency?

ROBERT GREENE

JULY 01, 2021

From: Carnegie Endowment for International Peace

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By *inaTitzTV/TS
over a year ago

Titz Towers, North Notts

"If you think this is going to happen people will just buy gold coins. Seriously if this does happen you wouldn’t want to hold cash. "

What do you do with the gold coins? It's not like you can buy a pack of crisps with one. You'd have to convert them to a more negotiable form of currency at some point.

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By *ir-March-a-lotMan
over a year ago

london

Peoples net worth is not stored in cash. It’s stored in Property, land, art, precious metals, equities, bonds.

If you’re holding a few hundred £ this digital currency that is going to expire and you have enough crips, which asset above are you going to buy?

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