I was thinking about the move toward a central bank issued digital currency recently and what that might imply for a lot of people playing in the area. Was going to post but then though too distant who really cares.
Just noticed a new story the Singapore is planning on running a pilot of their CBDC in 2024. Depending on just how that goes and how they extent their pilot program (seems to be more about commercial activities or perhaps commercial banking transactions) it might be something of a impetus for other countries, including the USA, to speed up their plans.
Sure, cash will still be available but cash and coin are very costly for pretty much everyone (counting, storing, moving, risk of loss or theft, on top of just issuing and replacing, destroying and all the counterfeiting protections that have to keep being updated, ATM machines....). Given that I think governments and central banks as well as a lot of businesses and people will be keen to move to eliminate physical cash.
No one is really talking much about the privacy aspects -- at least at the policy-maker levels that I can see -- and I suspect plenty of groups will have a strong interest in making digital currency more "transparent" for governments to track.
So, do people move to some cryptocurrency, just stop (or look for some barter options) or just assume that CB and the financial regulatory powers really don't care about simple prostitution between consenting adults and think their key risk will be that of caught by SO/caught in the act rather than bank regulator combing through all the transactions to ID some John or Jane playing the P4P game?
Though I suspect most here will think it's still way to distant for giving any thought.
maybe I will barter with pork belly or beef bulgogi^^!
Sure, but don't you want to have bought the futures contracts before the prices started to spike? 
I always care about how they will deal with the money situation. But I always say that no matter what we'll find out what they will do (Just like we do with everything else). It would be nice if they eliminate the paper cash and make it so that all money (Cash) appear in our Bank Accounts instead of us having it in our hands. It would make it so much better for everyone. And all business need step up their game when it comes to their business being a lot better in every way (So, they make more money).
I dont think physical cash will be completly eliminated anytime soon. Too many people that dont trust venmo or paypal and a ton of people could care less about crypto.
I still frequent plenty of immigrant ran businesses that still take cash only. In these communities, i dont see that changing anytime soon.
I use my debit cards and credit cards for normal transactions.
Agreed. My use of cash is very limited in most transaction -- and that includes when I'm traveling outside the US in places like Thailand, Malaysia, Philippines. Sure, if you're in one of the street markets some will not take credit but a surprising number do now it seem. And if you go to some really small villages that perhaps don't even have a bank you cannot but I think pretty much anywhere you can get an okay internet connection you'll find people accepting CC or other forms of electronic payment.
And, my guess is that the digital currency will be implemented a lot more like Apple, Google or Samsung Pay wallets or like some of the telco based cash functions like G-Cash.
I agree, cash is not going away next year or probably even next decade. I've seen on prediction markets that estimates say by 2050 elimination of cash is about 60%. But I do think that is a highly qualified estimate given we don't have CBDC working now. But if you follow what's going on the infrastructure is already getting built (e.g., Fed Now versus the older ACH transfers). My guess on that will be that once the US does convert to a CBDC that is the writing on the wall and physical cash is going away in the nearer future -- or putting it differently the time lines to the physical cashless society get significantly shorter.
Again, not suggesting it's soon but wondering just how people might then react to that new world.
At least in the way that the " hidden global elites" want, since "they know what is best"
On the surface, yes, it would be nice and convenient if physical cash wasn't needed; just tap your phone to whatever, right?
If you think this is the way...you are a fool....like the nits who rushed in and bought a betamax, blackberry, etc... immediately because it was the "next best thing".......only more so Especially in this playland that we engage in. You really think providers/mongers want to leave a "trail" of where you just spent $300-400-500+? Why would you want to make it easier to get busted?
Govt leaders with all of their baggage and skeletons? Egads, what will Hunter B do to pay the "big Guy" his 10%? (chuckles aside, you get what I'm referring to without starting a political rant here)
Family was recently in China during the summer and yes, they've gone to a "Cashless" system in most areas. Yes, even in small backwards noodle houses...... Do you think that it was done by the benevolent gubmint....OR just to track $$$ to ensure that you stay within your lanes?
Do you really think that what the masses get and what the elite get will be the same. I suppose you also believe that Congressional representatives are prevented from insider trading too.
I think the writing is already on the wall in big bolt print that CBDC is going to happen. I agree that some lip service will be paid to privacy -- perhaps along the lines of the privacy protections we get regarding taxes and IRS information. But suggesting it's not going to happen and somehow the though is like pushing BetaMax rather than digital video over photo film is what is foolish.
Mr. Know-It-All:
So, you think that the USA will roll over and allow its status as the world's reserve currency to go quietly into the night?
It will be pushed, but you think that all of the G8 nations will adapt it just because?
I bet you rushed out and sat in line all night for the iPhone 4 and iPad too, right?
or believe that the annual Davos meeting is for the good of society?
And just as an aside, when was the last time any government told a major financial institution what to do. If JP Morgan Chase, Wells Fargo and B of A decide they're going to go digital, they're not going to let some pesky bureaucrats stop them. Nor will they be forced to do so if it would hurt their bottom lines. Financial institutions only care about government when they need a bailout from their bad decisions.
-- Modified on 11/17/2023 1:22:10 PM
The government wants a kill switch on your funds. Canada just did this during the trucker strike. We don't even have to mention China in this regard.
Not the same as digital currency, but some countries, Sweden being an exemplar, is already almost cashless. And already here in the states I get confused looks at a few places when I try to pay with cash.
As for going completely digital and the effect on P4P, I'm not worried. By the time that happens, I'll long be past my playing days.
They really are pushing the move to cashless.
Even in Vegas, where cash is everywhere and almost all retailers accept 100 dollar bills, you see this trend. Allegiant Stadium is cashless, and now the Sphere as well.
An interesting concept at the Sphere is the reverse ATM, where you can turn cash into a payment card.
Even some of the casinos are getting in the cashless game, allowing fund transfers into slot machines via players cards that can be linked to payment sources or lines of credit.