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You see, not like Olejnik, I believe CBCDs, if carried out proper, may convey actual financial worth. I see the good contract capabilities enabled by true peer-to-peer financial settlement bringing new, society-wide efficiencies that bank-intermediated IOU cash merely can not. I proceed to want a personal sector-led stablecoin mannequin and consider bitcoin and different native cryptocurrencies are important to our monetary future. But it surely’s simplistic to dismiss CBDCs as meaningless. Whether or not crypto folks prefer it or not, CBDCs will convey the ability of financial programmability to the financial system. (Bafflingly, the EC proposal would explicitly outlaw that value-added utilization for a digital euro – which, once more, prompts the query: what’s the purpose?)
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