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CBDC is the future of Paper Money

 

CBDCs function similarly to cash in your wallet, with the exception that they are not printed on paper. Every CBDC, like a piece of paper money, has a unique serial number that allows it to be tracked down. In contrast to conventional fiat money, every transaction is recorded in a computerized database. This makes it more difficult to launder money or fund criminal operations while remaining undiscovered. Many individuals are worried that their "real money" is being funneled into what they consider to be a Ponzi scheme, which is what cryptocurrencies are seen to be.

Despite repeated explanations, the majority of people still do not grasp what a blockchain is or how it allows CBDCs and cryptocurrencies to exist. Consider El Salvador's acceptance of Bitcoin as a national currency in September - not a CBDC, mind you, but a cryptocurrency. The Solana cryptocurrency, which was launched only days after El Salvador decided to adopt Bitcoin, was down for 17 hours. In no way does this represent a value judgment on the utility and efficiency of blockchains or cryptocurrencies in general. It serves as a modest reminder that we are still in the early stages of revolutionary new technology.

Money's infrastructure is evolving, and we need to rethink how we organize society, which includes how we structure money as well. Digital currencies are effective, they reduce corruption, they are simple to use, and they are much simpler to regulate. The transition to digital money will not take place overnight, and there will be bumps in the road along the way. Nonetheless, anticipate being able to pay with an iris scan, a fingerprint, or the form of your face in the not-too-distant future.

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