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Bank for International Settlements pushes central banks to get cracking with central bank digital currencies as Moody's warns they could be a credit negative for banks

Bank for International Settlements pushes central banks to get cracking with central bank digital currencies as Moody's warns they could be a credit negative for banks

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3 Comments

Havent read the article:

Bank for International Settlements warns Central Banks that Bitcoin will eat their lunch. 

Report Says Western Union Could Lose $400M if El Salvador's Chivo Bitcoin Wallet Gains Traction, Tim Berners-Lee Weighs In – Economics Bitcoin News

El Savladorian citizens will save over $400m in remittance fees through the use of Bitcoin. 

To quote Thanos:

"Bitcoin is inevitable..." 

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See:  https://www.interest.co.nz/property/109236/housing-affordability-improved-slightly-first-home-buyers-many-parts-country-january#comment-1296503

From Ponzikiwi 28/2/21

Prediction

Reserve Bank will offer digital accounts by September 2021. Orr will cut rates to negative in April. He will order window guidance and instruct banks to lend lend for housing only. Blows up a massive bubble of biblical proportion. Eventually with more lockdowns businesses will collapse as will the economy and your bank.

The next day you will get told to download a rbnz app on your mobile. The 117k you had with ASB that you can't access will appear in your new central bank account. All of the foreclosures and properties left with the banks will be transfered to the govt to house the population...Because you will own nothing and be happy right?

 

Response from B21:

Even the RBNZ knows better than doing this, they are aware of the civil unrest and danger to the country this would pose.

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Time line is a few years off, he need to phase out cash first. So give that 5 years.

NZ doesnt quite need negative rates this crisis, its the next one that we will for sure, so yes they will want to have a CBDC out by then. 

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