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CBDC will eventually kills bank and credit card companies
- Thread starter Deleted member 9785
- Start date
karankayastha
TF Premier
Yes right only 1 rs coin is the real currency other all are just promissory notes
See the US regulators clearly against small banks and want them to collapse. Then few big banks + CBDC left
Credit Karma
TF Premier
This conversation between James Langford and Jannet Yellen sounds like me trying to explain my situation to banks when I ask them for some clarification.
They always get it wrong and keep repeating what was in earlier email.
😂
The only metric that matters is quality of life.
I would let the govt watch my cloud porn stash I've hidden from my wife as long as the govt is able to improve the quality of life for the average indian citizen.
Before UPI, people used to say this for sabji Walla.
True, I know one person who never went to school, but he use photo shop like a expert.
Even many literate people get scammed, even in tier 1 city.
🤣🤣🤣🤣🤣
Heehaahee
TF Premier
Cash is still preferred at sabji wallas..
Well, not really.
Few things to note.
1. Digital rupee is not a bad thing, it will stop majority of black money transactions, it should happen, faster the better.
2. It has value because its still a promissory note, as long as you can pay your taxes with it (means government accepts its real value, so its real).
3. No, crypto is not similar nor is it solution, in fact crypto is the main reason this is happening.
4. No, your anonymity is nobody's concern. Unless you do something illegal, basically you are just small beep on large terabytes of daily data collection.
5. No, it will not make credit cards useless. As government will not make any digital transaction ways absolute. They only intend to reduce hard cash transactions.
6. Yes, it will improve quality of life to in large margin.
7. No, Indian banks and US banks are not operating in same fashion, for example JP Morgan mainly deals with business, large investors, startups and VC's. Retail end clients which have basics accounts are of very small value to it and make up very small number in their portfolio. Unlike SBI, which is about 80% small guy portfolio. Similarly HDFC and ICICI fall under similar category. Comparison between banking industry of those two countries is unrealistic, for both problems and solutions. We can't copy them, they can't copy us.
This "anonymity" thing has been harped on for really long time, its not an real issue for legitimate people. In fact if you promote that you are also kind of promoting anarchy.
Few things to note.
1. Digital rupee is not a bad thing, it will stop majority of black money transactions, it should happen, faster the better.
2. It has value because its still a promissory note, as long as you can pay your taxes with it (means government accepts its real value, so its real).
3. No, crypto is not similar nor is it solution, in fact crypto is the main reason this is happening.
4. No, your anonymity is nobody's concern. Unless you do something illegal, basically you are just small beep on large terabytes of daily data collection.
5. No, it will not make credit cards useless. As government will not make any digital transaction ways absolute. They only intend to reduce hard cash transactions.
6. Yes, it will improve quality of life to in large margin.
7. No, Indian banks and US banks are not operating in same fashion, for example JP Morgan mainly deals with business, large investors, startups and VC's. Retail end clients which have basics accounts are of very small value to it and make up very small number in their portfolio. Unlike SBI, which is about 80% small guy portfolio. Similarly HDFC and ICICI fall under similar category. Comparison between banking industry of those two countries is unrealistic, for both problems and solutions. We can't copy them, they can't copy us.
This "anonymity" thing has been harped on for really long time, its not an real issue for legitimate people. In fact if you promote that you are also kind of promoting anarchy.
Who holds the money?
If it's the government, and 1 billion people each hold 100 rupees, that would amount to 100 billion rupees in CBDC. The government could easily use at least 10% of this for other purposes without offering any interest.
This is the like that thing that is happening with e-commerce escrow.
SiddharthR
TF Legend
The government can have access to large sums of money without printing more money. Money in wallets or banks belongs to the wallet organization or the bank, not to the government.
By linking with other countries through Central Bank Digital Currency (CBDC), the government can issue money without printing more currency, ensuring that the value of the rupee will not be devalued.
I am just speculating and could be wrong.
Also, I have no issues with this.
Sounds like you have already accepted this as your fate 😆
Deutsche Bank in doldrums perfectly as plan. Make people lose trust in banks and bring CBDC
I read a lot, understand and invest unlike you. Now get lost
