I remember when Joe Stiglitz endorsed the CBDC concept. Must be ten years ago. At the time, it seemed like a control freak's crackpot boondoggle. It still does. I was surprised by Stiglitz's sincere naïveté. It takes no crystal ball to predict that the implementation will be badly botched and the idiocy involved in the botching will be stubbornly defended. That's the way digitalization is rolled out.
Uptake of China's CBDC has been disappointing. As a fallback, Beijing may use it to monitor targeted aid programs, pay civil service salaries, and encourage its use in tax remittences. And, of course, as a central bank reserve..
I remember when Joe Stiglitz endorsed the CBDC concept. Must be ten years ago. At the time, it seemed like a control freak's crackpot boondoggle. It still does. I was surprised by Stiglitz's sincere naïveté. It takes no crystal ball to predict that the implementation will be badly botched and the idiocy involved in the botching will be stubbornly defended. That's the way digitalization is rolled out.
Uptake of China's CBDC has been disappointing. As a fallback, Beijing may use it to monitor targeted aid programs, pay civil service salaries, and encourage its use in tax remittences. And, of course, as a central bank reserve..