You see, not like Olejnik, I believe CBCDs, if achieved proper, might deliver 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’t. I proceed to choose a non-public sector-led stablecoin mannequin and imagine bitcoin and different native cryptocurrencies are essential 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 deliver the facility of financial programmability to the economic 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?)
