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Alasdair Macleod: Central bank digital currencies -- the good, the bad, and the ugly
By Alasdair Macleod
GoldMoney, Toronto
Thursday, February 23, 2023
There has been much comment over the likelihood that central bank digital currencies will be introduced. In this essay conclude they are unnecessary -- a red herring. But this does allow us to discuss their possible relevance to a new Asian super-currency.
This month the Bank of England, in partnership with the UK Treasury, produced a white paper on the subject, which considerably waters down the objectives identified by the Bank for International Settlements. The British proposal is a bad idea because it is pointless.
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I will describe how a new gold-backed currency can entirely do away with the U.S. dollar for trade settlements and commodity purchases between participating nations in the Russia-China axis.
Some informed commentary on the topic suggests that a blockchain will be involved, and Sberbank, the Russian state-owned lender, has already issued a gold-linked fund designed to be available to the public by being compatible with ethereum. Perhaps the bank is front-running developments…
The ugly side in our title is found in the BIS' dystopian proposals, which see CBDCs as an opportunity to allow central banks to double down on their attempts to manage economic outcomes while restricting personal freedom.
Messing about with fiat currency alternatives such as CBDCs could end up revealing the fragility of the former. CBDCs will take years to implement in any major currency, during which fiat currencies led by the dollar are likely to fail anyway. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/cbd-cs-the-good-the-bad-the-ugly?gmrefcode=gata
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