The third largest economy is not going to have a CBDC. At least that is the plan for now.
In this video I discuss the recent announcement that the Bank of Japan has done away with the idea of a CBDC. It started its second phase earlier this year but did not get the support from the public.
Here is the article discussed in the video:
https://finbold.com/japans-central-bank-shelves-plans-for-cbdc-due-to-a-lack-of-public-interest/
▶️ 3Speak
They are sane. They have common sense. CBDCs are even worse than traditional fiat money. The government (with the central bank) would have total control with that. They could see and supervise literally every transaction with that.
They’ll return to doing it. The plans ahead are global and Japan will not be able to avoid it. I’m the Fed trust me 🤣
Best news ever.
So obviously a bad idea.
Makes me laugh.
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Japan saying no to CBDC at the moment is a massive win for the crypto currency and it's an indication that the total control from the traditional banking institution is loosing dominance step by step.
@pixresteemer(3/10) gave you LUV.
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HiveBuzz.me NFT for Peace
well good for them!
Wow, that is a bit surprising. I thought their government would just continue pushing forward and the Fed in the US rethinks CBDCs.
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Summary:
In this video, Task discusses the recent news about the Bank of Japan shelving its plans for a central bank digital currency (CBDC) due to lack of public interest. He explains that Japan had been testing CBDCs but decided to put it on hold. Task also mentions the Federal Reserve's reluctance towards CBDCs and highlights the Fed's upcoming upgrade, FedNow, which offers instant settlement and may render a CBDC unnecessary. He criticizes the concept of CBDCs as tools for control by politicians and bureaucrats, emphasizing the importance of maintaining independence for the Fed. Task expresses optimism for the role of cryptocurrency and stablecoins in providing efficient payment systems without government control.
Detailed Article:
Taskmaster4450 opens the video by addressing the recent decision by the Bank of Japan to shelve its plans for a central bank digital currency. He references an article from Finbold stating that the Bank of Japan abandoned its CBDC plans due to a lack of public interest, highlighting the country's preference for credit cards, internet banking services, and e-money payment tools. Task points out that despite this setback, Japan could reconsider CBDCs in the future.
Task proceeds to discuss the Federal Reserve's stance on CBDCs. He mentions Governor Waller's speech questioning the necessity of CBDCs and the lukewarm reception towards them at a recent Fed convention. Task predicts that the Fed is unlikely to rush into adopting a CBDC, especially with the upcoming launch of FedNow, an upgraded system offering instant settlement, which Task sees as a superior solution compared to CBDCs.
Task criticizes the notion of a digital dollar, arguing that most currencies are already digital, and physical cash plays a minimal role in payments and settlements. He attributes the push for CBDCs to politicians, bureaucrats, and entities seeking control over financial transactions. Task specifically calls out Gary Gensler at the SEC and advocates for combating attempts at excessive control.
Taskmaster4450 emphasizes the need for the Fed to assert its independence and resist pressure from politicians to influence monetary policy. He expresses concerns about the Fed's current trajectory regarding inflation and asserts that they must maintain autonomy to prevent economic deterioration. Task warns against politicians taking over monetary policy, citing their questionable track record in fiscal matters.
In conclusion, Task views the Bank of Japan's decision to shelve CBDC plans positively, as it sets a precedent for other central banks like the Fed to reconsider similar initiatives. He applauds cryptocurrency and stablecoins as viable alternatives to traditional banking systems, offering efficient transactions without the threat of government control. Task also mentions the Democratic Party's proposed e-doll project, warning against potential tyranny if politicians gain more control over digital currencies. He expresses confidence in the rapid evolution of cryptocurrency and its potential to disrupt traditional financial systems, ultimately predicting the increasing obsolescence of centralized institutions.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.