blocksat on Nostr: ----BEGIN SAT API MSG---- You could always create a CBDC in the meantime, for when/if ...
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You could always create a CBDC in the meantime, for when/if inflation collapses. But we can look to the Bahamas for an example of how well this actually works when paper cash is still in circulation (spoiler: not well).
The Bahamian Sand Dollar has been around for a while, first launching in October 2020. And yet nobody in the Bahamas seems to have heard about it. I couldn’t find anyone in Nassau who even recognised the logo. The electronic payment system that was visible was SunCash, a Fintech product from the private sector.
Moral of the tale: if you want people to use CBDCs, you’re gonna need to phase out cash, because central banks are so incompetent that they won’t be able to create an electronic payment system more appealing than Fintech firms.
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You could always create a CBDC in the meantime, for when/if inflation collapses. But we can look to the Bahamas for an example of how well this actually works when paper cash is still in circulation (spoiler: not well).
The Bahamian Sand Dollar has been around for a while, first launching in October 2020. And yet nobody in the Bahamas seems to have heard about it. I couldn’t find anyone in Nassau who even recognised the logo. The electronic payment system that was visible was SunCash, a Fintech product from the private sector.
Moral of the tale: if you want people to use CBDCs, you’re gonna need to phase out cash, because central banks are so incompetent that they won’t be able to create an electronic payment system more appealing than Fintech firms.
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