- What kind of change? What to what? In China we have passed from almost all transactions being done with cash a couple of decades ago, to 4 out of 5 being done digitally (mobile payments, with facial recognition, etc.), and now the government is launching the first digital currency, so people can download their money into digital wallets and even pay without internet via bluetooth. It would be the opposite of blockchain, as it would be a centralized, not distributed, ledger.
- What is driving this change? Ease and efficiency, better control of money to avoid money laundering and tax evasion.
- What would be the future like in 10 years’ time if this signal was more widespread? It would be more convenient, with less money laundering and tax evasion, but the government would know at all times everything about our finances.
- Would you like it to happen? To bring it to life? I am on the fence on this one… It would be convenient, it would avoid money laundering, tax evasion and the use of money for illegal activities, so it would be probably a step forward, but I am not comfortable with mass surveillance and loss of privacy. I don’t trust governments to make good use of all that information. Cash is not perfect, but it brings anonymity to its users.
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