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  • Bitcoin is booming.

  • We are going to look at cryptocurrency and or Bitcoin in terms of a currency to transact.

  • Believe it or not, we've sold 17 cars, Bentleys and Rolls, with Bitcoin.

  • Musk is driving so much of this market.

  • It's fascinating. There's been a lot of news about digital currencies lately.

  • Companies like Tesla, Square and PayPal have been getting into cryptocurrencies in a big way, with

  • big, billion dollar bets on bitcoin specifically.

  • Whether all this turns Bitcoin into a viable currency instead of a speculative investment or a

  • store of value remains to be seen, but there's a growing number of governments around the world who

  • aren't going to wait around.

  • The Bank of England is looking into its own digital currency.

  • Sweden's central bank is testing an E-krona and emerging economies have introduced pilot programs.

  • In 2020, about 60 percent of the world's 65 central banks surveyed said they're running

  • experiments on CBDC.

  • That's up 18 percent compared to 2019.

  • Advocates say digital money can make cross-border payments easier, promote financial inclusion and

  • payment system stability.

  • But there's also a host of serious risks.

  • Surveillance and privacy issues could arise if the central bank is able to monitor every

  • transaction. You know, it is being implemented across the world.

  • China's experiment is very large scale.

  • When the world arrives in Beijing next winter for the Winter Olympics, they are going to be using

  • the new digital RMB to shop and to stay in hotels and buy meals at restaurants.

  • The world is going to see a functioning CBDC see very soon, within the coming year.

  • A central bank digital currency, or CBDC, is a digital form of a country's currency operated by

  • the central bank. Similar to cash, the central bank would issue its digital currency to allow

  • people to make everyday transactions.

  • Big-name investors and big-name companies are now pouring money into bitcoin.

  • It's adding mainstream credibility to the famously volatile digital currency.

  • Citibank recently said Bitcoin could become the, quote, currency of choice for global trade.

  • All of this is forcing the Fed to get more serious about the digital dollar.

  • The U.S. also faces pressure from competitors like China, which has been ahead of its own

  • digital currency development.

  • China is actually very much driving, I think, a lot of the agenda around central bank digital

  • currency. They've been testing their version of a central bank digital currency, the DCEP, which

  • stands for digital currency electronic payment.

  • China has been researching how it could create a digital yuan.

  • The country has set up massive pilot testing in major cities in the past.

  • On February 4th, China's central bank also set up a joint venture with SWIFT, the global system for

  • financial messaging and cross-border payments.

  • Many governments, including the U.K., Sweden, Hong Kong, Australia and the U.S., are all

  • exploring ways digital currency could work.

  • The European Central Bank is working with the European Commission in experiments to consider the

  • benefits of a digital euro.

  • It'll decide whether to launch the digital euro in mid 2021.

  • Sweden, which has one of the lowest usage rates of cash, launched a pilot program for its digital

  • currency known as E Krona in 2019.

  • And in Hong Kong, an experiment using digital currency to settle cross-border transactions

  • between Thailand is being expanded.

  • In terms of human and institutional engagement, t he United States is

  • certainly behind the scale and the scope of what China is doing, what Europe is doing, what

  • Singapore and other individual nations are doing.

  • But, you know, I've never felt that being first or second is what's important here.

  • It's not about being there first.

  • It's about doing it right.

  • Central bank digital currencies would operate just like the money you see when you check your bank

  • accounts online. The digital dollars would be issued by the central bank and held directly in a

  • citizen's digital wallet.

  • Instead of printing physical money, the central bank would use electronic coins or notes.

  • The digital wallet would be accessible through smartphones.

  • Governments could also decide whether they want its citizens to create a direct account with its

  • central banks or operate the digital currency through existing financial institutions.

  • It is my understanding that many governments in Europe and also in Canada, they have considered

  • their first option.

  • They really want to feel more like the direct relationship with the person because they have

  • experienced this need during covid to distribute a lot of funds to people.

  • And they literally didn't know where they hold accounts, how to reach them.

  • China's digital yuan is not based on blockchain, the digital ledger technology underpinning

  • cryptocurrency such as bitcoin.

  • Put simply, blockchain is a permanent record of transactions linked an order, or a chain, to act

  • as a timeline or a ledger.

  • And in bitcoin's case, it's purposely decentralized.

  • Central bank digital currencies can be blockchain based or not, depending on the design.

  • China's digital yuan works very similarly to its existing commercial digital payments, like Alipay

  • and WeChat Pay.

  • Users download digital wallets on their phones where they can store their funds.

  • This generates a QR code, which can be scanned by payment terminals and shops to pay for things like

  • food and retail items.

  • They have that ecosystem where WeChat and Alipay enabled the use of the digital yuan.

  • They had the ability for people who are already quite comfortable with that way of transacting.

  • One benefit central bank digital currencies could provide as lowering the cost of cross-border

  • payments. It's still five percent or more, on average, to send money from one country to

  • another, because of our antiquated correspondent banking system and the inefficiencies in our

  • payment system. That really especially hits people on the economic margins who are maybe

  • working overseas, trying to send money back to their families.

  • CBDCs can also promote financial inclusion similar to the success of M-Pesa, Kenya's mobile payment

  • service. Still, there's debate on how this would play out.

  • I think there is a huge debate around, for example, are you going to be required to produce a

  • ID and say proof of address to use central bank digital currency?

  • Today, I don't need to show ID or show proof of address to receive a cash payment.

  • There's a lot of risks associated with central bank digital currencies.

  • If we solely rely on digital currencies and there is a massive power outage or a hack, it could

  • jeopardize the entire system.

  • A single point of failure, say our grid goes down or the Internet goes down or something

  • catastrophic happens.

  • You don't really have a backup if you're fully digitized.

  • Most central banks say that it's likely CBDCs, if implemented, will coexist with other forms of

  • currency. There's another big concern that a central bank issued digital currency could cause a

  • bank run during economic instability.

  • Central bank issued digital currencies give people another place to store money.

  • These kinds of digital currencies would be considered extremely safe assets.

  • After all, they are being held with institutions like the U.S.

  • Federal Reserve, which isn't going out of business anytime soon.

  • In times of economic uncertainty, people may be more likely to pull their funds from commercial

  • banks, and quickly, then stockpile the safe digital currency stored at the Fed.

  • This can make the financial crisis more unstable.

  • Privacy can also become a huge issue, depending on how the digital currency is designed.

  • There is a danger that we might end up creating a central honeypot of data.

  • So I think we need to be really careful not to do that.

  • Payment data is really sensitive.

  • We don't want to gather a lot of it in one place and we need to think very carefully about how that

  • data is protected and whether or not someone needs to collect that data at all.

  • In August 2020, the Federal Reserve Bank of Boston announced a multi-year collaboration with MIT to

  • research central bank digital currency.

  • The research project would explore new and existing technologies to build and test a

  • hypothetical digital currency platform.

  • We are very much still in the research phase of this, and I think it's going to take at least a

  • few more years of research to really sort through some of these problems.

  • Our plans are to release our first prototype as open source code this upcoming summer of 2021.

  • And along with that, a white paper which describes a lot about what we've learned.

  • On February 24th, 2021, Fed Chairman Jerome Powell said the U.S.

  • central bank will engage with the public on the digital dollar this year.

  • This is going to be the year in which we engage with the public pretty actively.

  • We have a functioning financial system and a banking system.

  • We need to be careful with our design of the digital dollar and that we don't create something

  • that will undermine that very healthy market-basedfunction.

  • I think it's going to happen sooner than that, and the reason is because of this competitive

  • challenge from China and also this rapidly-growing cryptocurrency space, and the fact

  • that we are in a pandemic still.

  • And I think you're starting to see ideas like universal basic income and stimulus payments

  • become a more regular feature of our economy.

Bitcoin is booming.

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未来のデジタル通貨(Why Central Banks Want To Get Into Digital Currencies)

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    moge0072008 に公開 2021 年 09 月 25 日
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