You see, unlike Olejnik, I think CBCDs, if done right, could bring real economic value. I see smart contract capabilities enabled by true peer-to-peer monetary settlement bringing new societal efficiencies that bank-brokered IOU money simply cannot. I continue to prefer the private sector led stablecoin model and believe that Bitcoin and other native cryptocurrencies are essential to our financial future. But it is simplistic to dismiss CBDC as nonsense. Whether crypto people like it or not, CBDCs will bring the power of monetary programmability to the economy. (It is incomprehensible that the EC proposal would explicitly prohibit the use of a value-added digital euro – which again begs the question: what is the point?)

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