Central Bank Digital Currency and What It Means for You

Statistics show that nearly 46% of those surveyed had no idea how to start protecting the information they share on the internet, and another 38% didn’t know how to begin securing their data.

Imagine handing your receipts for everything you purchase to the federal government or a third party you didn’t authorize to have your information.

Central Bank Digital Currency

Central Bank Digital Currency

With the adoption of a central bank digital currency (CBDC), this is the reality in which we could soon find ourselves. Privacy may become a deep concern with implementing a national digital currency.

Ryan Firth, a certified financial planner with Wealthtender and Mercer Street, points out how privacy could be an issue with a move toward online direct payment systems like the CBDC.

Regarding CBDCs, it has their pros and cons. I think surveillance could be an issue; just look at China and its digital yuan CBDC

E-Commerce and the CBDC

One question most people will ask if there is a CBDC rollout is whether or not their options for payment will change. There has undoubtedly been speculation about how a central bank digital currency will change the landscape of payment options.

 Like most digital currencies, you’ll likely be able to purchase, sell or transfer CBDCs using a credit card, smartphone, or crypto exchange.

Pros and Cons of CBDC

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