In contrast, a decentralized currency is not backed by a government or authoritative party, and its acceptance is not guaranteed. Instead, the currency’s value is completely determined by whatever its users are willing to trade for it. This decentralized structure is largely the product of libertarian ideology, holding that the government should not have substantial control over the supply of currency. These are similar points to those made by ODI’s Chief Executive Sara Pantuliano to the World Economic Forum in February. Digital money eliminates the need to physically transfer money; furthermore, banking is made much more convenient by allowing people to perform their personal banking without even the need to visit a physical branch or carry cash. The Danish government proposed getting rid of the obligation for selected retailers to accept payment in cash, moving the country closer to a "cashless" economy. Nearly a third of the Danish population uses MobilePay, a smartphone application for transferring money. What Is The Point Of Cryptocurrency?
Tencent-owned WeChat, China's largest messaging app and one of the country's biggest payment services, will begin supporting the digital yuan. CBDCs could grant universal access to the banking sector and quickly facilitate the distribution of paychecks and government funds, http://wallstreethack.com/ reducing the need for costly bank workarounds like check cashing and payday loans. Central bankers also generally have concluded describes it that commercial banks are a necessary piece of a potential CBDC ecosystem, thanks to their pre-existing regulatory guardrails and ability to move money. Perhaps the biggest concern is
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