Central Bank Digital Currency (CBDC) is a new form of money that exists only in digital form. Instead of printing money, the central bank issues widely accessible digital coins so that digital transactions and transfers become simple.
Let’s be honest – many people fear CBDCs would allow governments to track everything you buy and turn your money on and off at will. Digital money systems would also be prime targets for hackers and fraudsters looking to disrupt everything. I know we all want the government to have greater access into our lives.
Getting everyone to use a new digital system would require massive infrastructure changes and convincing a skeptical public. I have clients who still don’t have e-mail accounts or computers.
Yet, I know it is coming, maybe no within my lifetime, but it is coming.