"Many individuals throughout the world have no access to bank accounts, so a CBDC would give them a way to be paid, hold their money, and pay bills. CBDCs could also decrease the maintenance a complex financial system requires, reduce cross-border transaction costs, and give people who use alternative money-transfer methods lower-cost options."
The above quote is from an Investopedia on-line article on Central Bank Digital Currency. Already adopted in vibrant commercial centers the Bahamas, Jamaica and Nigeria, no doubt to satisfy the demands of the locals, it's probably just a matter of time before the existing digital currency in other localities is replaced by an even better one. Of course adoption of the CBDC will give those without bank accounts the ability to be paid, hold money and pay bills that they haven't had for the last 5000 years or so. While the CBDC may reduce costs throughout the financial system there will surely be some costs. After all, the construction of the giant and complex AI data centers isn't a charity, somebody is looking to make big bucks with an immense digital filing system. The same would be the case with CBDC.
Most important, any CBDC, as with the digital funds now in use, is completely reliant on reliable electricity. Without power an ATM, which dispenses printed fiat money, is useless. The locals will absolutely need a smart phone to participate in the economy at all but the most primitive level. Depending on the vagaries of wind or sunshine for access to one's money is another problem for which the Net Zero fanatics have yet to consider or provide a solution.
It will be interesting to see if the adoption of a CBDC in the enlightened West will be dependent on a real democratic process or the faux democracy that presently exists where important government decisions are made at the direction of elites, in this case no doubt those of Wall Street.
