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Jinan, the capital of eastern China’s Shandong Province, has started encouraging the adoption of the country’s central bank digital currency (CBDC) by introducing digital yuan payments across all its bus routes.

In its pilot phase, the city tested the introduction of CBDC payments on two bus lines. Following the trial period, the city has announced that it has implemented the new payment method for its entire bus network.

Local media outlet Shunwang-Jinan Daily recently reported that the city of Jinan has updated all its card readers and bus route software to allow passengers to pay using the county’s CBDC.

The city is also incentivizing the use of the digital yuan by giving fare discounts to passengers who opt for the CBDC payment method. According to the announcement, each person could get up to two discounted rides per day and a maximum of six discounted rides in a month if they choose to pay with the digital yuan.

The move is part of a broader push to promote the adoption of the digital yuan in China. On April 23, the Chinese city of Changshu announced it would begin paying civil servant salaries with the digital yuan. The announcement noted that all levels of personnel in public service, public institutions and state-owned units would be paid in the country’s CBDC from May.

Apart from bus rides and civil servant salaries, the country has also implemented its CBDC for its Belt and Road initiative and cross-border trades. On April 24, a plan to promote the CBDC in cross-border trade was issued in the Chinese city of Xuzhou. The city serves as a departure point for trains carrying goods to Europe.

Meanwhile, French bank BNP Paribas has also recently partnered with the Bank of China (BOC) to promote the use of the digital yuan. On May 5, local media outlet the South China Morning Post reported that the partnership would allow BNP Paribas’ corporate clients to connect with BOC’s system, enabling the use of the digital yuan for real-time transactions.

NEWS SOURCE (https://www.zionie.com/read/chinese-city-of-jinan-accepts-cbdc-payments-for-bus-rides)

I hope you understand that CBDC is not cryptocurrency not to talk about having something related to bitcoin, this discussion is what you would have best post the thread on politics and society board or economics board where their could be proper discussions on the subject matter, this is bitcoin discussion board and CBDC is nothing but a digital version of fiat currency owned and controlled by the government.

I think this topic belongs on the Economics section more than here because it's not about Bitcoin.
I'm not surprised that China's encouraging people to use their CBDC because it's a way of performing even more control over citizens than they normally do. These transactions are more traceable, while giving people the illusion that they're using something similar to cryptocurrencies. Fare discounts are probably a good way to promote a CBDC, but I hope people will be careful with using it. Surveillance is already too much in China even without a CBDC.

What I'm more interested in is the use of their CBDC in cross-border for their international trades. The belt and road initiative connecting various countries in Asia, Africa and Europe seems to be progressing well so I can see how digital yuan could be quickly adapted.

This should be placed in somewhere else then altcoins. Connecting CBDCs (especially China's version) with cryptocurrencies is quite misleading. It's more like cautionary tale for /Economics or /Politics & Society

Later they will declare CBDC as mandatory, only way to pay anything, but before that they need to provide education and possibility to use it for all citizens. And that's going to be a massive operation that takes some time.

Yes, they started implementing this nonsense in China.

China is basically a centralized authoritarian country and CBDC will increase the centralization of the government terribly, which will be a huge burden on the citizens because all their transactions will be under the direct control of the government.

With China bringing their CBDC to life and making it work, it seems like a great move that other countries might also want to look upon and take such a step in order to make their CBDC work too. Since China is among the five banks that have successfully launched CBDC,
 
It's their discovery; it's their country; and it's also their problem. Implementing a centralized currency and making their own local currency digital is actually a good development for them. The only place where I'm finding an issue with them is trying to impose it on all their civil servants as a means of paying them their salary. That will be a little harsh; they should allow their people to choose what's best for them and what payment option they prefer best. It's something new, and not everyone will have full knowledge of how to use it, how to spend it, and all of that. Since it was just included as a payment option in the transportation industry, they should also do the same with civil servants, allowing them to make their own choices and maybe giving a little convincing bonus in order to lure most people in, just as they did with the discount given to those paying with the CBDC for their ride.

China has found another way to exert more control on the financial system within the country. I expect it will be successful and with the incentive in place people would use the CBDC as an alternative to the Yuan.

I personally do not think it will have similar success in other countries where there is more freedom and cryptocurrencies are not banned.

Chinese accept CBDB for bus rides? Why should we care? If I check it on news, it will be the digital Yuan and nothing more. Digital Yaun is just the CBDC that was created in China to be spent by the people if China, it is not bitcoin or crypto.

I do not see what is good in Chinese accepts Yuan. Even in any part of the country of the world, fiat is fiat. Yaun and digital yaun, no difference.

it is up to the people if they will use it or not. though learning how to use cbdc may give them some convenience, but their privacy is on the line. so they need to think about the possible repercussiom if they will heavily use their cbdc in their payment method. their govt will have more eyes on their life now. but hopefully this move will give these people a good hint why it is still good to use decentralised coins like BTC

In Asia we know that China has always been at the forefront of every step they take in their approach and economic progress. China always does not want to lose in global economic competition. and included in the adoption of the Central Bank digital financial system which they call CBDC. And actually not only on buses but in other ways China has also been testing their Digital Yuan currency CBDC. and so far they seem to be succeeding in the experiment.

It's relatively easier for China to implement whatever plans the state has because of the kind of government they have. Resistance is very minimal and it could easily be addressed. Critics and other opponents of the measure could be silenced effortlessly.

While this digital currency is obviously an attack against privacy and freedom, to a people who are already deprived of it to a certain extent, nothing anymore matters.

I'm curious, is the CBDC in use the version that has an expiration date?

China is always pretty wild on their policy regarding digital money (including crypto), one day they ban it one day the make some breakthrough. Honestly tho, I am not being sarcastic here, but I really don't understand what is the purpose of CBDC. When a government digitalize their Bank, like when people are able to send some money through internet Banking, isn't it like make the CBDC redundant. It's the same centralized currency, people can send them across the nation, without traveling only moving some value and number throughout the internet.

Crazy that this only started this year. China had been piloting CBDC since 2020, it seem very a very slow integration to their bus system if you know how good Chinese are in developing a system. 

US had been piloting AFAIK too which Biden is about to give universal compensation since more companies are already signing up on their CBDC.

I would expect more resistance in the US and certain parts of the EU, such as Germany, which is a very cash-intensive country. I expect implementation to be much slower, due to inefficient administrations, and adoption much slower as well.


I would be surprised if they have implemented that already. The logical, and Machiavellian, thing to do is to wait until everyone is using CBDCs to start programming them with the controversial features, such as expiration.

I have already read the news that China has introduced CBDC payment system for bus rides in their country. The full meaning of CBDC is Central Bank Digital Currency. This payment system is not supposed to match Bitcoin. And this news is entirely a news of their country's domestic banking system. From what I know about this payment system, this payment system may not be very popular with Chinese citizens. All of a sudden we have seen China taking some such decisions. It is not clear what exactly they want to do by taking such a decision.

I can refer to China as a country that always strives to be at the forefront in various promising fields. Currently, we see the Central Bank Digital Currency (CBDC) as a government-controlled currency, which may not be favored by Bitcoin maximalists like us. We're uncertain about what the future holds when CBDC truly becomes a new trend in the financial world.

All eyes will be on Blockchain technology, and it's not unlikely that a small percentage will take an interest in decentralized blockchain technology. Isn't this a positive aspect that Bitcoin maximalists can gain? Although it's highly improbable to adopt a decentralized system at the governmental level of a country.

The Chinese government have been long talking positive about CBDC for close to 3 years so if they now started to implement their digital yuan in their road transport I won't be surprised and that means they are gradually going to test it in another sector. China wants to dominate their people in every aspect of their life not to consider anything outside their development. They want to grow the yuan to the exclusion of any other currency. It is good for their economy actually because if you are dependent in yourself, you are likely to have a very formidable economy. From the beginning of the cryptocurrency movement, china have been back and forth on it and let us see if this new wave of crypto regulation like MICA will be bought by china if they will replicate something like that or put their people totally out from cryptocurrency opportunities.

Governments need CBDC because it provides them with many solutions, now they can control the economy more strictly, they do not need commercial banks, they can impose taxes easily, they can pay services without your permission and you will not need much to redistribute liquidity, salaries and everything in the country. Therefore, its adoption will be rapid once an infrastructure is developed that processes all these payments quickly and with near-zero fees.

CBDC is not a cryptocurrency and it is worse than cash in many aspects.

China tuns a controversial government and don't like go give its citizen privacy,that is why I am not surprised that the government has made CBDC and accepting it for transport. It is their own digital Yuan and not a crpytocurrency. This will enable the government have total access with your daily spending and income to monitor your financial life. This has nothing to do with bitcoin because it is a centralized currency,CBDC is a deeper entrapment on citizens to the government compared to fiat. The president of China is limiting the freedom of his citizen for him to take total control of their lives gradually.

The rate of adoption and the incentives used in Jinan are impressive, but one has to ask if the locals are happy with the change. After all, the goverment's digital currency could be seen as an invasion of privacy due to the high level of oversight and control it permits. Where, though, is the discussion on this?

My other worry is that this will hasten the exclusion of the unbanked and the technologically inept. Do you have a strategy to deal with this? One cannot ignore the geopolitics at play here, even as it is interesting to see the cross-border applications of the digital yuan. Whether or not other countries will be okay with the dominance of a digital currency controlled by another sovereign state is an interesting subject

Are you forgetting that this is about China? People in a country where communists are in power are not asked if they want something or not, and anyone who thinks otherwise is an enemy of the state. A country that censors the internet and has the most oversight of people through massive surveillance methods certainly has no problem with something as simple as CBDC.

Besides, they've been testing it for years on tens of millions of people in different provinces, I've never heard anyone complain about it.

So what they are doing is: publishing centralised currency through more stricter means and authorities. Now that’s funny. Obviously it’s a dictatorship so people will follow whatever their kings says and point outs. They will have no option but to use centralised digital currency and they will slowly taken away from the decentralised crypto currencies. Yeah, that’s what they did since the beginning. Remembered the era of Chinese miners? It was hot as pan and went too far but at the end in the name of electricity burden they banned the crypto entirely. They got away with the reasons and going even stricter till date.

This is not politics, the currency has a vibe and relationship with the economy and so far, CBDC has been trending on this board for several reasons and this one is just the latest development(underdevelopment to me  ;)), so I don't think this thread should have been in Politics.
CBDC is no different from the commercial apps that we have, they are just defined by a uniform body and mandated and legalized across the country and the way I'm even seeing the used case here, a time will come when the commercial banks will start complaining that the government central bank is not letting them get customers because people now have what they can spend anywhere and more faster than the commercial bank apps. All this will come back and n hurt them and but Bitcoin will always win because Bitcoin is decentralized and its a global currency for everyone.

Europe and the U.S. residents hardly understand CBDC's and equate it to crypto currency, so expect little resistance. The Americans had nearly all their freedoms stomped on after 9/11 when the Patriot Act was passed. It essentially allowed government agencies to surveil U.S. citizens and international persons of interest without being subject to probable cause warrants. Seems worthy of outrage, you would assume.

The Biden White House has spent some portion of the U.S. budget to research CBDC's and develop regulatory framework behind it, and hardly any U.S. media publications have latched onto the matter. The Chinese have no choice but to adhere to CDBC's. Europe and the U.S. will voluntarily adhere to them out of ignorance.

Well, the electronic payment option would gradually be changed onto CBDC in one way or the other. A payment system that is facilitated by companies has the edge due to its flexibility and market pressures of technological innovation, while on the other hand, regulation had to catch up with technological improvements.

And here we are right now in the time of governments starting to implement the electronic payment system on their own. Speaking about China, there is nothing unexpected about the news. The authority will surely utilize this kind of technology. The problem is, does the other world, did not vision a similar approach? Or they just implemented such kind of system without being frank that the underlying payment mechanism is tightly related to CBDC? I guess we have to start scrutinising how it will end up going, generally.

I always notice these particular Chinese threads popping up now and then where they make it seem like China is very important in the crypto world or something when the fact of the matter is that they aren't.

They made it clear on several occasions that they despise cryptocurrencies like BTC etc and have tried banning them again and again only to fail in an embarassing manner.

Majority of the crypto community don't care about their CBDCs and their influence over the crypto world.

If it's CCP, they can implement any new method of payment that they have and everyone is gonna to obliged and comply.

I think they're the first country to start using their own CBDC. While the others are still on the development process, they are so far the very first to apply it to their own people.

But, there's nothing that we should worry about it if they start using their own CBDC. That's the use case of it and made for their own people.

Absolutely correct, the Chinese government has just found a more enhanced way to control the citizens financially and such control is always the most crucial. From the control of fiat to cbdc killing the hope of being financially free in China.
There is no doubt this will be very successful knowing how strick the government can be. I also hope this won't have such effect in other countries, at least people still have the right to chose unlike in China.

Yes good for China and its communist government. But what impact it holds on the economy as a whole? It definitely provides convenience to the users. It save government's money printing cost. But the most important factor here is that the users loose their financial privacy.

Today it is applicable for bus ride only but tomorrow it will be mandated for every types of transactions. That day is not far from becoming a reality. So if you want to cheer on that, you are welcome. I won't!

China is increasingly seeking to control its citizens. Now they will have accurate information about how, when and where a person goes. One of the properties of state-owned cryptocurrencies is that they can be blocked from access. Thus, any citizen can be deprived, in one fell swoop, of the ability to travel by any means of transport

So far, what I've encountered in the news are mostly resistance coming from the US. If I'm not mistaken, there were already proposed legislations submitted in both houses of congress to prohibit the central bank to issue a CBDC. In addition, a number of states have also expressed their opposition to the idea of a CBDC. Florida even banned it.

We can't tell whether these are sufficient enough to once and for all prevent the Fed from issuing a CBDC, but we can certainly expect that a people who are already fed up with all kinds of surveillance systems will continue to resist it strongly.


Probably as this is perhaps still within the pilot stage. But I don't think adding such feature would change the timeline of the implementation.

So true. and actually China is a very large country and has many remote areas as well. which not all people there understand about technology. But for big cities there do have a very rapid level of progress in the world of technology. so that people in big cities will easily adapt and will probably accept it with enthusiasm. everything has a positive and negative side. but yeah, let's just see what will happen next with the development of digital Yuan there.

Yes, well, with COVID some freedoms were also restricted, such as freedom of movement. But I think you are right, most citizens will happily accept CBDCs just like anything else that comes from their government. Although I would expect small resistance groups, minority but some resistance, unlike China, where there is virtually none because it is too dangerous.

The adoption and commissioning of CBDC is not only a transition to new technology, but also a real mechanism of total control over the movement of funds. Now many people do not like fiat, but believe me - after the introduction of CBDC, there will be even less joy, because the technology completely replaces fiat, and implements a total control of our "pockets". As you understand - after that the government will see both the transactions and the balance of funds in the "purse". Plus, there will definitely be a mechanism of forced blocking of wallets and, possibly, of certain "tokens" belonging to "inconvenient" individuals. And the most unpleasant thing is the understanding that this is a generation of blockchain and cryptocurrencies

There are a lot of commuters by bus in China because of the Bus Rapid Transit (BTR) system which makes your movement by bus faster with lesser traffic, and also because public transportation is subsidized by the government to encourage more people in the country to use them. CBDC  adoption in China will be really fast and thrive because of this method and style that has been use to introduce it and ensure usage.
See the estimated number from 2021,

---

https://www.statista.com/topics/5662/urban-public-transportation-in-china/#topicOverview

People who care about privacy and decentralization will not consider using CBDCs because they are just digital fiat. The central bank still serves as the intermediary between the sender and the receiver. CBDC has some benefits like a fast and reliable payment system, reduce fraud by exchanges, quick access to banking service to the unbanked population, and effective transborder trades but its drawbacks are enormous. It is a tool of centralization and government control. Anybody aware of the goals of Bitcoin will not fall for the deception of CBDC. If I were in China, I might use the digital yuan for trivial transactions but when it comes to serious business moves, it will never be an option.

CBDC is not at all different from the usual fiat which carries a centralized system. They just make a digital version of the regular fiat. And actually between the physical fiat and the CBDC, I actually feel that the CBDC has become much more centralized and much easier to control by the center. Behind the ease of use, it must also be easier to control and track. If everyone starts using CBDC including the rich then all their assets will have nothing to hide from the government. different from the physical fiat which can still be hidden in a safe or something like that. but CBDC no completely closed safe. But those who favor a centralized system are more comfortable with this system. because indeed there is a positive side from CBDC one day the assets of government employees can be seen clearly. so they are more difficult to commit corruption. that's the only positive side i found.

but for those who choose not to be controlled then of course Bitcoin remains superior. a decentralized system provides freedom in storing assets. and control is in our own hands. and man loves freedom. then it would not be surprising if the adoption of bitcoin will continue to increase.

The acceptance of CBDC is not different from accepting Fiat in that country, this has no impact on the crypto market because CBDC stands alone from crypto so I won't care much about this in any way, things will start taking serious turns if Chinese people are paying taxis and bus rides with crypto coins, that will be awesome and something that will have a big effect on crypto for sure.

I still believe that it will be easier for the government of each country to track their citizen's worth with this CBDC and I don't think I will ever get involved with it unless there is no more physical money in the world.

I don't think anyone is surprised by this, China is one of the countries that bought into the CBDC thing from the scratch, and they have even helped some countries to develop their own platform. China is a country that loves absolute control and there is no better way to control people that have full control of one's financial life. A tool like CBDC can easily be abused and this is a concern of people all these while and I read European Union too are working on their CBDC platform

I'm pretty sure they initially had a test phase of a certain area where they were using CBDC already though? It was like a year or a year and a half ago iirc? Not surprised that they're trying to support it's usage throughout the city now, I reckon we'd see a slow increase in general-purpose transactions that adopt CBDC payments, it's basically the same system across all boards after all so just a bit of tinkering would be needed once something jumpstarts it, in this case, the pilot phase of what I was talking about earlier and then this.

Well, it is China though, so I don't think they'd have issues with more control governed by the government. It'd be interesting to see if other countries would adopt the idea though since, well, digital payments for almost everything IS something that should be considered, being tracked for everything you do isn't though, so they can probably remove that if needed.

If CBDC is successfully adopted and has high appeal from the public, then of course other countries will follow suit to adopt it. I've got my country in on a structured plan to introduce CBDCs as well, but I'm not sure how much time and effort it will take to get people to adopt the payment system.

If the government plays a role in the use cases of a currency, then the probability of it being used as an everyday means of payment can be higher than when they don't support it. But CBDC isn't the answer anyone who no longer believes in a centralized system is looking for, it's like digital fiat that is equally controlled. After all, CBDCs are not investment assets because their value is pegged to the currency of the issuing country, but maybe there will be uses for those who agree with the idea.

China is one of the countries that always presents a variety of the latest technology, but we are not surprised if currently the country has implemented CBDC on all its bus routes, and they continue to develop digital currencies to be used for their purposes, and I believe it will be a big threat to the dollar if later every transaction makes payments using digital currencies, And they already have a digital yuan and will always be relied on to do business.

CBDCs will have a problem gaining adoption, after all for the people like us which know very well what is going then it is obvious we are going to avoid those currencies, while the rest of the population which may not be interested in investing in bitcoin will not be interested in those coins anyway, as it is not like they have a lack of options when it comes to using their fiat in electronic form, so I doubt CBDCs will become as popular as governments want.

This has been long anticipated, and now they have started implementing it, and they are not only doing it within their own country, but they are also going cross-border and involving other countries to make use of them as well, this is one of the farthest steps countries are taking to make their people use digital currencies created by themselves instead of using cryptocurrencies since that wouldn't give them any access to their financial activities.

However, no matter how hard they try, I don't think they can trick the people for abandoning cryptocurrencies and only using digital currencies controlled by the authorities, they will give incentives, discounts and everything to lure people in but it wouldn't work in the long run.

China is indeed a country that always moves very quickly when it comes to economic development. Included in the digitization of their currency is the Digital Yuan (CBDC). which they were one of the earliest countries to pilot CBDC and implement it in their own society. and another good thing is that the people there also welcome it with quite high enthusiasm. China's move can indeed strengthen the dominance of their own currency in the future.

CBDC's vs Bitcoin is also a long-timed debating topic but you can't really gain anything out of it. Better accept the reality, the idea seems to be good but if you consider the recommendations of the analysts it is not really in the favor of the CBDC. No doubt China is the next evolving superpower but as we have seen a downfall already I don't think so we can risk everything again on the hope of just CBDC's.

It is nice seeing some countries advancing to the stage of them creating a digital currency for the country and not only that but also encouraging it to be spent as a legal tender among the people, as least if some countries can take this up it might help in economic development and growth.

Exactly.

It's no surprise that the development is happening. China will of course be first in making the technology work, then the multi billion dollar infrastructure will be provided to other countries who think that they "need" it. Once a country has the system working in a stable way, you can expect that same company to start requesting its citizens to redeem cash for CBDCs before cash is abolished for that country.

It'd be great to have a CBDC board, or somewhere to discuss these developments. Economics is probably suited currently, though it'd be much more interesting to watch CBDC development in isolation.

What happens is that governments are still operating under the premise they can deceive and coerce their citizens to do what they want, and if there is something history show us is that governments can have some control over their citizens, but if things go out control, especially the economy, then that control evaporates, fiat currencies are a failed experiment and it is just a matter of time before they collapse, and once they do people will never forget it thanks to the internet and social media, and at that time people will reject CBDCs regardless of any incentive or threat governments could make.

Thanks to Covid (yeah, it had its pros at least), Germany become slightly better. You don't have to sign every time you receive parcel and you can pay with card in many places. The real problem is that while China accepts CBDC payments for bus rides, in Germany you have to pay with cash in the bus or in the best case, you buy a monthly ticket that includes buses too and you have to show your ticket to the driver.
I really hope that Germany won't go hyper progressive in terms of digital technologies and won't adopt CBDCs.

And still, there are people who wish that Russia and China succeeds and there will be communism all over the world. What a strange world we live in.

Having said that, one must realize that CBDC is TOTAL CONTROL for the owner of that currency. And if you can put cash in a cellophane bag and hide it somewhere, so that the state will not take it away from you, the state will LOCK the digital currency in two clicks!
CBDC is an evil created by blockchain technology and cryptotechnology. It turned out as always - they invented steel and knives to cut a juicy steak in the kitchen, and they started using them to kill each other.... So it is with CBDC - a good technology that was adopted by the state and became a tool for total control and management. CBDC is definitely your money that's not yours at all.)

Sorry to hear from people who had to flee Ukraine in 2022, from the terrorist war unleashed by russia against us. And a lot of people went to Germany. Germany has always been considered the "economic engine of the EU", a country with high social standards. But as it turned out, in terms of ordinary household technology, Ukraine is more comfortable :)
One story how to get a bank card in Germany and the duration of transfer from card to card - for residents of Ukraine sounds like a "terrible tale". To get a bank card in Ukriana - about 15 minutes, if you do it in the branch. You can just at the cash desk of almost any retail chain, buy a basic card and immediately activate it. In addition, you can just download an application and create a virtual, full-fledged card - 5 minutes of business! About transactions from card to card or account-card, in our country, if the money has not "arrived" in a minute - it is already a wild discomfort. Fare payment in public transportation - no money ! On a choice: 
- single travel card (works in the subway, trolleybuses, streetcars, city and intercity trains,...)
- social bank card (pensioners and other social groups)
- almost any bank card. Why "almost any" - some people still have ordinary cards without NFC, but 90+% of them are with contactless payment system...
- mobile application of almost any bank.
Also pay for utilities and all public services on digital portals of public services....

Well, that is quite true though, governments CAN deceive and coerce their own citizens, even manipulate them to do whatever they want. This isn't really a shocking turn of events, I believe that it could continue to be like this for a long time. I am guessing that the best thing to do in this case would be making sure that you are doing a better job at it, and for that to happen you need to realize you can't check the media, because if you check the media in EVERY channel there are lies.

Some believe the ones they believe and think the other side is lying, that's not true, every single one of them lies, not even a single one of them tells the truth. This is why we believe that it is not going to be easy and will have some hard time for sure.

Isn't it fascinating how we regard governments as almighty puppet lords manipulating our actions? They have some control, but do governments rule like Orwellian dystopias? That's an intriguing drama slice, no? Fiat currencies. They've had challenges, but calling them a failed experiment is premature. The system's faith won't go quickly. Your dystopia intrigues me. The internet is as manipulable as fiat money, therefore social media might collapse and enlighten society. Digital landscapes include false narratives, misinformation, and hacks. I wonder if CBDCs are about currency evolution, not threats or incentives. Is our method wrong? Social advancement, not government control?

Many countries had already started working on creating their own digital currency, such as Britain, which began working on establishing its own CBDC even before China, which apparently succeeded in the launch process. Some economically allied countries are considering at the same time creating a digital currency to facilitate exchange between them and in a challenge movement to the US dollar, which controls trade exchanges around the world.
It is not surprising that China took the initiative to experiment and launch its CBDC currency, because it was throughout history the first to activate advanced payment methods. Let us not forget that China is the first country in history to create paper currencies to facilitate exchanges, and it is also the first to establish advanced payment systems such as Wechat. It is not surprising that other countries around the world follow it, especially countries that have trade exchanges and strong economic relations with them.

You're exactly right, which is why I put "need it" in quotes on my original post. Countries will either be sold, deceived, or will willingly adopt CBDCs not only to enable ridiculously and dangerously easy monetary policy, but like you said, to also control and manage the currency and the people who use it. It will be embraced until people begin to report that their life savings are locked, pending investigation. These investigatuons might start off fair until they get unfair toward innocent people. Then there is the situation of automatically deducting fines, and punishing for bad social interactions, etc. It's straight from an episode of Black Mirror!

I don’t know of a time when the government haven’t been head of affairs and having CBDC doesn’t make no difference from what has been. It’s all the same package, just providing more options for them to pick from in a bid to divert the attention of its citizens from the cryptocurrency advent and I wonder how has that being going so well for them.

CBDC is still the typical fiat, just a digital fiat and that’s what it would ever be. So, those who know better would always sort better alternatives based on their desires else, they stay stocked in the same old centralized systems. It’s just options and choice:

CBDC = FIAT

There's no difference in between these things on which it would really be not shocking that government would really be recognizing CBDC's rather than on touching up those decentralized cryptocurrencies on which it is really that understandable that they would really be sharing up with the same impressions towards it which it would really be that negative.This is why these kind or type of news about acceptance of something centralized
or been created by them isnt really that something interesting but instead getting annoyed on why they have done such thing if fiat would be enough?

We do have cashless payments already using up those card on using up in bus, trains or other similar transport. Yes, it does bring out convenience but it would be great too if they
would really be adding up some options too.

I don't think that it is a step they've taken to give competition to the USD, but CBDCs are basically created to compete with Bitcoin or cryptocurrencies because they are decentralized digital currencies and countries know that they won't be able to have complete access to these currencies if they are used by the masses, so they are preparing and implementing things that will prevent most people from using cryptocurrencies and use CBDCs.

A lot of people will use them because they don't have an option and those people are the ones who have always been in support of the traditional financial system they don't believe in Bitcoin or blockchain revolutions and they think fiat and banks are the ones that we need forever.

The Chinese government is launching its own CBDC, which could have significant economic and technological advantages. They hope that developing a CBDC to the exclusion of other currencies will help create more liquidity and stability in their economy. Possibly objectionable to foreigners, many would disagree with such a government because it overestimates or limits individual liberties. But in fact, China has imposed it on its people for thousands of years, and the people still abide by this decision.

Unfortunately, you can't make a real argument that CBDC will provide any real economic benefits... Or will you try?

The main purpose of CBDC is TOTAL control of funds of both private business and citizens of the country. China is sinking into the abyss of big and systemic problems, plus the vector of the "people's party" is changing. If recently China was developing towards some freedoms, now it is going back to totalitarianism. Freedoms are already diminishing. This means that control mechanisms are needed... These are the issues of withdrawal of funds outside China, financing of democratic currents, and internal flow of funds. And there is no way to do it without the CBDC! Believe me - this is not for the "happiness of the people" is not done...

And I agree, it is going to be very difficult to get people to wake up to the fact that a great deal of things they know and that they take for granted were lies, and in order for this to happen then we will need an event that wakes them up and shocks them to their core, and a financial crisis way worse than the great depression will without a doubt change the way people look at all the information they have been exposed all their lives, and finally reject a part of the excessive control the governments want to exert over them.

Well at least, the Chinese have started something. I'm still not sold on the idea of CBDCs but if it's working good on some countries then great for them. The whole world is slowly shifting towards digital payments anyway so this type of news is nothing new. What's new however is that China managed to get everything working for once before launching it to the public. Other countries must read notes if they also wanted to implement CBDCs in their country as they could learn a thing or two on what or what not to do once they roll out their own CBDCs.

You can also expect CBDC to have a positive impact on crypto growth if some centralized exchange makes it a trading pair. I've heard of the idea - but so far no realisation. CBDC is basically the same as fiat digital - it's not that different.

I believe that over time the world's civilization will move towards digitalization. Adoption of digital currencies has become a new trend in the financial system - but unfortunately many governments cannot yet consider bitcoin as one of them. CBDC is a controlled currency - while bitcoin is not. So maybe that's why governments can't adopt bitcoin.