CBDCs are created for unemployment purpose

[_act_]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

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[coupable]

In the best-case scenario, this will happen decades from now because it is not logical at all to think about changing the traditional banking system in our world today, which is still governed by banks and major financial institutions.
CBDC coins are a new form of digital copy of fiat money, and their issuance is like the issuance of script money that is supposed to have a cash reserve from which to derive its value. It is expected that the matter will become dangerous if banks succeed in issuing their own CBDC currencies, because this will create unhelpful diversification in the market.

[MusaMohamed]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

Central banks are tools of governments to create more inflation. Banks can create more jobs but can cause unemployment too. When bank system has serious problems with many banks go bankruptcies, a national economy will be affected a lot. You will not be able to say banks are creating more jobs in that economic chaos.

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

If they want, they will do this. Simply because CBDC is created by government and if they want to end lifespan of their fiat currency, they can do this. However, there are many factors to consider because if the whole world still use fiat currencies, only Russia will not want to quarantine themselves from global system. Even the Russia invasion in Ukraine changed a lot of things in their economy and bank system.

Russian Federation Digital Rubble progress.

[Dunamisx]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

There's likely possibilities that digital currency will take over the traditional fiat note with time but am not sure this is going to happen with CBDC because that's not the answer to the people's request, what they want is not a digital fiat currency which is also centralized but a decentralized network that would place the users priority first in using the monetary system and grant what they want, i also see that CBDC will rather render some people unemployed since most of the work force needed in fiat currency hard notes are done in physical appearance while and digital currency like CBDC will make many of them looses their job since everything is mostly programmed on the digital network and there's no dealings with fiat notes for us in making transaction as before.

[bitmover]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

I think one of the reasons why cbdc won't have a significant adoption in the economy is because nobody (even government) wants a banking and financial system crisis.

Cbdc has the potential to displaced banks. But governments won't allow that, because nobody wants that to happen.

Maybe in dictatorships like China and Cuba (maybe russia) we see more adoption, but I personally don't think cbdc will go very Farr in democracies..

[Juse14]

I strongly believe that what is the discussion is about business competition and the community will prefer effective and efficient products, as well as small cases such as public transportation or taxis which drivers will wait in a place that has been provided in the pickup, but the day This uses an application to make a call to a taxi without going through a particular agent or company, other cases such as, the sender of every person in ancient times did communication by writing sentences on paper and at that time there were also many workers sending letters to send the number of letters at that time But as it went on at that time it turned out because there were products that could send letters or communicate using telepone homes and to this day using mobile phones, there were certainly many people who lost their jobs when all customers had switched to new products that were more effective and efficient at that time.

The name of the development of the era must be left behind somthing, I cannot deny it because that is the fact, and every development gives birth to new opportunities, so in the mechanism humans must continue to adapt to something new.

[Davidvictorson]

The answer to this question is No

Banks are not going anywhere. They have been here for centuries and they will continue to be here. What we would witness is an evolution of the fiat and traditional banking to match the latest technological trend. Aside this nothing else.

However, what would happen during that time is an increase in cybersecurity attacks on CBDCs owners.

[jrrsparkles]

Even without CBDC the banking system is going to cut loose their employees sooner or later due to the technology developments and in my opinion, banks are already paying their employees for nothing since most of the things are automated and the employees are just doing more than nothing.

Unemployment is not happening due to the CBDC, we already know Facebook, twitter, Google, and a lot of others laid off their employees this year but it doesn't mean they can't find jobs anywhere. It just act as a reminder that there will be no such thing called job security in future, if employee fails to meet the high standards then the employer will replace them with better person or a technology so as an individual we need to keep ourselves updated with skills and knowledge to survive in the completetive world.

[Jawhead999]

@OP the link of the news you use are broken, replace with this one https://www.bitcoininsider.org/article/225632/cbdcs-will-gradually-displace-private-banks-says-russian-lawmaker

CBDCs aren't created for unemployment purpose, if private banks are replacing the traditional or conventional banks, do you think all of employment who're work on conventional banks don't have to work anymore? it's just only replacing.

[passwordnow]

I'll compare this to the feeling that most of us got when we first met Bitcoin/crypto. The thought of it replacing the traditional banking system was intense and there. However, upon realizing that it's hard to replace the traditional banking system, there were thoughts and ideas that we share about it being co-existing. There could be new technologies that the banks will meet but they can remain to the traditional system that they can and stay as is. Or, if the trend and new emerging technologies are fairly beneficial to their business, that's possible to happen and we still don't know if this applicable with CBDCs, maybe it is and maybe not.

[Sayeds56]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

I think it would be premature to conclude that Central Bank Digital Currencies (CDBC) could potentially replace the traditional banking system, considering that it is still in development stage and many crucial details are yet to be revealed The future of CDBC will depend on may factors, such as technological developments, regulatory decisions, public acceptance and the choices made by individual countries. There is strong possibility that both systems, traditional banking and CDBC will coexist in the financial system.

[Poker Player]

@OP the link of the news you use are broken, replace with this one https://www.bitcoininsider.org/article/225632/cbdcs-will-gradually-displace-private-banks-says-russian-lawmaker

CBDCs aren't created for unemployment purpose, if private banks are replacing the traditional or conventional banks, do you think all of employment who're work on conventional banks don't have to work anymore? it's just only replacing.

I totally agree with that (also that the OP has to change the link).

CBDCs eliminate the need for bank employment, and thus will cause unemployment, and not the opposite, which is what the title states. What happens is that the socialist politicians do not like this and what they are going to do is to maintain banking jobs that are not needed with CBDCs artificially so that these jobs are not lost.

At least in the first stages, in the same way that jobs were maintained in mining or other sectors with strong unions, but over time traditional banking will gradually change until it has nothing to do with what it is today.

[rat03gopoh]

A visible example, over the decades since the advent of ATM machines, the role of bank tellers has been replaced by those machines. But to this day I can still see tellers at nearby banks to serve me.
Banking will not be that simple to remove, I also believe that banks also provide a lot of income to the country. CBDC will be given limited characteristics where you'll need a role of the bank to solve those limits.

[stompix]

CBDCs eliminate the need for bank employment, and thus will cause unemployment, and not the opposite, which is what the title states. What happens is that the socialist politicians do not like this and what they are going to do is to maintain banking jobs that are not needed with CBDCs artificially so that these jobs are not lost.

No, they won't.
Automated teller machines and banking apps have killed most of what CBDC could have erased, the rest of the jobs in banks can't be replaced by any blockchain. You need support, you need credit approvals, you need a ton of other services, you need managers for private funds and pensions funds, what will be replaced completely will be the cash to digital cash flow, the rest will still be as before.

I can tell you for sure, directly from the source, ING has killed around 30 local branches here,  but despite laying off over one thousand in that department they've hired an extra 200 for their other services.
Banks will keep working with CDBC just as they did with digital $ or euro, nothing will change for them.

[tjtonmoy]

People will always try to blame their faults on others. Why do you think people keep money in banks? For the interest? That's too low to count for. Safety? What about bankruptcy? People do know this and they still keep money in banks. So that if anything happens, they can blame that on banks. CBDC is just another version of regular fiat money. The central bank will still control it and they will need people to do it.

There will still be people who won't be able to use CBDC. Those who lack knowledge of technology will need help. I guess more people with technological knowledge will be employed. Some may lose jobs but that depends on how they will operate. That's a thing to worry about in the future.

[Spaceman1000$]

Government of various nations are having their own CBDCs currency, the whole thing is that the those coins are Government controlled. If this CBDCs are that reliable, just maybe that can replace fiat but it won't be that easy because CBDCs are not that used currently.
Don't be surprised that commercial Banks might still find a loophole to be at the centre of attraction if this concept is fully optimize.

[Iroh]

CBDCs, whenever it’s implemented won’t be taking away jobs in the banking sector. It would be replacing the traditional paper money system but banks would still require personnel for all sorts of duties to enable the bank work smoothly. ATMs and online banking services would have taken the cashiers job in the bank but cashiers are still with a job.
There would always be people working for the banks and CBDCs being implemented in the near/far future won’t change much. I also think if/when CBDCs are implemented for use, paper money won’t be totally eliminated and may still be used alongside.

[Mahanton]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

CBDC's would displace fiat and traditional banking? Come in mind on where these cbdc's really be that getting their value into? which is on fiat itself and come or bare in mind on where these CBDC's would really be that
allowed to be used? Of course it would really be that relevant and be considered by banks since its heavily regulated and centralized which means that it is really that totally contradictory if we do speak about
on going against or trying out to erase these two things on its existence which it is really just that too impossible. Banks and fiat would really be that remaining no matter what this world could happen.
CBDC's could really not able to exist or having that relevance but with those traditional things been mentioned then it is really just that hard to believe on that it would be eradicated.

As long that government would exist then it cant really just that let these things to happen. It would really be remaining still and would really be staying up and would really be entirely be that existing through ages.
There's nothing we can do and if there would be some adjustments and new innovations then it could be simply applied and recognized but doesnt mean that it would really be totally replacing
those things which we know that its really that heavily backed up.

[avikz]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

Traditional banking will never go obsolete! They are the pillars of the society. If banking system collapses, the social structure will also collapse. So any government will not take the risk to replace traditional banking using any means. CBDC is here to reduce the cost of the government as well as it is an exceptional surveillance tool. If fiat is replaced, it will become extremely difficult for anyone to not pay tax.

There are definite benefits of using CBDC from the perspective of the government. Banking will never collapse, ever. It will go up and down but never get eradicated.

[Gozie51]

Well that looks like the face value or literal conclusion of it that CBDC could phase out fiat and banks, I could be tempted to move towards that allusion but what about the influence of government and control they always want to have on the economy majorly through financial and payment platforms which is fiat and not crypto. So government won't give such leverage for digital currency to take over entirely. Therefore, the banks are going nowhere but we could have reduced staffs at the time CBDC is fully implemented.

[Silberman]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

I do not think this is the intention behind the creation of CBDCs, and if anything I think governments are scared of the next wave of automation that is coming and the change on the different economic sectors that is coming as well, as it is rumored the current impetus to try to get people back at the office is an attempt to try to keep the rent of office space high, as otherwise most office jobs could be done remotely and people could move to a city or town that is way cheaper to live in, but if they have to go to the office then they need to live nearby and this increases the demand for properties that are close to their jobs.

[coolcoinz]

Well that looks like the face value or literal conclusion of it that CBDC could phase out fiat and banks, I could be tempted to move towards that allusion but what about the influence of government and control they always want to have on the economy majorly through financial and payment platforms which is fiat and not crypto. So government won't give such leverage for digital currency to take over entirely. Therefore, the banks are going nowhere but we could have reduced staffs at the time CBDC is fully implemented.

I'd be more worried about their control over me and the other people.

I like how someone once said that CBDC means central bank digital control. This is 100% on point and if you see any other explanations or good sides of this crap, you're oblivious to what they really want and what the end game for the governments is. Surveillance, control and subdual of the population, so that you're unable to protest, unable to hide income and do anything unlawful that involves currency, unless you're able to hack the system, or use another form of payment, like barter or crypto.

[Gyfts]

Appears the article link is down, regardless, the government doesn't create jobs, the private sector does. The central banks will inject money into the economy if they want to aid the economy, but they themselves are not actually creating any jobs in the process. CBDC's make it easier to control the money supply, and if the goal were to eliminate private banks, you could start at CBDC's, sure.

[Unbunplease]

In principle, CBDCs can replace electronic money in the long run. The bad thing is that CBDCs use smart contracts and personal account. In the beginning, all this will seem convenient to you, but after a while you should expect to be screwed and forced to switch to CBDC settlements.

[SamReomo]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

Can this be what would later happen?

Yes, the CBDCs will surely be a little bit harmful for traditional banking systems and also for fiat currencies. The new generation wants currencies that should be digital in nature and CBDCs were introduced by keeping those demands in view. The traditional fiat and banking system will also be working for many upcoming years, but surely they will end one day because each new system ends the traditional ones.

I don't think that the CBDCs will have any impact on the number of jobs and I'm quite sure that CBDCs will also be handled by banks in most countries if not all. I believe that CBDCs may be helpful to create more opportunities of employment in banks if they are integrated with the current banking system. Other than that I don't think that they will harm banks or traditional fiat in any worse way.

[Y3shot]

Banks are not going anywhere. They have been here for centuries and they will continue to be here. What we would witness is an evolution of the fiat and traditional banking to match the latest technological trend. Aside this nothing else.

The bank always have it own roles to be played,  I doubt in time coming if CBDC can complete take over the bank. The CBDC work with the bank and it can be on is own. The bank and CBDC are managed by the same source,  the bank is something that has been their long time before now  and I can't imagine it will get to a time that it won't be existing,  as far as the government exist the bank will still exist because the government benefits from in it . Even if the CBDC succeed in getting more innovations it can play all the roles of the bank .

[letteredhub]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

So of what difference does it makes ?  In any ways they are both controlled by the government and that makes no difference. The cbdc replacing traditional banking system will be very hard to actualize as adoption will be hampered by trust issues, but if they are allowed to work as an integral part of the traditional banking system coexisting with different functions for digital currency and fiat money it can only but increase employment is the system other than pushing for a replacement.

[Captain Corporate]

This makes no sense at all if you ask me. Banking world definitely employs a lot of people there is no question there, but just because it moves from fiat to CBDC doesn't mean that they will not need any workers. First of all they will keep needing workers for fiat because fiat is not going anywhere, we are not going to move to CBDC and suddenly stop using fiat. Secondly, just as we use fiat today, we are going to end up with CBDC banks as well, which will employ a lot of people too. So its not going to be an issue if you ask me. Unemployment is an issue for sure, but its not going to be because of CBDC, its just that tech is evolving and we are producing more than we can buy.

[Bananington]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

The most consistent fear factor of CBDC currently is hackers. We can't be bothered about bank charges and be bothered about hackers getting a hold of our account and clearing all our funds.
CBDC remains deficient in solving the unemployment problems as it is just to serve as a digital equivalent of whatever amount of money one has in their bank account name.
I believe it was created simply to compete with cryptocurrencies in stability and consistency of service. Nothing else

[Oshosondy]

This makes no sense at all if you ask me. Banking world definitely employs a lot of people there is no question there, but just because it moves from fiat to CBDC doesn't mean that they will not need any workers.

CBDCs can operate with less workers and that means unemployment or reduced in employment. In my country, there are people going to bank daily and the bank have numerous workers for that. If everything is CBDC, there will be decrease in the number of workers.

The most consistent fear factor of CBDC currently is hackers.

CBDCs are very centralized, hackers will only lose if they try to do anything.

I believe it was created simply to compete with cryptocurrencies in stability and consistency of service. Nothing else

This is what everyone is thinking, but cryptocurrencies are different from fiat while CBDCs are the same as fiat which will make people not to regard to it as cryptocurrencies, they are nothing but just fiat.

[Jegileman]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

Are CBDCs not just another type of fiat money that is governed by the government and run by the established banking system? What is this lawmaker actually trying to say when he makes this statement? I'm confused.
  
Does he really want the central banks to take over and eliminate the private banking system in favour of CBDCs? If that's the case, the unemployment rate there might rise, which would be bad for the economy and something the government would never want to accept for the future of the nation.

[panganib999]

By the way, the article's no longer up.

How so though? As far as I know (and correct me if I'm wrong) CBDCs are nothing but glorified fiat sold as "cryptocurrencies" to the public that's unaware of what crypto really is. If they are to introduce a new economy completely separate from the fiat system that we have right now then sure this might work, but as it's pegged to fiat's value I don't think it's going to be the case. At best it's only going to be another way for you to digitally pay stuff on the go. Even worse, they could use these to furthe oligarchy onto a different plane, and perhaps even contaminate the cryptocurrency world since again, it's expected that CBDC's could be used interoperably with cryptocurrency.

[Smartvirus]

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

I’ve tried visiting the provided link severally but, am met with a 404 error each time and as such, I couldn’t get the full story.

Still, I don’t see any much difference in having the CBDC functional from what we’ve got here with the mobile banking. CBDC doesn’t have much difference from what we already have in mobile banking.
It’s technically all fiat just in different forms and it’s going to need maintenance from time to time and some one to manage the proceedings.

I wouldn’t act like I know much about CBDC but, in many ways, people remain more comfortable with what they are can hold someone responsible and accountable for.

[serjent05]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

It will take time to make the thing called unemployment for banks due to CBDC to happen.  Since the future is set for automation and virtual activities, it is inevitable that all industries will be susceptible to unemployment but I think we should not worry about that, solutions for unemployment will present themselves when the time this kind of unemployment starts to promulgate.

Aside from that banks do not function on money transfers alone, they also function as safe stash for important documents and items, aside from that they are also involved in different kinds of investment so I do not think that banks will lose their function once CBDC becomes popular.

[Vaskiy]

At any point banks never gets displaced or something takes over it. Maybe the system followed might change. As CBDC is getting popular, we might see the usage in banking. Banks were the backbone to every country's economy development. We can see the country's economy going down with countries where more banks have gone into bankruptcy. Even now banks were slowly getting into all sort of businesses. This will widen the service availed through banks creating more opportunities. We should also understand CBDC were just a hype given to the traditional fiat so to stop people falling for the goodness of bitcoin.

[danherbias07]

Yes. It is true. Many people will be jobless because of this. No more counting paper money, so there's really not much of a necessity for a bank clerk too. But there will still be some that will be left for customer support although I don't really like the idea of that. It's not different from what they are doing with AI, many people will also lose their jobs once they perfected this kind of technology.

There are already fewer workers in the bank, what more if they will implement the use of CBDC widely in one country? Maybe all we will see is the receptionist and the FAQ holder to answer our queries, worse it is also computerized. The pandemic did change a lot of the perspective of the people. They are trying to create projects that won't need interaction to protect the health of the people but we are also in the phase of being unsociable.

[sokani]

CBDC is one aspect of financial sector that is being explored. Though, It is still under testing and development and I don't think there's any country that has a fully working CBDC enabled banking system, so it might take a while for this to happen, maybe in a decade. But if it is fully developed and the government makes it compulsory for the traditional fiats to be replaced by CBDC, then it would bring an end to an era and put many persons in the banking sector out of work.

[Darker45]

I don't think the banks would be totally displaced by CBDCs. There are probably a number of banking services that remain. Even with CBDCs becoming the mainstream currency, people would still go to the banks for all kinds of loans, for example, or to avail wealth management services, and so on.

Also, the operation of CBDCs entail employment as well. There will certainly be all kinds of staff to be hired to make sure it runs smoothly 24/7.

[EarnOnVictor]

Can this be what would later happen?

I've known Russians for the propaganda, and of course, they have the right to their vision and plans but that doesn't necessarily mean what the whole world will share in these views and plans.

One of the reasons why the US is careful in pursuing further their CBDC is the effect on banks and the earnings of other financial institutions and advisers, this could affect jobs and the economy. I see no how CBDC could employ as much as several banks could employ, and by virtue, it's not going to be a plus to society. The CBDC is still centrally controlled, it has no serious reason for the government to outweigh it over banks, and besides, banks are even saddled with more responsibility that can't be covered by the CBDC.

If at all in the future anything changes because of blockchain technology, banks will rather transition to blockchain operations under their central banks' CBDC but their service remains.

[Gallar]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

That's right. Because it cannot be denied that a bank, for example in one country, does have many branches. What is certain will require employees in each of these branches. But even so, as far as I know the jobs created by banking are very small/little. Because even though there are quite a lot of branches, the number of people who need work (aka unemployed) is much greater. So, in my personal opinion, banking cannot be said to open up many job opportunities. Even from my personal experience, when I look at job vacancies in my country via the web, I never see job vacancies in banks. So I think it is quite clear that banking does not make a big contribution in creating jobs.

And regarding banks and their employees who always pay taxes. This is very normal, because when living in a country that has a taxation system, everyone is also obliged to pay taxes.

~Snip
It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

I think traditional banking will remain superior to CBDC. Because even though CBDC was created to advance digital-based financial systems, if humanity still really needs fiat currency in physical form like now, then traditional banking will definitely still exist and will not be pushed aside by CBDC. .

Because when you think about it, why do CBDC and traditional banking have to compete. Even though both are owned by the government of the same country. However, the difference is only in the running system, and in terms of objectives, it will definitely remain the same. So basically why do traditional banking and CBDC compete with each other?

[Zlantann]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

CBDCS can replace traditional fiat but it is not happening anytime soon. Most economies mostly in developing areas still rely heavily on fiat which comes from the fact that they lack the basic infrastructure that promotes digitalization. Some persons have never used the ATM or any online bank transactions. Traditional banks will still be here for decades to meet the needs of many people. Modern technology doesn't only create unemployment it also creates new jobs. People have always turned against new technologies for fear of losing their jobs because they are unaware that new technologies come with new jobs and opportunities. There was this fear that AI would make many people jobless but the technology is opening bigger and better job opportunities. I am sure the government will take preemptive actions before making traditional banks obsolete to avoid mass retrenchment.

[Ever-young]

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.
Can this be what would later happen?

Displace fiat and traditional banking you mean? What is the different from CBDC and the normal fait system ?
The traditional means of banking has being moved into digital before the launch and introduction of CBDC, which one can make their transactions and execute it without even working straight to the bank everything can be done only, likewise the CBDC they need make use of internet in other for them to be able to complete a single transaction, so how will that make any much of a difference and how will people divert from using their normal banking service which they understand much more better and start using CBDC or is their any form of low to zero fee tolerant for those who are to make use of CBDC

[Dr.Bitcoin_Strange]

Can this be what would later happen?

I think this would not be allowed to happen even in the far or near future because the government cannot afford to let traditional banking or monetary systems out of their hands; they still want that power to remain in their hands in order to allow them to do whatever they please at any time just like they have been doing.

[coupable]

Can this be what would later happen?

I agree with you that they will not sacrifice part of their control in exchange for obtaining new jobs for the unemployed. The issue is deeper than it appears on the surface, and these reasons are also what makes the sweep of blockchain technology into new fields limited.
On the other hand, technology is able to provide profitable and productive opportunities for everyone by relying on the development of self-paced skills and creativity in development, which will provide them with a good experience and thus more opportunities to get a good job or start their own project.

[goldkingcoiner]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

If you look at countries with no freedom you should understand how far the government will go to restrict your control on life. Why would they do anything different with CBDCs? They would not. If the people are not in charge then a small group of government is. This is why a CBDC must always be considered a potential tool of the government. Take a look at China, with their control over people, their money and their privacy. CBDC's are exactly the type of tool created to compliment such a tyranny.

In other words, if it sounds like a duck and looks like a duck then it is probably a duck. 

[DrBeer]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

CBDC , unemployment, Russian legislation ... Such a wild mix

Well, let's go in order:
1. CBDC is a mechanism whose sole and main purpose is to replace loosely controlled fiat currency (fiat/cashless currency) with TOTAL control of money movement. Who does not agree - I recommend you to study the subject, the functionality and other things related to CBDC. It already says - blockchain technology and cryptocurrencies have spawned a MONSTER.
2. CBDC does not affect unemployment in any way. Only control !
3. Russian legislation is like an endless sado-maso-comedy series You should read what crap they generate and what goals they actually pursue. And how "beautifully" they present the most idiotic solutions

[Inwestour]

If you look at countries with no freedom you should understand how far the government will go to restrict your control on life. Why would they do anything different with CBDCs? They would not. If the people are not in charge then a small group of government is. This is why a CBDC must always be considered a potential tool of the government. Take a look at China, with their control over people, their money and their privacy. CBDC's are exactly the type of tool created to compliment such a tyranny.

In other words, if it sounds like a duck and looks like a duck then it is probably a duck. 

Of course, CBDC is being created for even more control, this is obvious, digital currencies will allow governments to do what they cannot do with fiat. Regarding China, you are right, you can see how actively they are trying to introduce a digital yuan.

As for the OP’s question, will this entail additional unemployment due to the cessation of the work of private banks, I don’t know, maybe this will not happen, the system must adapt to this and the main goal of this is control, not an increase in unemployment. The fact that China is at the forefront of this issue is probably a good thing, since we will be able to see the consequences of this in another country.

[xSkylarx]

It is possible that it would make people unemployed, but mostly, I've noticed that when there are innovations like this, they will be transferred to another office and trained on doing them. Though there is a real possibility that it will be the end of traditional banking or, if not, that only a few employees will operate it, But their main reason for it is really having control of our assets in the form of digital assets, so it has no connection to the purpose of just making those people unemployed.

[Ayers]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

CBDCS can replace traditional fiat but it is not happening anytime soon. Most economies mostly in developing areas still rely heavily on fiat which comes from the fact that they lack the basic infrastructure that promotes digitalization. Some persons have never used the ATM or any online bank transactions. Traditional banks will still be here for decades to meet the needs of many people. Modern technology doesn't only create unemployment it also creates new jobs. People have always turned against new technologies for fear of losing their jobs because they are unaware that new technologies come with new jobs and opportunities. There was this fear that AI would make many people jobless but the technology is opening bigger and better job opportunities. I am sure the government will take preemptive actions before making traditional banks obsolete to avoid mass retrenchment.

I also believe that paper money will be replaced in the future but it certainly won't happen soon because technology or the internet today is still a barrier for some people, especially the elderly and people with disabilities. The government needs to have a solution for everyone before it wants to deploy CBDC or cryptocurrency worldwide. CBDC is even under development and not too many countries are using it yet, so unfounded predictions are unreliable. Similar to AI, you're right, I don't see any professions being eliminated by it like many people say.

But there is one thing we need to keep in mind, when technology changes, some things will have to change and if we don't want to be eliminated, we need to adapt to them.

[Solosanz]

I also believe that paper money will be replaced in the future but it certainly won't happen soon because technology or the internet today is still a barrier for some people, especially the elderly and people with disabilities. The government needs to have a solution for everyone before it wants to deploy CBDC or cryptocurrency worldwide. CBDC is even under development and not too many countries are using it yet, so unfounded predictions are unreliable. Similar to AI, you're right, I don't see any professions being eliminated by it like many people say.

But there is one thing we need to keep in mind, when technology changes, some things will have to change and if we don't want to be eliminated, we need to adapt to them.

There's a transition time when the government want to replace paper money with CBDC, the government can just allow both of paper money and CBDC. But offer an interesting promotion or discount if they pay using CBDC, this will encourage people to use that and sooner or later everyone already use CBDC.

Actually many jobs are eliminated by AI, copy writer is one of the example, this profession now get paid less than before AI comes.

[icalical]

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

Seems like the article is missing or deleted, the link lead to 404. So, I can't say that I agree or disagree with those Russian Lawmaker, since I don't know the details and the context. But from what I understand, if the government move to Digital Currency then the Bank will moved to Digital Bank, in my countries there are already few Digital Banks, meaning that the banks doesn't actually have an offline service. They have online customer service, they have software developer, and other digital workers, so while CBDC removed some job, it also create new ones.

[bayu7adi]

The page you shared is currently inaccessible.

However, this also makes sense, as the advent of Central Bank Digital Currencies (CBDCs) poses a significant threat to the traditional banking sector. To enhance revenue efficiency, some positions within the banking ecosystem are likely to be phased out. So far, I perceive this opportunity as a cashless currency not substantially different from what we currently use. Nevertheless, I believe the intent behind the establishment of CBDCs by banks is related to the digitization of all transactions.

The CBDC moment still requires time and infrastructure to kickstart, especially if the government envisions a substantial transition, such as wanting CBDCs to be operational when all transactions have gone digital.

[crwth]

From what I understand is that instead of fiat, just based on digital money right? Isn't that what CBDCs are essentially?

I don't know much about CBDCs but as long as it is transparent, I think it's a start right? It would be a great addition to some of the things that we are worried about like corruption and of the sorts?

[gunhell16]

It's not like that's what I see and notice in that matter. After all, the CBDC seems to be the same as the banks because they are still under the same regulations of their government. The only difference is that CBC is more open with Bitcoin or cryptocurrency compared to banks.

Apart from that, there are and still are trusting people who will keep their money in any bank they trust, especially users who know that they have already used their bank card or visa card for electronic payments, travel, and other things. as I mentioned.

[DrBeer]

It's not like that's what I see and notice in that matter. After all, the CBDC seems to be the same as the banks because they are still under the same regulations of their government. The only difference is that CBC is more open with Bitcoin or cryptocurrency compared to banks.
Apart from that, there are and still are trusting people who will keep their money in any bank they trust, especially users who know that they have already used their bank card or visa card for electronic payments, travel, and other things. as I mentioned.

From what I understand is that instead of fiat, just based on digital money right? Isn't that what CBDCs are essentially?
I don't know much about CBDCs but as long as it is transparent, I think it's a start right? It would be a great addition to some of the things that we are worried about like corruption and of the sorts?

You don't quite understand what CBDC is. It is a technology that will FULLY replace local currencies (each country has its own CBDC - it is not an "international" product). At the same time, CBDC uses partially blockchain and smart contract technologies. But there is a huge difference - it is a FULLY CENTRALIZED solution, and has a lot of built-in control, blockchain, and tracking mechanisms.
I.e. if in your country, for example, the currency was the rupee, now it will be the electronic rupee, which will be fully and globally controlled by the state. Including the ability to block your funds. So I see CBDC as the biggest evil that awaits us

[Ayers]

I also believe that paper money will be replaced in the future but it certainly won't happen soon because technology or the internet today is still a barrier for some people, especially the elderly and people with disabilities. The government needs to have a solution for everyone before it wants to deploy CBDC or cryptocurrency worldwide. CBDC is even under development and not too many countries are using it yet, so unfounded predictions are unreliable. Similar to AI, you're right, I don't see any professions being eliminated by it like many people say.

But there is one thing we need to keep in mind, when technology changes, some things will have to change and if we don't want to be eliminated, we need to adapt to them.

There's a transition time when the government want to replace paper money with CBDC, the government can just allow both of paper money and CBDC. But offer an interesting promotion or discount if they pay using CBDC, this will encourage people to use that and sooner or later everyone already use CBDC.

Actually many jobs are eliminated by AI, copy writer is one of the example, this profession now get paid less than before AI comes.

I just read an article that said: The US is far from making any decisions about the future of CBDC, everything is still just in the basic research stage. It shows that CBDC will not be launched and widely used soon, we will definitely phase out paper money but we really need a lot of time to do that.

I also searched for some related information about AI and maybe you are right about AI. It is putting pressure on some professions, but thanks to the development of technology, we will also create new professions in the future. And as I said, the most important thing is that we must adapt to everything so as not to be eliminated in this harsh life.

https://www.coindesk.com/policy/2023/09/08/us-feds-vice-chair-barr-says-cbdc-decision-still-a-long-way-off/

[DrBeer]

I just read an article that said: The US is far from making any decisions about the future of CBDC, everything is still just in the basic research stage. It shows that CBDC will not be launched and widely used soon, we will definitely phase out paper money but we really need a lot of time to do that.

I also searched for some related information about AI and maybe you are right about AI. It is putting pressure on some professions, but thanks to the development of technology, we will also create new professions in the future. And as I said, the most important thing is that we must adapt to everything so as not to be eliminated in this harsh life.

https://www.coindesk.com/policy/2023/09/08/us-feds-vice-chair-barr-says-cbdc-decision-still-a-long-way-off/

It may seem a little strange, but it seems to me that the first countries to launch CBDC are not the advanced countries of the developed west, but countries... with totalitarian regimes.
Or aspiring to such an "arrangement". Arguments? Very simple - as I have already said many times - CBDC is not so much about "convenience and decentralization" as about "convenience but total control and management". Any totalitarian power cannot live without total control and restrictions of the population. Total control requires:
- total control over the media
- total control of political parties and currents
- total control of educational and upbringing systems (propaganda from "baby carriage to coffin")
- and total control of finances! Because at the expense of external funding can exist opposition, protest directions, can prepare mass demonstrations and even attempts to oust the criminal government.

If with the first three points, in most rogue countries, everything is already "fine", then with the movement of money - there are problems, and they carry a real threat to the existence of dictators and their regimes. And CBDC solves this problem perfectly

[kryptqnick]

The op's link gives error 404, but I've found a link to a different media in the thread. Let's not forget that it's not a random neutral country, it's Russia we're talking about. Russia's banking system suffered a lot from international sanctions, and let's add to that that ruble has been gradually spiralling down lately. So, of course, there's a serious motivation here to undermine the banking system, to look for new ways to avoid sanctions like the SWIFT ban, and to work on strengthening local currency.
That shouldn't count as any sort of professional opinion because Russia's a very special case. I don't think it'll help them fight unemployment or effectively avoid sanctions, but it might give a bad reputation by association to CBDC, which to true crypto supporters can turn out to be a good thing.

[teosanru]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

I think even if we eliminate cash and go to CBDC there will still be quite some people required to maintain the overall system and moreover I don't expect banking to honestly end even if CBDC comes in so obviously there won't really be massive unemployment just that much which would happen in every sector due to tech and AI coming in.

[Silberman]

It's not like that's what I see and notice in that matter. After all, the CBDC seems to be the same as the banks because they are still under the same regulations of their government. The only difference is that CBC is more open with Bitcoin or cryptocurrency compared to banks.

Apart from that, there are and still are trusting people who will keep their money in any bank they trust, especially users who know that they have already used their bank card or visa card for electronic payments, travel, and other things. as I mentioned.

As bad as banks are CBDCs are way worse than that, not only the state will have complete control of the economy but they will be able to use that control in any way they want, lets suppose you want to buy a pack of cigarettes, if the politicians at the top think this is an undesired behavior then they can simply block that transaction or give you a penalty using a system similar to the credit score that is in place at China, now some may say that smoking cigarettes is bad for your health, and they will be right, but each person should be free to take that choice, and in a world with CBDCs you will not have it, as even if cigarettes were allowed you can only smoke them as longs as the government allows you to do so.

[lixer]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

I wonder if people will actually accept CBDCs and abandon traditional banking services. A digital currency won't just be able to provide all the services that a person expects to get from a traditional bank and this will surely create hurdles in the way of the central banks of different countries one more hurdle for them will be Bitcoin and cryptocurrencies because people would rather use a decentralized cryptocurrency than using a centralized digital currency.

So, this doesn't seem possible to me for now, it might happen in the future but we never know. It is just like the case with AI where people are expecting that AI will soon start replacing humans and takeover their jobs in the future and a lot of people are worried because of that thinking they will lose their jobs.

[fruktik]

Displace fiat and traditional banking you mean? What is the different from CBDC and the normal fait system ?
The traditional means of banking has being moved into digital before the launch and introduction of CBDC, which one can make their transactions and execute it without even working straight to the bank everything can be done only, likewise the CBDC they need make use of internet in other for them to be able to complete a single transaction, so how will that make any much of a difference and how will people divert from using their normal banking service which they understand much more better and start using CBDC or is their any form of low to zero fee tolerant for those who are to make use of CBDC

Everything is much more banal and prosaic than you think. All this digital money helps to tighten control over the financial flows of citizens. Only these “managers” never admit this: “Everything is for the benefit of the people.”
This doesn't surprise me at all, to be honest. One of the reports said this directly, but then they began to deny it. It's already late. You can't take back your words. From that moment on I have no doubts about this.

[Negotiation]

At this stage the use of CBDC is not very high normal digital payment systems cannot achieve anything that a CBDC can. But with the introduction of stablecoins this has largely changed but CBDC will take that space into competition with its innovative model. It will appear to users like any other digital payment service but since the CBDC will be a direct liability of the central bank it will be more secure and will not rely on any defaults while routing money through bank deposits. The market has become uneasy this is why central banks are taking CBDC as a defense tool against central banks becoming the sole issuer of currency.

[jaberwock]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

I doubt that banks really care about that at all, plus I agree that there will still be workers. It's obvious that they are not doing it just for this purpose and people are just overreacting about it. I think it is going to be fine and nothing will change.

I mean like literally absolutely nothing will change. I get that some people like to create FUD and think that tens of thousands of people even hundreds of thousands of people will be unemployed because of it, but it will not be like that, I doubt that very much. Banks always need people to work there, otherwise it will not work, even nowadays online banks are hiring so many people, because most workers work behind the scenes and are not tellers for you to talk to.

[Mate2237]

Yes the traditional employed people but it could not elevate those workers from the poverty line. They are bank workers but their lives were the same with the peasants. It is only the management team in the banking system that live well and enjoy life. CBDC will remove mass employment from workers because it doesn't have or increase economic growth or value to users. I don't think there any benefit in CBDC.

But bitcoin which is a digital currency has a lot of benefits. Well CBDC can work hand in hand with bitcoin to make itself valuable for people to use frequently.

[348Judah]

Yes the traditional employed people but it could not elevate those workers from the poverty line. They are bank workers but their lives were the same with the peasants. It is only the management team in the banking system that live well and enjoy life. CBDC will remove mass employment from workers because it doesn't have or increase economic growth or value to users. I don't think there any benefit in CBDC.

But bitcoin which is a digital currency has a lot of benefits. Well CBDC can work hand in hand with bitcoin to make itself valuable for people to use frequently.

Government indeed could offer people with jobs and these same people are few in numbes working under a centralized commercial banks while bitcoin in cryptocurrency is providing employability for all and not for some, what the banks are also giving their workers is not up to what they are demanding from them, this is a normal way of reasonings a normal person should have as an approach with what they are offering.

[gunhell16]

Arguably, CBDCs could potentially be the future of payments, and it will be interesting to see how the market develops as more central banks begin to explore and adopt this technology. It has the potential to revolutionize the world of finance by providing a more efficient, secure and transparent digital currency.

I just think that CBDC is no different from the traditional banks that we are used to. Because it will still be manipulated by the government, according to my understanding. Let's say that the bank belongs to the financial institution and the CBDC is from the issuing central bank.

Not all central banks are independent because there are other central banks that are controlled by the government, and in central banks that are independent, they are not controlled by the government, but the government has influence to make the central bank follow what they want to happen, and when that happens, of course, that means the CBDC is still controlled by the government because the government has a strong influence on the central bank.

And I beg to disagree that CBDC was created for unemployment I don't think so in my own opinion, they might hire others but it will
be limited only for sure.

[khiholangkang]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

I doubt that banks really care about that at all, plus I agree that there will still be workers. It's obvious that they are not doing it just for this purpose and people are just overreacting about it. I think it is going to be fine and nothing will change.

I mean like literally absolutely nothing will change. I get that some people like to create FUD and think that tens of thousands of people even hundreds of thousands of people will be unemployed because of it, but it will not be like that, I doubt that very much. Banks always need people to work there, otherwise it will not work, even nowadays online banks are hiring so many people, because most workers work behind the scenes and are not tellers for you to talk to.

They will only reduce their workforce from field or branch operations, and focus more on security and services via the internet network. I agree that the presence of CBDC will not eliminate traditional workers directly, this will be gradual and of course they will also be fired You will also be able to adapt and look for a new place of work, that's more likely in my opinion, than thinking so wildly that it makes people unemployed.

 Even if they do experience unemployment, I think the government will not just let unemployment go by, and things like this will definitely take into account all the consequences, so we don't need to worry, maybe there will be other industries for them to get work.

[Silberman]

Displace fiat and traditional banking you mean? What is the different from CBDC and the normal fait system ?
The traditional means of banking has being moved into digital before the launch and introduction of CBDC, which one can make their transactions and execute it without even working straight to the bank everything can be done only, likewise the CBDC they need make use of internet in other for them to be able to complete a single transaction, so how will that make any much of a difference and how will people divert from using their normal banking service which they understand much more better and start using CBDC or is their any form of low to zero fee tolerant for those who are to make use of CBDC

Everything is much more banal and prosaic than you think. All this digital money helps to tighten control over the financial flows of citizens. Only these “managers” never admit this: “Everything is for the benefit of the people.”
This doesn't surprise me at all, to be honest. One of the reports said this directly, but then they began to deny it. It's already late. You can't take back your words. From that moment on I have no doubts about this.

It is really that simple, politicians more than anything want more power and they see on those CBDCs a way to concentrate more power on the government, however with bitcoin still around it is going to be difficult for them to achieve their dream, also with the economy in such a bad shape it is just a matter of time until the system collapses, and once it does they may try to force their new CBDCs upon an ignorant population, but those that understand what is going on will refuse to adopt them and they will adopt bitcoin instead.

[fruktik]

It is really that simple, politicians more than anything want more power and they see on those CBDCs a way to concentrate more power on the government, however with bitcoin still around it is going to be difficult for them to achieve their dream, also with the economy in such a bad shape it is just a matter of time until the system collapses, and once it does they may try to force their new CBDCs upon an ignorant population, but those that understand what is going on will refuse to adopt them and they will adopt bitcoin instead.

Are you sure that people will be given such a choice? I have doubts about this. When did this happen? “Managers,” of course, can explain this by caring for citizens and everyone will clap their hands together with such joy and begin to experience an orgasm due to the fact that the government takes care of them and does everything only well.
We have already heard such tales many times, but things are still there. Nothing like that will happen.
What about Bitcoin? Is this a panacea? No not like this. In my country it is even prohibited to use it as a means of payment. How do you imagine people using it in everyday life? Will they really break the law? This is all nonsense.
Something drastic has to happen. Something that will change the current financial paradigm. Will put her in doubt. Although with the latter everything is already very clear. Only a very small number of citizens understand this. They are more accustomed to existing as it is at the moment and not changing anything. Incredible conservatism that is difficult to change.

[Gozie51]

Yes the traditional employed people but it could not elevate those workers from the poverty line. They are bank workers but their lives were the same with the peasants. It is only the management team in the banking system that live well and enjoy life. CBDC will remove mass employment from workers because it doesn't have or increase economic growth or value to users. I don't think there any benefit in CBDC.

But bitcoin which is a digital currency has a lot of benefits. Well CBDC can work hand in hand with bitcoin to make itself valuable for people to use frequently.

Government indeed could offer people with jobs and these same people are few in numbes working under a centralized commercial banks while bitcoin in cryptocurrency is providing employability for all and not for some, what the banks are also giving their workere is not up to what they are demanding from them, this is a normal way of reasonings a normal person should have as an approach with what they are offering.

The fact is that CBDC is the selfish agenda of government to work towards the control of the people and that seem as their major objective and not how to better the welfare of people. The blockchain and bitcoin technology put government on toe and they strive not to relinquish the hold they have for control through finance. The goal of CBDC is not different from the effect of AL, bots used in today's economy that has caused the drop of job opportunities. As we know, with cryptocurrency the people have found a survival rate that is higher than the traditional job system.

[legendbtc]

Yes the traditional employed people but it could not elevate those workers from the poverty line. They are bank workers but their lives were the same with the peasants. It is only the management team in the banking system that live well and enjoy life. CBDC will remove mass employment from workers because it doesn't have or increase economic growth or value to users. I don't think there any benefit in CBDC.

But bitcoin which is a digital currency has a lot of benefits. Well CBDC can work hand in hand with bitcoin to make itself valuable for people to use frequently.

Government indeed could offer people with jobs and these same people are few in numbes working under a centralized commercial banks while bitcoin in cryptocurrency is providing employability for all and not for some, what the banks are also giving their workere is not up to what they are demanding from them, this is a normal way of reasonings a normal person should have as an approach with what they are offering.

The fact is that CBDC is the selfish agenda of government to work towards the control of the people and that seem as their major objective and not how to better the welfare of people. The blockchain and bitcoin technology put government on toe and they strive not to relinquish the hold they have for control through finance. The goal of CBDC is not different from the effect of AL, bots used in today's economy that has caused the drop of job opportunities. As we know, with cryptocurrency the people have found a survival rate that is higher than the traditional job system.

Let's ignore the issue of control, centralization or decentralization in this topic, because it is not the main content of the topic. But I wonder how CBDC can cause unemployment and how cryptocurrency creates a higher survival rate than traditional jobs? I think that when CBDC is born, it will also create new jobs and positions in the banking sector, employees will be trained and assigned new job tasks. As for cryptocurrency, it is a financial market, meaning when we invest there will be winners and losers, how can anyone get a stable income from it? The world is entering a digital world, old things need to be eliminated and new things will be created and that has been the rule of the world for thousands of years.

[davis196]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

Traditional banking helped in creating employment not because many people are employed in the banks. It helped in creating more jobs because fractional reserve banking created artificial capital and the banking system provided affordable loans for the businesses.
I don't believe that CBDCs will gradually displace private banks because somebody still has to evaluate which people and business are suitable
for getting a loan and which ones aren't. I don't think that AI is capable in replacing the humans, when it comes to such evaluation.
CBDCs are created to be an addition to the fiat banking system, not to replace it.
 

[Inwestour]

Traditional banking helped in creating employment not because many people are employed in the banks. It helped in creating more jobs because fractional reserve banking created artificial capital and the banking system provided affordable loans for the businesses.
I don't believe that CBDCs will gradually displace private banks because somebody still has to evaluate which people and business are suitable
for getting a loan and which ones aren't. I don't think that AI is capable in replacing the humans, when it comes to such evaluation.
CBDCs are created to be an addition to the fiat banking system, not to replace it.
 

How do you think CBDCs can help with unemployment?

It seems to me that CBDCs were created specifically to replace the existing fiat system, this will be a kind of reboot of the old system into a new one. But I also do not believe that CBDC is capable of destroying the entire existing system of commercial banks, and I also do not believe that with the introduction of CBDC, lending will become impossible for the population, so the banking system may be modified, but this should not lead to the dismissal of everyone employees, there will be some kind of restructuring.

[slapper]

~snip~

Let's ignore the issue of control, centralization or decentralization in this topic, because it is not the main content of the topic. But I wonder how CBDC can cause unemployment and how cryptocurrency creates a higher survival rate than traditional jobs? I think that when CBDC is born, it will also create new jobs and positions in the banking sector, employees will be trained and assigned new job tasks. As for cryptocurrency, it is a financial market, meaning when we invest there will be winners and losers, how can anyone get a stable income from it? The world is entering a digital world, old things need to be eliminated and new things will be created and that has been the rule of the world for thousands of years.

When a new financial product is added, infrastructure changes usually follow. CBDCs may create new jobs but also eliminate outmoded ones, especially transaction-related ones. Technology is so powerful that we can't stop employment loss and creation. Strangely, cryptocurrency can provide reliable income. You are right: it's primarily business. But its ecosystem (crypto mining, trading platforms, and digital wallets) creates jobs. Job opportunities in the crypto business are great, even though crypto investment returns are volatile

As you mentioned, old will give way to new. But what's really interesting is that this change is happening at a rate that has never been seen before in history. Rapid change brings opportunities and challenges.

[Wiwo]

Yes the traditional employed people but it could not elevate those workers from the poverty line. They are bank workers but their lives were the same with the peasants. It is only the management team in the banking system that live well and enjoy life. CBDC will remove mass employment from workers because it doesn't have or increase economic growth or value to users. I don't think there any benefit in CBDC.

But bitcoin which is a digital currency has a lot of benefits. Well CBDC can work hand in hand with bitcoin to make itself valuable for people to use frequently.

Government indeed could offer people with jobs and these same people are few in numbes working under a centralized commercial banks while bitcoin in cryptocurrency is providing employability for all and not for some, what the banks are also giving their workere is not up to what they are demanding from them, this is a normal way of reasonings a normal person should have as an approach with what they are offering.

The fact is that CBDC is the selfish agenda of government to work towards the control of the people and that seem as their major objective and not how to better the welfare of people. The blockchain and bitcoin technology put government on toe and they strive not to relinquish the hold they have for control through finance. The goal of CBDC is not different from the effect of AL, bots used in today's economy that has caused the drop of job opportunities. As we know, with cryptocurrency the people have found a survival rate that is higher than the traditional job system.

I think aside from CBDC being the selfish agenda of government,  it seems to me that there is more that in terms of money laundering by the government and it officials such as the CBN governor,  because in most cases of CBDC development,  the central banks are behind it and we all know how heavily corupted those banks officials are in helping politicians to move money and starch it always for there selfish reasons.

I still remember the case of the central bank governor in my country who developed the country CBDC which he called digital e-naira,  he alone supervised that poor currency development with a lot of weaknesses that only served the needs of those corrupt leaders against the will of the people.

Currently, the same CBN governor is facing charges with the government over other criminal involvement such as arms dealing and all those arms were founded through such CBDC development and usage within the elits.

[AmoreJaz]

~snip~

Let's ignore the issue of control, centralization or decentralization in this topic, because it is not the main content of the topic. But I wonder how CBDC can cause unemployment and how cryptocurrency creates a higher survival rate than traditional jobs? I think that when CBDC is born, it will also create new jobs and positions in the banking sector, employees will be trained and assigned new job tasks. As for cryptocurrency, it is a financial market, meaning when we invest there will be winners and losers, how can anyone get a stable income from it? The world is entering a digital world, old things need to be eliminated and new things will be created and that has been the rule of the world for thousands of years.

When a new financial product is added, infrastructure changes usually follow. CBDCs may create new jobs but also eliminate outmoded ones, especially transaction-related ones. Technology is so powerful that we can't stop employment loss and creation. Strangely, cryptocurrency can provide reliable income. You are right: it's primarily business. But its ecosystem (crypto mining, trading platforms, and digital wallets) creates jobs. Job opportunities in the crypto business are great, even though crypto investment returns are volatile

As you mentioned, old will give way to new. But what's really interesting is that this change is happening at a rate that has never been seen before in history. Rapid change brings opportunities and challenges.

in every technological advancement, there will be jobs that will become obsolete, but there will be new jobs created out of it. so it is not totally true that it will create unemployment, rather there will be shift in terms of job titles here. the process may be automated, but somewhere along the way, it will need human intervention to hasten the introduction of new technological advancements.

[safar1980]

Yes the traditional employed people but it could not elevate those workers from the poverty line. They are bank workers but their lives were the same with the peasants. It is only the management team in the banking system that live well and enjoy life. CBDC will remove mass employment from workers because it doesn't have or increase economic growth or value to users. I don't think there any benefit in CBDC.

But bitcoin which is a digital currency has a lot of benefits. Well CBDC can work hand in hand with bitcoin to make itself valuable for people to use frequently.

Government indeed could offer people with jobs and these same people are few in numbes working under a centralized commercial banks while bitcoin in cryptocurrency is providing employability for all and not for some, what the banks are also giving their workere is not up to what they are demanding from them, this is a normal way of reasonings a normal person should have as an approach with what they are offering.

The fact is that CBDC is the selfish agenda of government to work towards the control of the people and that seem as their major objective and not how to better the welfare of people. The blockchain and bitcoin technology put government on toe and they strive not to relinquish the hold they have for control through finance. The goal of CBDC is not different from the effect of AL, bots used in today's economy that has caused the drop of job opportunities. As we know, with cryptocurrency the people have found a survival rate that is higher than the traditional job system.

Let's ignore the issue of control, centralization or decentralization in this topic, because it is not the main content of the topic. But I wonder how CBDC can cause unemployment and how cryptocurrency creates a higher survival rate than traditional jobs? I think that when CBDC is born, it will also create new jobs and positions in the banking sector, employees will be trained and assigned new job tasks. As for cryptocurrency, it is a financial market, meaning when we invest there will be winners and losers, how can anyone get a stable income from it? The world is entering a digital world, old things need to be eliminated and new things will be created and that has been the rule of the world for thousands of years.

When I call a bank or Internet provider, AI bots answer me over the phone. To get through to an operator or get the AI to put you in a queue to talk to an operator, you need to listen to a lot of information and answer questions.
Therefore, if you have questions with your digital money, you will have to talk to the AI bot.

[suzanne5223]

The traditional banking has helped alot of people with jobs but also cut off alot of their staff after the issue of the pandemic happened. For the record, it was a cryptocurrency that paved the way for new job opportunities for alot of people during and after the pandemic.
Having said that, the CBDC may displace fiat currency but I don't see it as something that will generate jobs for the unemployed.
The statement made that CBDCs are created for unemployment purposes is a political scam.

[Uruhara]

The launch of CBDC will not bring significant changes to the ordinary financial life of society. Likewise in terms of employment. And traditional banks will still be needed in the end. Because CBDC is just a digital form of Fiat. So of course there will still be a need for banks to manage customers and the like. But if we talk about the future then of course we don't know. Whether traditional banks will eventually disappear or not. But I believe CBDC will not replace regular fiat money. Both will exist side by side. so that Traditional Banks will also continue to exist. It's just that workers who understand Blockchain and cryptography are needed to work in managing the CBDC. So that job opportunities will increase in this case. Possible. 

[Marvell1]

The launch of CBDC will not bring significant changes to the ordinary financial life of society. Likewise in terms of employment. And traditional banks will still be needed in the end. Because CBDC is just a digital form of Fiat. So of course there will still be a need for banks to manage customers and the like. But if we talk about the future then of course we don't know. Whether traditional banks will eventually disappear or not. But I believe CBDC will not replace regular fiat money. Both will exist side by side. so that Traditional Banks will also continue to exist. It's just that workers who understand Blockchain and cryptography are needed to work in managing the CBDC. So that job opportunities will increase in this case. Possible. 

As you said, CBDC is the digital version of fiat and it is just a unit used to measure and help us easily exchange goods with each other. It has no job creation function and we need to work to earn it as much money as possible so we cannot expect CBDC to change our financial situation. CBDC is currency, it is not a job and our mission is to still find ways to earn it every day.
Meanwhile, blockchain and cryptocurrency, one is technology, the other is financial market. So of course they will bring us jobs or profits. There is nothing comparable in this case.

[tread93]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

Sadly they have already made the moves to downsize the banking locations for most all banks. Reduce the work force and replace them with automated tellers. Stopping acceptance of coins and issuing coins out in public and private banks as well has allowed banks to downsize and basically nearly reduce banks down to just a location with a few machines in them.

[legendbtc]

~snip~

Let's ignore the issue of control, centralization or decentralization in this topic, because it is not the main content of the topic. But I wonder how CBDC can cause unemployment and how cryptocurrency creates a higher survival rate than traditional jobs? I think that when CBDC is born, it will also create new jobs and positions in the banking sector, employees will be trained and assigned new job tasks. As for cryptocurrency, it is a financial market, meaning when we invest there will be winners and losers, how can anyone get a stable income from it? The world is entering a digital world, old things need to be eliminated and new things will be created and that has been the rule of the world for thousands of years.

When a new financial product is added, infrastructure changes usually follow. CBDCs may create new jobs but also eliminate outmoded ones, especially transaction-related ones. Technology is so powerful that we can't stop employment loss and creation. Strangely, cryptocurrency can provide reliable income. You are right: it's primarily business. But its ecosystem (crypto mining, trading platforms, and digital wallets) creates jobs. Job opportunities in the crypto business are great, even though crypto investment returns are volatile

As you mentioned, old will give way to new. But what's really interesting is that this change is happening at a rate that has never been seen before in history. Rapid change brings opportunities and challenges.

Yes, things are changing quite quickly. We have genuinely evolved dramatically over time, things that we thought we could never accomplish but have now gradually been conquered by human intelligence.

I agree, cryptocurrency was born and from there also brought new job opportunities for everyone, especially in the programming field, I think that is the profession that benefits the most. And it also shows us that new technology always creates new needs and jobs, so why should we worry when AI and CBDC develop?

I feel like people's antipathy towards the government is so great, so everyone thinks that what the government creates are negative things that harm everyone. I'm not saying that CBDCs are good, but they also don't cause unemployment to increase like people are saying, nor do large unemployment rates bring any benefit to the government. How can a country become rich and developed if its people are poor? The government never wants the unemployment rate to increase.

[Inwestour]

The launch of CBDC will not bring significant changes to the ordinary financial life of society. Likewise in terms of employment. And traditional banks will still be needed in the end. Because CBDC is just a digital form of Fiat. So of course there will still be a need for banks to manage customers and the like. But if we talk about the future then of course we don't know. Whether traditional banks will eventually disappear or not. But I believe CBDC will not replace regular fiat money. Both will exist side by side. so that Traditional Banks will also continue to exist. It's just that workers who understand Blockchain and cryptography are needed to work in managing the CBDC. So that job opportunities will increase in this case. Possible. 

What if, with the introduction of CBDC, all your money becomes controlled by the state and tomorrow you are told that you will not be able to use it until you get some kind of vaccination, and without it you will not be allowed to work. You will not have a job and you will not have affordable means of subsistence and you will be forced to do what the government tells you.

Of course, this may sound absurd now, but I do not rule out that this could happen in the future, most recently during a pandemic, I saw something similar, but if the government had even more control levers, then this situation would become much more complex.

[Peanutswar]

Banks will still be there as is. We know how big they are in different countries; of course, people who know this already will gain their trust in how they keep their money. Still, we see how the banks really would like to get all your money, like if you make a deposit ton of money still there's a limitation of withdrawal even though its your money and once you deposit to those centralized banks, it's not your cash anymore because they have the control to circulate that money to make them profitable at the end. They are offering different services so people courage to make put their money. Another thing they keep still some manpower needed once the bank continuously grows else they want to keep as online without a prior branch for their clients.

[uneng]

The launch of CBDC will not bring significant changes to the ordinary financial life of society. Likewise in terms of employment. And traditional banks will still be needed in the end. Because CBDC is just a digital form of Fiat. So of course there will still be a need for banks to manage customers and the like. But if we talk about the future then of course we don't know. Whether traditional banks will eventually disappear or not. But I believe CBDC will not replace regular fiat money. Both will exist side by side. so that Traditional Banks will also continue to exist. It's just that workers who understand Blockchain and cryptography are needed to work in managing the CBDC. So that job opportunities will increase in this case. Possible. 

What if, with the introduction of CBDC, all your money becomes controlled by the state and tomorrow you are told that you will not be able to use it until you get some kind of vaccination, and without it you will not be allowed to work. You will not have a job and you will not have affordable means of subsistence and you will be forced to do what the government tells you.

Of course, this may sound absurd now, but I do not rule out that this could happen in the future, most recently during a pandemic, I saw something similar, but if the government had even more control levers, then this situation would become much more complex.

I don't think it sounds too absurd, because centralization and overcontrol are exactly what authorities want over their citizens, so there will never be threats and disorder against the regulations enforced inside national territory. From the moment your money is in CBDC on, there is nothing else you can do besides praying that the government doesn't create any excuse to seize your funds. For me it's clear, and I would try avoiding CBDCs at all costs. Thankfully we still have Bitcoin and paper money, so there are still viable alternatives to avoid financial tyrany.

[macson]

The launch of CBDC will not bring significant changes to the ordinary financial life of society. Likewise in terms of employment. And traditional banks will still be needed in the end. Because CBDC is just a digital form of Fiat. So of course there will still be a need for banks to manage customers and the like. But if we talk about the future then of course we don't know. Whether traditional banks will eventually disappear or not. But I believe CBDC will not replace regular fiat money. Both will exist side by side. so that Traditional Banks will also continue to exist. It's just that workers who understand Blockchain and cryptography are needed to work in managing the CBDC. So that job opportunities will increase in this case. Possible. 

Banks are businesses that will always think only about profit, when they see that cryptocurrencies cannot be fought or killed, even with government regulations, they will adopt the system of cryptocurrencies themselves, they will continue to work hard to convince their customers that they are friends of society, not enemies of society. 

for the problem of unemployment, i don't think banks will contribute to high unemployment in the future, but the growth of technology itself will create more and more unemployment in the future, i once read an interesting paper that said that when one type of job disappears, a new type of job will emerge, don't give up hope, there will always be a bright future for those who keep trying.

[Aanuoluwatofunmi]

To someone like me who really believe in what can be achieved through bitcoin adoption to individuals and as a collective benefits each person can have as a result if its adoption, if some people are saying that CBDC could actually provides with employment then it is very important to know that not every employed individual is rich and been successful, but bitcoin can make one turn rich and amass wealth for the benefit of adoption which CBDC cannot do.

[bittraffic]

They could be saying it's for the unemployed because of the Universal Basic Income (UBI) that CBDC can easily distribute to those unemployed but it's also for the employed people and the company will also be using the CBDC to send out the wages of their employees.

CBDC is for all. But obviously, the app will force everyone to use the CBDC, or else, you won't get a salary and it's meant for collecting our data. We are heading to a dystopian world. Where we own nothing and be happy 

[bayu7adi]

From a process perspective, this isn't a short-term endeavor spanning just one or two years; rather, CBDC also needs to undergo testing for countries with diverse characteristics. It's true that banks can introduce CBDC to the masses, but not everyone will be able to embrace it for various reasons. I believe that, up to this point, there are still many people intrigued by the traditional banking system, as evidenced by the remarkably high percentage of bank customers.

CBDC isn't a gateway to mass unemployment; banks will continue to require human resources to serve their extensive customer base.

In my opinion, banks may need individuals with different competencies than those of the traditional banking model. Long-time employees may need to undergo training to grasp technology and blockchain, aligning themselves with the specifications of this new business model. For those who can't adapt, they might find themselves left behind.

[safar1980]

From a process perspective, this isn't a short-term endeavor spanning just one or two years; rather, CBDC also needs to undergo testing for countries with diverse characteristics. It's true that banks can introduce CBDC to the masses, but not everyone will be able to embrace it for various reasons. I believe that, up to this point, there are still many people intrigued by the traditional banking system, as evidenced by the remarkably high percentage of bank customers.

CBDC isn't a gateway to mass unemployment; banks will continue to require human resources to serve their extensive customer base.

In my opinion, banks may need individuals with different competencies than those of the traditional banking model. Long-time employees may need to undergo training to grasp technology and blockchain, aligning themselves with the specifications of this new business model. For those who can't adapt, they might find themselves left behind.

If CBDC is going to be used forever, then why are banks needed?
Russian CBDCs are prohibited for lending and for any interest-bearing deposits. You will not receive anything for storing CBDC. If CBDCs are used in banking in your countries, then you will do worse.

[n0ne]

From a process perspective, this isn't a short-term endeavor spanning just one or two years; rather, CBDC also needs to undergo testing for countries with diverse characteristics. It's true that banks can introduce CBDC to the masses, but not everyone will be able to embrace it for various reasons. I believe that, up to this point, there are still many people intrigued by the traditional banking system, as evidenced by the remarkably high percentage of bank customers.

CBDC isn't a gateway to mass unemployment; banks will continue to require human resources to serve their extensive customer base.

In my opinion, banks may need individuals with different competencies than those of the traditional banking model. Long-time employees may need to undergo training to grasp technology and blockchain, aligning themselves with the specifications of this new business model. For those who can't adapt, they might find themselves left behind.

If CBDC is going to be used forever, then why are banks needed?
Russian CBDCs are prohibited for lending and for any interest-bearing deposits. You will not receive anything for storing CBDC. If CBDCs are used in banking in your countries, then you will do worse.

Agreed, CBDC were just the digitization of the fiat and their is no backing which makes it not able to be lended for bank interest and other purposes. When we talk of traditional fiat we've got gold as the backing for the fiat. Here nothing backs and for the better managing and administrative need countries try to use CBDC.

[Uruhara]

The launch of CBDC will not bring significant changes to the ordinary financial life of society. Likewise in terms of employment. And traditional banks will still be needed in the end. Because CBDC is just a digital form of Fiat. So of course there will still be a need for banks to manage customers and the like. But if we talk about the future then of course we don't know. Whether traditional banks will eventually disappear or not. But I believe CBDC will not replace regular fiat money. Both will exist side by side. so that Traditional Banks will also continue to exist. It's just that workers who understand Blockchain and cryptography are needed to work in managing the CBDC. So that job opportunities will increase in this case. Possible. 

What if, with the introduction of CBDC, all your money becomes controlled by the state and tomorrow you are told that you will not be able to use it until you get some kind of vaccination, and without it you will not be allowed to work. You will not have a job and you will not have affordable means of subsistence and you will be forced to do what the government tells you.

Of course, this may sound absurd now, but I do not rule out that this could happen in the future, most recently during a pandemic, I saw something similar, but if the government had even more control levers, then this situation would become much more complex.

If we talk about a possibility that could happen in the future, then anything could happen, including what you said. And if that happens then it will indeed be quite scary. Even now, Fiat has been regulated in such a way by a centralized government. It's just that transparency in fiat is still difficult to see. In contrast to CBDC, transparency can be seen more clearly. It's just that the government can see and control our assets more freely. But I don't think it will go as far as you say. But in this case CBDC can also have a positive side. That is, everyone who works in government will also find it quite difficult to commit corruption. Because their financial traffic will be recorded clearly and can be accessed by everyone by looking at the Blockchain. The point is there are positives and negatives to this. And we must be prepared for all possibilities that will occur.

[justdimin]

At this stage the use of CBDC is not very high normal digital payment systems cannot achieve anything that a CBDC can. But with the introduction of stablecoins this has largely changed but CBDC will take that space into competition with its innovative model. It will appear to users like any other digital payment service but since the CBDC will be a direct liability of the central bank it will be more secure and will not rely on any defaults while routing money through bank deposits. The market has become uneasy this is why central banks are taking CBDC as a defense tool against central banks becoming the sole issuer of currency.

I would guess that it is not that easy to make that type of deduction just yet. We need to see a proper CBDC to see how it is and how it's done and how it's managed in order to keep it going. Otherwise it's not  going to be that simple but that doesn't mean that we can make a judgement today. Stablecoins exists, and CBDC doesn't exist so we can't just compare something that is and something that isn't yet.

Let the governments do whatever they want to do and they will know what is right for them and when they do that we as the citizens will get to do something that will help us by checking it out. I personally do not plan on getting any at the start, but after a while if I see everyone using it, I may consider it.

[Iroh]

What if, with the introduction of CBDC, all your money becomes controlled by the state and tomorrow you are told that you will not be able to use it until you get some kind of vaccination, and without it you will not be allowed to work. You will not have a job and you will not have affordable means of subsistence and you will be forced to do what the government tells you.

Of course, this may sound absurd now, but I do not rule out that this could happen in the future, most recently during a pandemic, I saw something similar, but if the government had even more control levers, then this situation would become much more complex.

It actually doesn’t sound absurd and I think it’s also not that different from what is currently happening today. With fiat currency today, banks could seize your money deposited in your account or withhold it simply at the request of some certain government agency.

Government seeks to influence, if not outright control more of the lives of its citizens and with CBDCs, it would be a great step in that path.
Government could also use tools like this to punish citizens who are seen as dissidents.

[beerlover]

Traditional banking helped in creating employment not because many people are employed in the banks. It helped in creating more jobs because fractional reserve banking created artificial capital and the banking system provided affordable loans for the businesses.
I don't believe that CBDCs will gradually displace private banks because somebody still has to evaluate which people and business are suitable
for getting a loan and which ones aren't. I don't think that AI is capable in replacing the humans, when it comes to such evaluation.
CBDCs are created to be an addition to the fiat banking system, not to replace it.

That is definitely logical but that doesn't mean that CBDC would prevent that, not only banks would keep employing hundreds of thousands of people even if it's all CBDC one day, they will also keep giving loans as well because how else they are going to make a profit.

This is a good idea and it certainly deserves a good logic. I believe that this will not change a thing because we are changing what we call it, but the thing we are dealing with is the same thing and that means if we are doing the exact same thing, why would we have any different result. Only thing that will change for the time being would be the online banking getting more popular, so the need for workers could get lower even with fiat as well.

[kingvirtus09]

I don't see the logic of how cbdc became a way to help unemployment when most people in this industry know that cbdc is supposed to be replaced by fiat, right? As for the unemployment that the CBC will create, Or maybe I just misunderstood.

There are many ways to help people with the unemployment problem because there are also many companies that can look for workers to reduce the average percentage of unemployment, right?

So from what angle can the CBDC help with unemployment? Please enlighten me. Thanks.

[Argoo]

We can see how traditional banking has helped in creating employment. Many people are employed in the banks. The banks and their employees are paying taxes.

I read this today: CBDCs will gradually displace private banks, says Russian lawmaker

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

Can this be what would later happen?

CBDC is one of the types of government non-cash money, and it is very promising for development. A digital CBDC will likely only partially replace cash due to its ease of use and the high cost of maintaining paper money. But this is a very long process and we do not know for sure how it will end. In my opinion, we need different forms and types of money. Universal money has not yet been invented. While each type has its own advantages and disadvantages. This means that they all still have the right to walk.

[DrBeer]

Agreed, CBDC were just the digitization of the fiat and their is no backing which makes it not able to be lended for bank interest and other purposes. When we talk of traditional fiat we've got gold as the backing for the fiat. Here nothing backs and for the better managing and administrative need countries try to use CBDC.

CBDC is a tool for TOTAL control of your money. More precisely, they will cease to be yours as such, because you will not be able to “hide” them from the state. Read about what technologies are included there. These are totally controlled, and what is most unpleasant - state-managed assets. There is no longer any need to seize your accounts in different banks, conduct a search and confiscate them from your safe... The wallet linked to you is marked with a “black mark”, and not a single cent can be transferred from it!

We will see the first “successes” in China. Where there is already a system of ranking residents into good and not so good (“social rating”), and China is one of the first to now test the concept of CBDC as a higher level of control of citizens. You spoke out against the “right path indicated by Comrade Xi Jinping” - and your wallet is blocked, you are unable to pay for your lunch...

CBDC is the evil that blockchain technology gave birth to, blockchain technology is born for freedom and independence....

[Bitstar_coin]

In the future maybe but for now traditional banking system still have a very strong hold in the financial system and 90% of the world's population still rely heavily on the banking system to facilitate their business or personal transactions.
For now I would say it is probably a handful of people that are really transacting with CBDCs, so if at all this will happen, it will take a long time.

[Queentoshi]

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

What I think is that it may reduce employment in the traditional banking sector, it will not completely displace all the workers. There will still remain traditional banks for the people who will not abandon cash for CBDC. It may require some new kind of workers with special skills like ICT and then communication for customer relations like customer service to handle all the customer complaints and offer help to customers seeking help with their CBDC. Some people will remain employed still.

[348Judah]

It is about a Russian lawmaker that believes CBDCs will gradually displace fiat and traditional banking.

What I think is that it may reduce employment in the traditional banking sector, it will not completely displace all the workers. There will still remain traditional banks for the people who will not abandon cash for CBDC. It may require some new kind of workers with special skills like ICT and then communication for customer relations like customer service to handle all the customer complaints and offer help to customers seeking help with their CBDC. Some people will remain employed still.

Who are the ones behind both the CBDC and the traditional fiat currency, are they not the government, can we control them or have any influence towards their decisions made, what they will always do are things that will go along in their favour, what's the impact of getting employed under a centralized financial institutions and yet you can have anything to show for being employed over years, not even to buy a car or build a house from what you do, bitcoin has come with diverse opportunities both in employment and in financi independencies.