Will CBDC be release later this year or in year 2021? China’s digital yuan project seemed to be on track and already doing internal tests in a few selected state. I do not know whether this is going to be good or bad, one thing for sure, having a digital sovereign currency will definitely prevent money laundering, counterfeit notes and solve tax evasion issues. Generally it will be good for the nation’s economy, but at the same time takes away privacy from citizens since cash / fiat is untraceable.
Do you want your government to issue CBDC and why?
Definitely not. I dont think the world needs a crypto currency controlled and issued by China. Its whole purpose is to make money more controllable and restrictive, the complete opposite of what it should be according to the original blockchain vision.
In US and Europe, governments are currently working out the details of the CBDC, I feel its only a matter of time where they remove paper notes altogether…