Fri Jun 30, 2023 – 10:02 am EDTFri Jun 30, 2023 – 10:12 am EDT
(The Sociable) — Governments can program Central Bank Digital Currencies (CBDCs) with expiry dates and to restrict undesirable purchases, according to a discussion at the World Economic Forum (WEF) “Summer Davos” meeting in China.
On Wednesday, at the WEF’s 14th Annual Meeting of the New Champions, aka “Summer Davos,” in Tianjing, China, Cornell University professor Eswar Prasad said that “we are at the cusp of physical currency essentially disappearing,” and that programmable CBDCs could take us to either a better or much darker place.
“You could have a potentially […] darker world where the government decides that [CBDC] can be used to purchase some things, but not other things that it deems less desirable like say ammunition, or drugs, or pornography, or something of the sort”: Eswar Prasad, WEF #AMNC23 pic.twitter.com/KkWgaEWAR5
— Tim Hinchliffe (@TimHinchliffe) June 28, 2023
“If you think about the benefits of digital money, there are huge potential gains,” said Prasad, adding, “It’s not just about digital forms of digital currency; you can have programmability – units of central bank currency with expiry dates.”
“You could have […] a potentially better
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