[GNC] Central Bank Digital Currencies (CBDC)

[Dr. David Kirkby]

Central Bank Digital Currencies (CBDCs) work on a blockchain like bitcoin,
but are issued  central government bank. A pretty awful idea in my opinion,
as the government can just freeze your assets, but some are already in
existence, and it’s fairly obvious other countries will have them.

Nigeria has the eNaira

https://enaira.gov.ng/about/faq

China is trialing a CBDC

https://www.centralbanking.com/central-banks/currency/digital-currencies/7953418/chinas-cbdc-spending-surpasses-100-billion-yuan

and, at least to Chinese media, they are widely used.

The EU is looking into CBDCs

https://www.e cb.europa.eu/”paym/digital_euro/html/index.en.html

The UK too

https://www.bankofengland.co.uk/research/digital-currencies


The USA is looking at them too

https://www.whitehouse.gov/ostp/news-updates/2022/09/16/technical-possibilities-for-a-u-s-central-bank-digital-currency/

Unfortunately CBDCs are coming, and are already in use in the whole of
Nigeria.

I know GnuCash only supports currencies defined by some ISO standard, but I
suspect that the CBDCs will be rolled out much quicker than any ISO
standard will be revised.

Are CBDCs something the developers will support, or will they just be
considered the same as the currency they are supposed to be 1:1 backed
with? Personally I would not trust them as much as the underlying currency,
so would want to track them independently when they are inevitably bought
into the UK.

It seems the problem could be solved by allowing users to add additional
currencies.

Dave


-- 
Dr. David Kirkby,
Kirkby Microwave Ltd,
drkirkby at kirkbymicrowave.co.uk
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