An example of how the current situation in the world is pushing many national banks to accelerate the implementation of CBDC.

Deutsche Bank: CBDCs Will Replace Cash

In a report titled "Konzept #19 - What We Must Do to Rebuild" that was published this week, Deutsche Bank listed economic evaluations and proposals to aid global economies hit by the COVID-19 pandemic. Containing sections related to environmentalism, small business protection, and the radical "work from home tax" proposal which got under fire globally, the report further discusses a shift to digital currencies and, more specifically, central bank digital currencies (CBDCs).

Citing that "cash has come under much scrutiny during the pandemic" due to concerns about virus transmission, Deutsche Bank Macro Strategist Marion Laboure writes of a need to "promote" digital currencies so as to not fall behind the countries that already do.

In 2017, I read a futurist prediction in whice author predicted the emergence of CBDC.  He wrote that all people will use CBDC. It will be convenient to use such a currency.

At the same time, CBDC is the main threat to Bitcoin.  Bitcoin will not be able to become a means of settlement (as conceived by Satoshi Nakamoto).  

CBDC is the currency of central banks.  Consequently, based on this, in the future there will be no credit institutions (only Central Banks will remain).

Control over all income and expenses will become total.

Cash is freedom.  What will the world be like without cash?

hello my dear friend @Ratimov.  Like every subject you have opened, this topic has attracted my attention.  we even found something of ourselves.  Only, my country, in Turkey, I want to say that there are no studies known as the CBDC.  or I have no information on this subject.  The central bank is currently studying blockchain technology.  If they does a study on such a situation soon, I would love to write on this thread.

Best Regards !

In my opinion, bitcoin is not suitable for the role of cash. 

The transparency of the Bitcoin blockchain allows tools like the Bitfury Crystal to track and analyze Bitcoin transactions.  Hence, Bitcoin is not an anonymous and confidential cryptocurrency. 

Also, bitcoin coins are not fungible.  There are white (miner) bitcoins.  There are black bitcoins obtained by criminal means.  There are gray bitcoins obtained from cryptocurrency exchanges (which do not use KYC and AML procedures). 

A full replacement for Cash is not Bitcoin, but Monero (XMR). 

Monero is 21st century digital cash (antagonist and alternative to CBDC).

Strictly speaking, it is a layer one (bitcoin blockchain) that is transparent, traceable, analyzable, and therefore doesn't fit in the role of cash. Higher levels of bitcoin, however, could potentially serve as a basis for the realization of characteristics of physical money. On a base layer, it must be transparent, so that we can always perform an audit of its total supply, check if consensus rules are followed, etc. We can't perform such audits when it comes to cash, central bank digital currencies and also Monero.

Ironically, according to your "definition" of fungibility, Monero could never be considered "white" currency due to its anonymity and non-traceability. Every surveillance company would assume that if you make transactions in Monero, you are a criminal until proven otherwise.

Yesterday, Andy Haldane, who is a Chief Economist at Bank of England and Member of the Monetary Policy Committee, gave a speech to TheCityUK. The pdf version of the speech is available here Seizing the Opportunities from Digital Finance

In this speech, he envisions a future, in which physical cash is completely replaced by central bank-issued cryptocurrencies. He argues that CBDC will eliminate "technological constraint on the ability to pay or receive interest in physical cash, whether positive or negative."

In other words, CBDCs are meant to help bankers to seize our money via negative interest rates. Savers will be incentivized to spend their money, and such a state of affairs will allegedly provide economic growth and overall prosperity.

But we all know what is really able to save us, bitcoin fixes this.

CBDCs are not anonymous, they are confidential. 

The central bank and regulators will know everything about the users of the system.  At the same time, users of the system will not have information about other users of the system.  This will ensure the privacy of the CBDC. 

However, in this case, information leaks are possible.  Specialists in the field of Big Data will be involved in working with CBDC.  They will sign non-disclosure documents of confidential information. 

Nevertheless, there will still be information leaks.  In the system, the weakest link is always the person.

Of course, the stablecoins of the central banks of states are a step forward compared to their cash and non-cash money.  However, this is the same currency of states, only in digital form and using blockchain technology.  States' stablecoins will not cause additional inflation, since the methods of their control and management will practically remain the same.

Exactly. The primary goal of CBDC is to entirely eliminate the ability of people to postpone consumption. When all the money in the economy is digitalized and cash is eliminated, it will not be possible to make savings; you will be forced to spend your money as quickly as possible to avoid losses. You will be forced to increase your consumption of things you don't like and spending on things you don't need, and consequently will find yourself having a very high time preference. You will spend everything you earn, which means your kids will not receive an inheritance and will have a lot worse living standard than you did.