Nov 18, 2021
Summary:
The world is becoming more digital in a multitude of ways—one of
the most prevalent being with money transactions. I sit down and
speak with best selling author Richard Turrin about what some of
these changes look like, and why this is a game changer for the big
economies—starting with China. Tune in for more, and visit the
links below to access Richard Turrin’s main website and book.
Highlights:
-Everyone seems to be getting into crypto
-There are very few cash transactions taking place in China
-Are digital currencies going to completely replace cash/standard
currency?
-China is a cashless society in the big cities
-China is launching the world’s first central bank digital currency
(CBDC) for a major economy
-A CBDC is not a cryptocurrency; it is a digital representation of
paper money
-These transactions are free
-This also gets rid of the middle man—no credit processing needs to
be done
-central digital currencies can be built on blockchain, but
blockchain usually can’t sustain them in a large economy
-Central bank digital currency is issued by the central banks
-Stable coins are a cryptocurrency and they are a special kind of
cryptocurrency that is tied to the value of the dollar
-There will be stable coin companies that are regulated similarly
to banks
-With a lot of crypto coins, an unlimited amount can be created
-The new version of stable coins will be great
Useful Links
Financial Survival Network
Rich Turrin
Cashless: China’s Digital Currency
Revolution by Richard Turrin