Comment by lockhouse
3 years ago
In theory you spending it would reset the expiration date.
If you know your money will expire you will spend it, thus stimulating the economy. We also can’t have the dirty proles save their way to a higher social class.
Where are these theories of how a hypothetical future CBDC come from? Is there an official announcement from the Federal Reserve about how they would like it to work? A committee hearing in Congress where this is discussed?
The theories come from concerned critics mostly. As far as I know there has been no discussion as to how the government might influence the functionality of a CBDC.
https://sociable.co/government-and-policy/governments-progra...
The above has some chatter about non-US nations exploring the expiry/programmability aspects.
2 replies →
“You could have a potentially […] darker world where the government decides that units of central bank money 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 Annual Meeting of the New Champions, June 2023
https://www.weforum.org/whitepapers/central-bank-digital-cur...
There are easy ways to get around this. This isn't actually practical to implement. You could just buy and sell stocks within a second.
> We also can’t have the dirty proles save their way to a higher social class.
I don't know what you mean by this. Rich people spend their money at a slower rate than poor people so the rich would be disproportionately impacted by this. Someone living paycheck to paycheck isn't going to have much money that can expire to begin with.