Is it just me or has this system of fiat-digital-currency-competitive-market sharply died into dust? I must say that I didn't expect it this early but this shit is lacking life right now that I don't think a revival service could even help matters. It's a copycat system so I'm not quite surprised it's failing quickly, but it's funny that even the government couldn't keep the hype for even a short period of time, it's too quick to experience this failed system.
Competing with a value distributing network is a death race
The idea of CBDCs was to digitize fiat currencies, giving them a medium to exist as a supposed better alternative to cryptocurrencies. This could never work out because fiat in the first place wasn't meant to go digital, value just had to pave away from the lies that were built into that system of finance. E-banking already brought a lot of chaos to the financial system and CBDCs was really a suggestion? Nah, that's crap and certainly no sensible folk would buy that.
The government in its first place research failed to understand why crypto was exactly booming, it had way more to do than just an empty hype of self-banking or digitally eased transaction mediums. For a fact, only a fraction of people would care about more payment systems getting set up, I mean PayPal is barely known to a common man but bitcoin is already having a gold impression to many, I personally used to view it as gold and I thought it had some associations with the government, so this guys are actually blind to let such shit slide right through.
That said, crypto isn't fancied because it's digital money for digital transactions, no, the feeling of having physical cash in hand to throw in the air is still a great feeling that a digital alternative wouldn't be that much of a lucrative venture to it, this is why Ethereum was a founded necessity and so is every project ever launched since then.
Let's break down what is actually happening…
Web 3.0 - the internet of uncensored information
Defi - the tools for financial independency, security and a wide investment field
The Metaverse - a limitless network of experience, giving value to creativity via a medium of non-restricted structures.
NFTs - certification of properties, giving it a digital life to exist immutably.
Blockchain Gaming - Giving monetary value to recreation
Blockchain - encompassing all, storing information on a transparent and unchangeable database.
These are the current 6 corners of crypto, this is the nature, what it brings to the system via this is far bigger than just being a digitally transacted currency. As such, CBDCs have always been a dead meat!
Considering this, the implementation of this system is nothing but a means of having a vast power over the financial system, but when we look at the structure around it all, it's all just a "You'll have nothing new and you'll be happy" type of shit.
With this attempt, the government would have more power to create new currencies at its own desire and there's only one way to see this going and that's a massive incurred inflation that of course, would only hurt the common man having to buy the regulars at a not so regular price. But thanks to the nature of copycat systems, it never lives up to the originals, so we basically have nothing to worry about there. CBDCs present zero solutions, so there's basically nothing it solves that hasn't already been taken care of, it's basically valueless as it stands and that's why the hype has suddenly died down, sad…