MIT gets real about CBDC and vulnerable populations.
“The question of whether to use DLT technologies is really about governance and trust, with some related issues around performance, rather than about its capability to achieve specific features.”
The report went on to compare five affordances in intermediated and non-intermediated systems and the real-world uses and challenges they hold for vulnerable users. About a quarter of the world’s adult population is unbanked, and many of those people lack identification.Trust was as serious a concern as practical issues for many vulnerable users. The report said:
“Especially considering the rise of authoritarian regimes around the world, the acceleration of the surveillance state, and the increasing challenge of regulating the technology industry, it is far from self-evident that people should trust a CBDC.”The MIT Digital Currency Initiative has published a paper on the potential benefits and preconditions necessary for a CBDC to improve access to financial services and promote inclusion.
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