**Summary:**

In this video, Task discusses his views on central bank digital currencies (CBDCs) with a focus on retail CBDCs. He argues that the implementation of retail CBDCs, such as digital dollars, euros, etc., is likely to fail outside of China due to lack of trust in governments and concerns about government control and surveillance. Task highlights Nigeria's eNara project as an example, where despite efforts to increase adoption among the unbanked population, the project has seen limited success. He mentions the Bank of Japan shelving its CBDC project and the Federal Reserve's lukewarm reception to CBDCs. Task emphasizes his stance against CBDCs, suggesting they are a tool for government control and surveillance, rather than a beneficial financial innovation.

**Detailed Article:**

Taskmaster 4450's video delves into the realm of central bank digital currencies (CBDCs), with a particular focus on retail CBDCs, emphasizing his skepticism around their viability. He begins by asserting his belief that retail CBDCs are bound to fail and cites the potential issues of trust, government influence, and the risk of control and surveillance associated with these currencies. He specifically mentions the digital currencies of major economies like the US, China, Japan, and the EU and expresses doubts about their success outside of China due to the country's authoritarian control over its citizens.

A focal point of Task's discussion is Nigeria's eNara project launched in 2021, aimed at increasing financial inclusion and targeting the unbanked population. He critiques the project's underwhelming results, citing the low number of active wallets and transactions despite a population of over 200 million. Task deems the project's transaction volume and adoption rate as insufficient, drawing comparisons to the trading volume of cryptocurrencies like Hive to underscore the lack of enthusiasm for the eNara.

The conversation further delves into the global landscape of CBDCs, highlighting the Bank of Japan's decision to shelve its CBDC project and the Federal Reserve's tepid response to CBDC proposals. Task applauds the Federal Reserve's focus on its FedNow system for instantaneous settlement, contrasting it with the perceived inefficiencies and risks of CBDCs in his view. He references speeches and events involving government officials and central bankers to illustrate the reservations and pushback against the widespread adoption of CBDCs.

Taskmaster 4450 ultimately condemns CBDCs as tools for governmental surveillance and control, expressing disdain for the perceived power grab by politicians and bureaucrats. He warns against the risks of allowing governments to manipulate and dictate individual financial transactions through CBDCs, advocating for a more decentralized and less invasive approach to financial innovation. The discussion concludes with Task wishing the audience a great day and hinting at future content on the topic.

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*Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.*

The element of distrust is you let your money and freedom flow into the hand of the state. Whatever you might think, CBDC will have elements of failure at the beginning with low engagement, and not a lot of adoption. 

The central powers will eventually force people to use it. People will have option B and use decentralized alternatives like cryptocurrencies or keep using simply fiat printed money instead.

300 days is a fairly large sample so at least make deep enough changes there will be no improvement

Thanks for the lesson!

The governments can't do anything if people don't have much faith in them and I think that is a good thing. 

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@jfang003/re-taskmaster4450-4udnrm)

It‘s still the same Currency eventually, that should be the problem.

CBDCs will fail, because the older people, who have the majority of the wealth, and do not all have smartphones, won't be able to adopt them. If the old people don't lead the way, no one else will even give it a second thought

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@mercadomaestro/re-taskmaster4450-5iunsa)

<center>![pixresteemer_incognito_angel_mini.png](https://files.peakd.com/file/peakd-hive/pixresteemer/8h7BBw1w-pixresteemer_incognito_angel_mini.png)</center><center>Bang, I did it again... I just rehived your post!</center><center>Week 119 of my [contest](/hive-179017/@pixresteemer/the-re-hive-contest-results-week-118-and-start-week-119) just started...you can now check the winners of the previous week!</center><center><sub>10</sub></center>

Thanks for the discussion though I'm not knowledgeable about CBDC and how it work. May learn something new from your video.