Re: [GNC] Central Bank Digital Currencies (CBDC)
On 2022-12-29 09:03, Adrien Monteleone wrote: > Such restrictions would have no bearing as to if they should be separate > or not. It has nothing to do with GnuCash or even accounting. > > If the respective governments simply treat them as equivalent to paper, > coins, or other current digital blips, then they likely will not get > separate currency codes. > > Since separate currency codes would be quite messy for the ISO group > responsible, and thus for implementing CBDCs at all, I highly doubt they > will be treated separately by authorities. > > However, none of that is of concern to GnuCash. Your question depends on > what various governments end up doing in the future. Until they > implement, there is little point in speculating, and zero point in > altering code, or even thinking about it as there is no 'target'. Amen! My first reaction was "what does this have to do with GnuCash"? I see I'm not alone in that! Stan Brown Tehachapi, CA, USA https://BrownMath.com ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Central Bank Digital Currencies (CBDC)
hi David With the roll out of ISO 20022 from March 2023 we hope to see more digital assets complying with the protocol ( if i remember there were around 10 of them already compliant). Morover CBDC will take advantage of this to enable cross border transfers. Swift had already announced that they have completed pilot program where they are able to support CBDC-CBDC and Fiat-CBDC transfers by existing participants. GNUCash already allows you to create your own securities and account for it. You may use the same till you want an ISO code for digital assets. Saludos Cordiales Murugan From: gnucash-user on behalf of Dr. David Kirkby Sent: Thursday, December 29, 2022 1:15 PM To: LI Daobing Cc: GNU Cash User Subject: Re: [GNC] Central Bank Digital Currencies (CBDC) On Thu, 29 Dec 2022 at 07:15, LI Daobing wrote: > CBDCs also can constrain the usage of money. like some money can only be > used to pay rent, and some other money can only be used to buy food. > All the more reason that I don’t like them. However, that gives a greater need to be able to consider them as separate assets, so I feel GnuCash should allow people to add other currencies, and not restrict currencies to those defined in an ISO standard. Dave -- Dr. David Kirkby, Kirkby Microwave Ltd, drkir...@kirkbymicrowave.co.uk https://www.kirkbymicrowave.co.uk/ Telephone 01621-680100./ +44 1621 680100 Registered in England & Wales, company number 08914892. Registered office: Stokes Hall Lodge, Burnham Rd, Althorne, Chelmsford, Essex, CM3 6DT, United Kingdom ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Central Bank Digital Currencies (CBDC)
Such restrictions would have no bearing as to if they should be separate or not. It has nothing to do with GnuCash or even accounting. If the respective governments simply treat them as equivalent to paper, coins, or other current digital blips, then they likely will not get separate currency codes. Since separate currency codes would be quite messy for the ISO group responsible, and thus for implementing CBDCs at all, I highly doubt they will be treated separately by authorities. However, none of that is of concern to GnuCash. Your question depends on what various governments end up doing in the future. Until they implement, there is little point in speculating, and zero point in altering code, or even thinking about it as there is no 'target'. Regards, Adrien On 12/29/22 10:15 AM, Dr. David Kirkby wrote: On Thu, 29 Dec 2022 at 07:15, LI Daobing wrote: CBDCs also can constrain the usage of money. like some money can only be used to pay rent, and some other money can only be used to buy food. All the more reason that I don’t like them. However, that gives a greater need to be able to consider them as separate assets, so I feel GnuCash should allow people to add other currencies, and not restrict currencies to those defined in an ISO standard. Dave ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Central Bank Digital Currencies (CBDC)
On Thu, 29 Dec 2022 at 07:15, LI Daobing wrote: > CBDCs also can constrain the usage of money. like some money can only be > used to pay rent, and some other money can only be used to buy food. > All the more reason that I don’t like them. However, that gives a greater need to be able to consider them as separate assets, so I feel GnuCash should allow people to add other currencies, and not restrict currencies to those defined in an ISO standard. Dave -- Dr. David Kirkby, Kirkby Microwave Ltd, drkir...@kirkbymicrowave.co.uk https://www.kirkbymicrowave.co.uk/ Telephone 01621-680100./ +44 1621 680100 Registered in England & Wales, company number 08914892. Registered office: Stokes Hall Lodge, Burnham Rd, Althorne, Chelmsford, Essex, CM3 6DT, United Kingdom ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Central Bank Digital Currencies (CBDC)
CBDCs also can constrain the usage of money. like some money can only be used to pay rent, and some other money can only be used to buy food. On Thu, Dec 29, 2022 at 2:19 PM Dr. David Kirkby < drkir...@kirkbymicrowave.co.uk> wrote: > Central Bank Digital Currencies (CBDCs) work on a blockchain like bitcoin, > but are issued central government bank. A pretty awful idea in my opinion, > as the government can just freeze your assets, but some are already in > existence, and it’s fairly obvious other countries will have them. > > Nigeria has the eNaira > > https://enaira.gov.ng/about/faq > > China is trialing a CBDC > > > https://www.centralbanking.com/central-banks/currency/digital-currencies/7953418/chinas-cbdc-spending-surpasses-100-billion-yuan > > and, at least to Chinese media, they are widely used. > > The EU is looking into CBDCs > > https://www.e cb.europa.eu/”paym/digital_euro/html/index.en.html > > The UK too > > https://www.bankofengland.co.uk/research/digital-currencies > > > The USA is looking at them too > > > https://www.whitehouse.gov/ostp/news-updates/2022/09/16/technical-possibilities-for-a-u-s-central-bank-digital-currency/ > > Unfortunately CBDCs are coming, and are already in use in the whole of > Nigeria. > > I know GnuCash only supports currencies defined by some ISO standard, but I > suspect that the CBDCs will be rolled out much quicker than any ISO > standard will be revised. > > Are CBDCs something the developers will support, or will they just be > considered the same as the currency they are supposed to be 1:1 backed > with? Personally I would not trust them as much as the underlying currency, > so would want to track them independently when they are inevitably bought > into the UK. > > It seems the problem could be solved by allowing users to add additional > currencies. > > Dave > > > -- > Dr. David Kirkby, > Kirkby Microwave Ltd, > drkir...@kirkbymicrowave.co.uk > https://www.kirkbymicrowave.co.uk/ > Telephone 01621-680100./ +44 1621 680100 > > Registered in England & Wales, company number 08914892. > Registered office: > Stokes Hall Lodge, Burnham Rd, Althorne, Chelmsford, Essex, CM3 6DT, United > Kingdom > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > - > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > -- Best Regards LI Daobing ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
[GNC] Central Bank Digital Currencies (CBDC)
Central Bank Digital Currencies (CBDCs) work on a blockchain like bitcoin, but are issued central government bank. A pretty awful idea in my opinion, as the government can just freeze your assets, but some are already in existence, and it’s fairly obvious other countries will have them. Nigeria has the eNaira https://enaira.gov.ng/about/faq China is trialing a CBDC https://www.centralbanking.com/central-banks/currency/digital-currencies/7953418/chinas-cbdc-spending-surpasses-100-billion-yuan and, at least to Chinese media, they are widely used. The EU is looking into CBDCs https://www.e cb.europa.eu/”paym/digital_euro/html/index.en.html The UK too https://www.bankofengland.co.uk/research/digital-currencies The USA is looking at them too https://www.whitehouse.gov/ostp/news-updates/2022/09/16/technical-possibilities-for-a-u-s-central-bank-digital-currency/ Unfortunately CBDCs are coming, and are already in use in the whole of Nigeria. I know GnuCash only supports currencies defined by some ISO standard, but I suspect that the CBDCs will be rolled out much quicker than any ISO standard will be revised. Are CBDCs something the developers will support, or will they just be considered the same as the currency they are supposed to be 1:1 backed with? Personally I would not trust them as much as the underlying currency, so would want to track them independently when they are inevitably bought into the UK. It seems the problem could be solved by allowing users to add additional currencies. Dave -- Dr. David Kirkby, Kirkby Microwave Ltd, drkir...@kirkbymicrowave.co.uk https://www.kirkbymicrowave.co.uk/ Telephone 01621-680100./ +44 1621 680100 Registered in England & Wales, company number 08914892. Registered office: Stokes Hall Lodge, Burnham Rd, Althorne, Chelmsford, Essex, CM3 6DT, United Kingdom ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
