Impact of Central Bank-issued Currency (CBDC) in Society

Abstract

Since ancient times, we have been using the inefficiency of the barter system which served society for long time. However, the system did not consider ease for the customer when making a transaction. Barter system often defined as “the direct exchange of services and resources for mutual advantage” (Davies, 2010, p. 9). This system had been around a long time because of the extreme robustness of the system, and nothing better of the alternative. It has many resilient characteristics that became the foundation of the creation of money. What’s spectacular is many aspects from the barter system is still being used in today’s everyday livelihoods. For example: Sacrificing time to work to earn a good living, or the electrical payment system. Normally at the end of every month, you would receive a bill from an electricity establishment to make a payment. These two examples are mutually beneficial for both parties....