Technology

I suspect we'll see products that end up getting branded CBDC (e-yuan, e-rupee, e-dollar), but it may look nothing like blockchain hype projects.

There are plenty of real world problems that a natively digital transaction system can mitigate. The obvious use case is "I'm in Los Angeles, how can I pay someone in Edinburgh three pounds without spending days for settlement, worrying about inter-bank communication, or dealing with private firms that have turned it into a rent-seeking space that adds huge fees". Note this can be done without some elaborate blockchain system. In fact, a centralized service operated by the state has the right incentive alignment: they are more beholden to the social and political goal of "efficient commerce helps economic growth" rather than the private-enterprise mindset of "if I can get people to consume the tokens I already own, I can be a kazillionaire."