If you look at the EU "digital wallet" it's actually primarily a certificate wallet. I.e. access control to things. You need it now for resume/CV application, dirvers licenses, soon other certificates.
In some countries you already have a hard time getting public services without those digital certificates. Soon that single repository will be used for things like housing access, differential interest rate, likely gov money/subsidies soon as well. Refugees often have to use it for all kinds of things already. It's a carrot and stick approach. If covid happened today it would be used for EU wide access control and money drops.
Money (and the broader credit system) is a coordination mechanism. Much of that function can and is being replaced by certificates, algorithms, etc. Price setting of commodities and industrial goods hasn't been market driven in decades. Differential subsidies and bailouts has lead to differential interest rates and therefore real prices.
Thinking of CBDC as a money equivalent is unimaginative at best.
With the replacement of labor slowly becoming electricity (via AI and robotics) rather than fossil fuels this graph starts to become meaningful. BTC would represent the marginal replacement cost of labor, and therefore using BTC as a denominator becomes possible.
Should be adjusted for:
- methane emissions
- Carbon sink opportunity cost (e.g. Brazilian Forrest turned soybean for cattle)
- adjusted for net consumption, not as is the case in this graph production.
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