The deception goes hand in hand with ignorance.

Unquestionably, the changes (although they are taking place slowly) do not stop, and the horizon is not at all flattering.

I admit that sometimes my words are not as optimistic as I would like. However, they are preferable to living self-deceived.

Today I will write a short article, but substantial and topical. It may not be as innovative as you want or to your liking.

I take it you have ever used a Stablecoin in your life?

Although, I try to contribute whenever I can with the massive adoption of bitcoin. It is undeniable, by now, that high volatility is a difficult hurdle to convince merchants to accept it.

So, like many of you, I am forced to use centralized exchanges like Binance to swap it to Tether to trade it on the country's P2P market and get widely accepted fiat money in stores.

There are other Stablecoins in the market, and surely sooner rather than later, they will end the hegemony of USDT if CBDCs do not get ahead of them first.

If you are still starting in the world of crypto, you will probably find the preceding paragraphs fuzzy. In this sense, I will try to be didactic; so that you do not get lost. If, on the other hand, you are a cryptographic expert, please accompany me until the end; you may also be interested in what I have to say about it.

The rumor of cryptocurrencies is beginning to spread outside specialized environments, unfortunately, helped by the effects that the Covid19 pandemic produced on the economy.

Today it is estimated that only 1% of the world population uses cryptocurrencies. But, this will change abruptly shortly, although I suspect in the wrong direction and away from the original purpose of Bitcoin.

You may ask, how do I know?

By simple deduction; Whoever has power does not give it up voluntarily; must be forced. The problem is that power corrupts those who meet it.

Well, let me give you some arguments to support what I just said.

The World Economic Forum issued a report on November 21, 2021, entitled: "Digital Currency Governance Consortium - White Paper Series." It is a document that you can access on their website and where they raise disturbing ideas and intentions that go against the libertarian goals connoted in bitcoin.

The pdf document is over 220 pages long, and while it pits Stablecoins against CBDCs, it should not be underestimated by not directly addressing cryptocurrencies.

Well! It is necessary to clarify; the document also indicates that they will issue the respective report on cryptos in January. I'll be on the lookout for when it's published.

Now, you ask me, and who are these guys from the World Economic Forum? Can they influence me?

You know! I don't know whether to laugh or cry.

The forum is not an official international instance; it does have influence and relevance in terms of its collaborators. For example, the Bank for International Settlements (BIS), the central bank of the world's central banks, is the body that will coordinate the development and regulation of CDBCs based on the findings of these reports.

You understand! I don't have to say more about it.

At the beginning of the article, I said that it would be brief; So I will only launch some considerations that sound disturbing to me. And that you can corroborate for yourself in the document.

They will establish two categories of users of CDBCs under regulations consistent with them: Retail and Wholesale. Where is equality before the law? Well! The current laws favor the powerful, and if not, they twist it at will.

Not satisfied with this, they will establish balance and transaction restrictions for careless users. Yes, I'm not kidding; unattended people with money management. Some will be treated like infants, unable to manage money.

Moreover, They say that you will have total privacy in the CBDCs. Of course, the Government, the Central Bank, other interested governments and banks, will have full access to your information when required. Curious way of understanding privacy.

It also addresses cooperation between the public and private sectors with strange ideas about technological development in this area.

They propose giving equal opportunities to companies established in the sector and the Startups. It would seem fine to me, but it is absurd and abusive to demand that the latter not break the Status Quo. They only want to steal the ideas of brilliant people and stay on top; How brazens!

Imagine, the CBCD Governance will have privileges to freeze any user's account under certain circumstances. In addition, they will have the power to set the policies for the CBDCs, such as their expiration and destination.

Also, this group considers blockchain analysis companies as a threat. I wonder, who threatens companies? It's funny, only want to get rid of the competition. They don't want transparency.

Not to mention the cold storage devices of cryptocurrencies. They are also a threat because they free people from state control.

And the icing on the cake. Guess what? Who do you think is developing the instruments that will determine the quality of users? The Bill and Melinda Gates Foundation.

You remember Microsoft's patent ID-202020 on digital identification. Well, it's all starting to make sense.

Photo by Jonathan Cooper on Unsplash

Final thoughts

Stablecoins and CBCDs, although they use blockchain technology, are not cryptocurrencies in the strict sense, as is Bitcoin.

I fear that the total elimination of cash, the convergence of mobile technologies will make it possible for the establishment to impose under subtle deceit a new version of fiat money masquerading as crypto.

I think it is vital to educate oneself as much as possible on this matter and continue to support the development and mass adoption of bitcoin and other crypto-assets that share the vision of empowering people to be free.

I sincerely hope that this information will help you see what is at stake. Tomorrow, when the government offers CBDC as a panacea, know that it comes loaded with more control and fewer freedoms.

I don't know if one will resist, but at least one won't be fooled; As long as bitcoin exists under the vision of Satoshi Nakamoto, there will be a light for those who want freedom.

Thank all, my dear readers and sponsors.

An original article by @Jnavedan

The thumbnail image by Jarkko Mänty on Pixabay