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CBDCs - A Central Bank Tyranny

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Written by   41
3 months ago

In a previous article that I've posted originally on read.cash I expressed my thoughts and facts about CBDC's. The reason for posting this article is that I am deeply concerned about privacy and human rights which in my life so far I've seen repeatedly stripped and replaced by mass surveillance, state terrorism, and dehumanization.

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I named that article "Why We Should Ban Central Bank Digital Coins - (CBDC's)" as this is how I truly think. It was not made for impression, but my conclusion after consideration of all the facts.

It is not the cryptocurrencies that pose a threat to the world, or any specific nation. Cryptocurrencies are true financial freedom, offer total control to the individual and allow access to a worldwide payment system that runs 24/7, without requiring authorization by secret files stored in various transactions processors, do not restrict anyone, do not have blackouts, and do not require trust.

As I explained, the moment we accept a CBDC is the moment we surrender our financial existence at the hands of all governments we will ever have in charge for the rest of our lives. The moment a CBDC will be accepted, all its features, all its components, and all of its dominance in the economy will be irreversible. We surrender one of the most important parts of our lives to anyone that will be in charge by any means possible.

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Cuy Sheffield is a person in charge of the Visa cryptocurrency department. I've read this article recently and he made me realize that CBDC's will be the new norm soon. I guess it's his job to promote CBDC's just as Roubini is doing and create the terms for the financial enslavement of the world population.

I will just stick to one point he makes as I've read his rant on tweeter yesterday and have to wonder why he wasn't suspended for spamming like that.

“I’d argue that central bank digital currency (CBDC) is one of the most important trends for the future of money and payments over the next decade. Regardless of anyone’s personal views of whether it’s good or bad, the reality is that global interest in it is not going away.”

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CBDC's are inevitable. China's example is serious. The moment they started research on a national digital currency, they instantly banned transacting, purchasing, trading, and paying with cryptocurrencies. All black market attempts were met with instant response from the authorities, arrests, and block of bank accounts.

A line has to be drawn here.

First of all this Visa exec does not understand what is decentralization and how it is the vehicle for financial freedom. This eludes all bankers and their cartel.

Second, he is right about the inevitability of CBDC's. It is important for much discussion to be done on a higher level and for the population to agree with each feature. Even with privacy coins available and legal, 90% of the population will still be using the government-issued CBDC. I've already explained the dangers of the CBDCs in the same post I've already mentioned (link).

This future is sealed for China. If the west wants their freedom and something better, it is up to them.

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Written by   41
3 months ago
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Comments

Many think of cruptocurrencies, as technology. They do not know, that it is about freedom. The problem is, that they cannot live free. They will flock to CBDC's.

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3 months ago

I can't agree more. We reduce cryptocurrencies when we just refer to them as technology.

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3 months ago

Are they worse than current systems? I don't think they can compete with sound money for the world.

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3 months ago

Thanks for the tip. I'm afraid that the CBDC's will be worse than the current system. Technology is about how we use it. The first example, China, is something that the rest governments should be avoiding. Without freedom, prosperity won't last.

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3 months ago

China didn't wait CBDC to watch and control Chinese. CBDC in China will be worst because of automatisation of the control, not because CBDC.

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3 months ago

Excluding someone from the financial system is control. 99% of dissidents will behave as they won't have other means available.

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3 months ago

I am not sure that CBDC could be worst than the actual state's money. Moreover, it could improve traceability and help to detect corruption or fraud in financial services.

For most of people, there is no big difference using a bank account with USD or crypto-USD.

It could also develop interoperability between crypto-currencies and CBDC for totally delete big bank fees for any operation.

I am definitely not agreeing with you, giving such power to a state is dangerous, but you have to see the actual reality, and I think there is already problems that won't be more dangerous than the actual system.

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3 months ago