read.cash is a platform where you can earn money for your articles and comments. You can get paid upvotes
from other users or us for writing articles and comments, which are paid in
Bitcoin Cash (BCH) cryptocurrency, which can be used on the Internet or converted to your local money.
Takes one minute, no documents required
Why We Should Ban Central Bank Digital Coins - (CBDC's)
CBDC's. The government's answer to cryptocurrencies.
China is already there and right now they are actively testing their digital yuan which they named DCEP (Digital Currency Electronic Payment).
China is moving into making cash obsolete and switching all payment networks to their digital yuan. Paper money will be removed from the market progressively and eventually inside China the only legal way to transact will be their DCEP coin. The Chinese government claims that this way they will reduce corruption, fight illegal black markets, reduce costs of enforcing laws, identifying suspects, and policing their financial system.
Indeed they will be able to raise their GDP by a small percentage by eliminating the black market. I don't know about their taxing system, but I guess they have one, so they will raise taxes as well, as everything will be declared and transparent.
Automated systems will be able to tax and directly pay the taxes and bills from the user's account. So the government won't ever have a budgetary issue and with future AI systems, they will be able to better predict the yearly budgets and make adjustments accordingly.
I can think of another 200 excuses for how CBDC's will create a Utopia in China and any other country that wants to try it. The governments will tell their people all these stories and unless something happens and people realize what is going on, no one will stop this.
None of the above is the actual reason for any government wanting a CBDC. The real reason is absolute control of the financial lives of their citizens. The government will be able to find out where the money in your account came from and how you are using them.
The main use-case of DCEP is tracking. It will be the Big Brother of finances. In case someone is a political dissident he will be persecuted and cut-off from the financial system.
The government will be able to block deposits and payments, they will be able to freeze accounts and confiscate all the funds. Totalitarian regimes will have absolute power in terms of financial control. No citizen will be able to raise his voice in a system where everything is recorded and analyzed instantly by systems of mass surveillance. China is using face recognition and lately, they are perfecting surveillance software that recognizes certain facial expressions as possible threats. So we are entering the next phase of mass surveillance and intrusion of privacy. Our beloved governments are perfecting crime prediction.
But it is not just China. Do you think our "democratic" societies will be able to cope with the disinformation and brainwashing of their citizens? CBDC's will be weaponized by modern nazi governments like the ones the US is slowly trying to establish and will exclude from the financial system anyone protesting against the government inefficiencies and anyone raising his voice trying to protect his freedoms. The protestors will get a message that all their accounts have been blocked. Did you decide to demonstrate against your government? Be our guest. We just inform you that you are excluded from our money though. The EU will be even worse as every national government has already unwittingly surrendered their national sovereignty to a few puppets of a few corporations in Brussels and Germany. It will be easier to enforce anything there. The puppet EU leaders and the corporations paying them, threatened other EU members of financial isolation and ensured that they enslaved at least for a century countries as Greece and Portugal. With a CBDC everything will be better and protest will be probably predicted to have 99% less effect.
It will be a great way to strengthen the grip on the population and destroy any resistance and reduce to an acceptable minimum political dissent.
This is just the beginning though. The moment the citizens of a single country accept CBDC's they don't just accept all the above. They put all their trust in their government and the ones that are pulling their strings. Ok, some people for their reasons still have trust in their governments.
How can anyone trust a future government? History suggests that governments tend to become autarchic irrational, militaristic, warmongering, as centralized as possible and controlling. They also have another characteristic. They tend to fuck up. They fuck up pretty bad.
A CBDC means that not only citizens of the nation that implements it trust their current government, but will also trust all the rest governments that will follow.
It is a weapon that governments shouldn't be allowed to control.