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Central banks already have that kind of power and they're not even democratically legitimized
by legulere 5y ago
Central banks already have that kind of power and they're not even democratically legitimized
- crocodiletears 5y agoCentral banks have a lot of control over the money supply, but the current system doesn't allow for direct, low-friction control over individual's bank accounts or give the government a perfectly transparent view into your transactions. Digital currencies promise a future where the government has immediate, perfectly ubiquitous veto power over every transaction, and can adjust interest rates at an individual level.
- mikewarot 5y agoNot really, they can make decisions that effect all the money, but they can't take cash out of my wallet, or anywhere I have an envelope of cash. This is a new level of reaching out and ruining lives.