4 ms·

It is to me. It means mor control of the goverment over its people. Like I said in other comment. Its a precursor to the comeback of the CPMF. Also it had the

It is to me. It means mor control of the goverment over its people. Like I said in other comment. Its a precursor to the comeback of the CPMF. Also it had the potential to deanonimize all transactiosn you make. I dont wanna the goverment knowing everywhere I spend my money.

alephnerd 3y ago
True, but you could still do all that without a CBDC (eg. India w/ UPI and China w/ UnionPay). What value add does a CBDC provide if you want surveillance capabilities on a consumer's transactions and assets? Heck, Pix seems to have your CPF number so doesn't that mean any transaction over Pix (aka most digital transactions I assume) can be traced back to the individual?
- major505 3y ago
  Thats the thing. Brazil alread does that. I dont know what this brings to the table. I will try to read thoug the documentation and see why the hell this exists
  - alephnerd 3y ago
    Found the press release and interview - https://www.reuters.com/world/americas/brazil-announces-pilot-digital-currency-seeking-leverage-financial-services-2023-03-06/ https://www.reuters.com/world/americas/brazil-announces-pilo... "Araujo said the "digital real" will be built as a means of payment executed on distributed ledger technology (DLT), to support the provision of retail financial services settled through tokenized deposits in institutions of the financial and payment systems in Brazil ... Araujo stressed that the concept of the Brazilian central bank digital currency (CBDC) was not intended to leverage digital payments, as this is already being done on a large scale with Pix, which was launched at the end of 2021 and has been widely adopted in Brazil." This appears to be a trial to streamline back office retail banking operations in Brazil. The example they seem to stress is democratizing federal bond sales within Brazil as well as Repo operations.
wslh 3y ago
We need to see what happens in the future with this kind of initiatives. My two cents (beyond the specific technology to use) is that a digital cash should offer some level of anonymity as a "basic human right". The problem with governments , even assuming they are now 100% fine, is that they could be rogue and you never now how the data you give today is used by another government or state actor in the future. The Cashless Society article in Wikipedia gives good insights [1]. [1] https://en.wikipedia.org/wiki/Cashless_society https://en.wikipedia.org/wiki/Cashless_society
- major505 3y ago
  And Brazil have a terrible history of not respecting human rights and censoring people. IS a matter of time before this is used a leverage against its citizens.

alephnerd 3y ago

True, but you could still do all that without a CBDC (eg. India w/ UPI and China w/ UnionPay). What value add does a CBDC provide if you want surveillance capabilities on a consumer's transactions and assets? Heck, Pix seems to have your CPF number so doesn't that mean any transaction over Pix (aka most digital transactions I assume) can be traced back to the individual?

major505 3y ago
Thats the thing. Brazil alread does that. I dont know what this brings to the table. I will try to read thoug the documentation and see why the hell this exists
- alephnerd 3y ago
  Found the press release and interview - https://www.reuters.com/world/americas/brazil-announces-pilot-digital-currency-seeking-leverage-financial-services-2023-03-06/ https://www.reuters.com/world/americas/brazil-announces-pilo... "Araujo said the "digital real" will be built as a means of payment executed on distributed ledger technology (DLT), to support the provision of retail financial services settled through tokenized deposits in institutions of the financial and payment systems in Brazil ... Araujo stressed that the concept of the Brazilian central bank digital currency (CBDC) was not intended to leverage digital payments, as this is already being done on a large scale with Pix, which was launched at the end of 2021 and has been widely adopted in Brazil." This appears to be a trial to streamline back office retail banking operations in Brazil. The example they seem to stress is democratizing federal bond sales within Brazil as well as Repo operations.

wslh 3y ago

We need to see what happens in the future with this kind of initiatives. My two cents (beyond the specific technology to use) is that a digital cash should offer some level of anonymity as a "basic human right". The problem with governments , even assuming they are now 100% fine, is that they could be rogue and you never now how the data you give today is used by another government or state actor in the future. The Cashless Society article in Wikipedia gives good insights [1]. [1] https://en.wikipedia.org/wiki/Cashless_society https://en.wikipedia.org/wiki/Cashless_society

major505 3y ago
And Brazil have a terrible history of not respecting human rights and censoring people. IS a matter of time before this is used a leverage against its citizens.