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All FIAT is already digital and most of it is actually digital. There is no need for any of this and claiming that it protects children or prevents financing of
by gethly 1y ago
All FIAT is already digital and most of it is actually digital. There is no need for any of this and claiming that it protects children or prevents financing of terrorism and money laundering is simply a joke.
CBDC, or "digital currency", is all about control where the authority can trace every single cent, wallet or transaction and with Know Your Transaction(KYT) know about what is being paid for as well.
Beside this, they can program expiration or block a wallet or individual "coins", giving the authority absolute control over people's finances.
This is why these are so dangerous. It is an absolute end of financial sovereignty of individuals. And once implemented, no government(or rather central bank) will give such power away without a bloody fight.
So thread carefully when things like these come up. It's no joke. This is likely the most dangerous "policy" in human history. The lately discussed "chat control" or backdooring cryptography by governments does not even come close to what this is.
- nyeah 1y agoSure, although non-governmental ledger systems have the most of the same underlying problems. They're not optimized for government control, but they enable it. Only one really big exception: I can refuse to use them.
- gethly 1y agoThe difference is that basic cryptocurrencies are decentralised. That is one of their main selling points(despite them just being a distributed ledger). But CBDCs will have a central authority with complete control over it.