Why The Hate Against CBDCs?

Why all the recent hate against CBDCs? (central bank digital currencies) 

When Bitcoin launched in 2008 and Ethereum started the altcoin boom through its 2015 ICO, not many people gave these new “digital currencies” much attention..however you’d have to have been living under a rock over the past couple of years not to see how digital currencies have gained attention, both good and bad..

Currently, nations are strategizing the introduction of central bank digital currencies (CBDCs), which are digital versions of their respective currencies. Although the US is contemplating a digital dollar, countries such as China and the Bahamas have already conducted trials of CBDCs. These indications suggest that the implementation of CBDCs is imminent. As we gradually approach a society that operates without cash, CBDCs are expected to become the fundamental building blocks of the economy.

However, just because something has gained a lot of exposure doesn’t mean it’s necessarily good—and this also applies to CBDCs. While many have talked up the benefits of government-backed digital currencies, they leave out crucial information about how these new currencies will work and why it’s going to be a bad idea for most.

For some time now, members of the bitcoin community have been cautioning about the potential hazards and perils of CBDCs. These risks entail heightened governmental scrutiny of individuals, the probable establishment of a social credit system, and a customized monetary policy framework. All of these factors oppose American principles and may introduce an epoch of reduced liberty for American residents.

And when I say “American,” I mean any country that champions individual liberty and rights, which is in diminishing supply these days if the WEF gets their way. 

And it’s no surprise that groups like the IMF and WEF are championing CBDCs. Here are a list of benefits from the IMF: 

Cost efficiencies: Thanks to their digital nature, CBDCs could make payment systems more cost-effective. This is true especially for geographically large countries, where the management and distribution of physical cash can be quite expensive.

Financial inclusion: In some countries, large percentages of the population don’t deposit their savings in banks. CBDCs could promote financial inclusion among these unbanked populations by giving them access to a safe place for their savings and, eventually, access to credit.

Cross-border transactional efficiencies: CBDCs could improve cross-border payments, which can be slow, expensive, and often not easily accessible. Instead of long payment chains between multilayered correspondent banks, CBDCs could be traded directly, if they share the same technical standards, data, and compliance requirements. 

Huh. Kind of like what cryptocurrencies provide NOW. Without the onerous interference and regulation from the State. 

While CBDCs might be inevitable in some form, don’t surrender your privacy and liberty silently.