As I mentioned in my plea to The Bankers in the Coin Bureau Insider, we need to rise up and take a stand against Central Bank Digital Currencies.
That’s because CBDCs are one of the most terrifying technologies out there. If they’re successfully rolled out, it’s not an exaggeration to say that it would be the end of the financial freedom, and the exact opposite of where cryptocurrency is currently taking us.
Luckily CBDCs are still very much in development, and a lot of this development is being documented by the Bank for International Settlements (BIS). They’ve really picked up the pace since last fall, mainly because central banks around the world can see that cryptocurrency adoption is growing quickly and threatens their control of our money.
The BIS recently released a CBDC report that really caught my eye, because it had a few details about what these CBDCs are likely to look like if and when they’re rolled out. To be blunt, it’s terrifying from top to bottom – us plebs will use a “retail” CBDC, and the people in power will have their own “wholesale” CBDC that’s free from public scrutiny.
But wait, there’s more!
The retail CBDC will not work the same way for everyone. There will be limits on how much of it you can hold. Your transactions will be manipulated to achieve other public policy goals that have nothing to do with the economy, and you will have absolutely no privacy whatsoever.
The good news in all of this is that the kind of CBDC the BIS envisions in this report is so ridiculous that nobody would voluntarily accept it, not even the banks. That’s because they would all go under, as well as many of the other financial intermediaries which the BIS thinks central banks should limit and regulate.
I could go on, but I’ll leave the full story for the video. I reckon it’s the perfect kind of content for the Halloween season.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.