I really don't understand why everyone is freaking out so much about CBDC when the fact of the matter is it that there is nothing that they can do with CBDC they they already can't do now. The only difference is there will be no physical cash. That's the real problem, and I never see that discussed.
Currently, the conversion of electronic into papercurrency allows.for anonymous I.e. not state controlled transactions.
People can structure their retrievals in such a way that over time they have a piggy bank full of paper currency.
Electronic currency can be controlled. The Netherlands is rolling out a programm where every transaction above 100 Euro's is investigated and checked. And if necessary an account is blocked untill the bank is satisfied they KYC and the transaction is.not related to financing of terrorism or money laundering.
Electronic money does not give the government control over how.much and into what money is spent. They also cannot use behavioral influence.
With CBDC that is quite possible, especially because it is deeply connected to anything digital. Anything digital.
Internet access, what is posted online, the time spent online and where, how much and where and what is soent, etc.
In essence, by controlling spending habits the commie government of the EU can prioritize currency to certain sectors, fine you, deduct it from your account, lock you out of your account, lock you.out.from services, etc.
Another difference is lack of competition. With a CBDC the FED or equivalent will be king. Currently there are a bunch of banks that handle money and at the end of the day/week/month/quarter/year/etc have to balance. Whomever controls the CBDC won't have to worry about balancing or any regulations. They will just print/burn money to their hearts content.
I really don't understand why everyone is freaking out so much about CBDC when the fact of the matter is it that there is nothing that they can do with CBDC they they already can't do now. The only difference is there will be no physical cash. That's the real problem, and I never see that discussed.
Not quite.
Currently, the conversion of electronic into papercurrency allows.for anonymous I.e. not state controlled transactions.
People can structure their retrievals in such a way that over time they have a piggy bank full of paper currency.
Electronic currency can be controlled. The Netherlands is rolling out a programm where every transaction above 100 Euro's is investigated and checked. And if necessary an account is blocked untill the bank is satisfied they KYC and the transaction is.not related to financing of terrorism or money laundering.
Electronic money does not give the government control over how.much and into what money is spent. They also cannot use behavioral influence.
With CBDC that is quite possible, especially because it is deeply connected to anything digital. Anything digital.
Internet access, what is posted online, the time spent online and where, how much and where and what is soent, etc.
In essence, by controlling spending habits the commie government of the EU can prioritize currency to certain sectors, fine you, deduct it from your account, lock you out of your account, lock you.out.from services, etc.
Another difference is lack of competition. With a CBDC the FED or equivalent will be king. Currently there are a bunch of banks that handle money and at the end of the day/week/month/quarter/year/etc have to balance. Whomever controls the CBDC won't have to worry about balancing or any regulations. They will just print/burn money to their hearts content.