I work in IT in Africa. I have been invited to a project that is directly coordinated by very senior US government officials as well as folks from the African Union and various other entities I do not trust.
The project involves the creation of a pan-African digital currency.
The project is well funded and has a lot of momentum.
Curious what folks think, because anything close to CBDC for me is part of the enslavement plan. At the same time, it indicates the complete end to Bretton Woods and likely is a direct assault on the Fed.
Digital Currency is NOT the same as CBDC.
Trump has banned CBDC is America but is transitioning to Stable Coins backed by US treasuries. This is the only way to make liquidity available to common people without banks in the middle.
A lot of people have issues understanding this difference. So here are some important distinction between CBDC and Trump's stable coin digital currency:
CBDC are backed by nothing. Stable coins are backed by treasuries, which will be backed by assets
CBDC are centralized and opaque, on the back's private servers. Stable coins are decentralized and transparent, on a public blockchain on everyone's computer.
CBDCs can be restricted as to what you can use your money for, when, where etc. Stable coins cannot be restricted.
CBDCs are fully tracked. Stable coins are anonymous,
CBDCs can be expired. Stable coins are permanent.
CBDCs can be bailed in - as in banks can take money from people's accounts without their permission to bail out the economy. Impossible to steal the stable coins, even for the banks.
As you can see, they are polar opposites.
Fren, you have been given an oppurtunity of a lifetime. Use it wisely. Watch them like a hawk, and anytime they head towards centralization, make sure to speak up and make your voice heard. Keep us posted to the extent you are allowed, because African digital currency is a HUGE part of freeing the world.
This is Gaddafi's dream come true!
OK, this is really great and useful feedback. I really appreciate it. We are a second on the contract, but have a significant upside. I'm feeling much better about this, because I was quite confused. The party who brought the project to us is a very solid patriot. This makes much more sense.
This post needs more information, Opie. Is it blockchain? How it be secured? Miners? Or is it going to be run by a central African entity? We need some more details here.
Thank you. The currency is to be implemented on a blockchain. Academic institutions are to provide the nodes. Interesting on the mining process. I do not know.
Yes, it will be administered as a collaboration between the US State Dept, African Union and Bank of Africa.
I can see that I confused government issued digital currency with CBDC. I will pass the feedback above to my team for further clarification.