CDBC isjust another Electronic Wallet, nothing more, nothing less. Difference is that Central Bank (read government, politicians) have apsolute control over it. Functionaly there is no difference between for instance Wise or Revolut or N26 and new CDBC wallet. You will have your electronic equivalent of any currency deposited on it and spend it Via CDBC card or CDBC to CDBC transfer. Of course they will limit quantity of assets you will be allowed to hold on CDBC wallet since this is direct blow to banking system and their active deposits base, profit from money transfers and short term placement of loans .... so banks will want for sure to have it limited. But their "mother" (Central Bank) now wants to have CONTROL over money flow. CDBC contrary to commercial banks do not care about profit, it's all about being able to impose punishment and enforce their ideology. Someone can argue that it is same poverty they already have! But that is not quite true.
power* Their power today is limited by banks fears of negative publicity and negative feedbacks from such a move as imposing blockade to someones assets. So politicians decided it will be best for them to be able to do it directly Via Central Bank Wallets. That is real reason behind CDBC and no real economic or any other reason since all technology already exist and is widely in use. Target is unlimited direct control. Just remember Canada and truckers... Trudeau had to impose marshall law to be able to enforce banks to block truckers money. With CDBC he will just call Central Bank governor and do it in 2 minutes without problem. Enjoy.
If successfully implemented: Any and all dreams of owning a piece of land and accumulating money will be worthless. If you say or do the wrong thing - your possessions and savings are garnished - and you are left begging for scraps to feed your children!
In summary: fight CBDC with every ounce of energy that can be mustered ...yes, it’s that important.
"...adding that consumers will be free to decide what option they prefer."
Yeah, I believe that. "If you like the plan you have, you can keep it. If you like the doctor you have, you can keep your doctor, too. The only change you’ll see are falling costs as our reforms take hold." Out of Obama's mouth June 6, 2009. I believe that too.
The LORD detests lying lips, but he delights in men who are truthful.
Going to be interesting to see how this plays out. Europe has a much stronger privacy framework than the US and incredibly vast differences in how transactions are handled. Some countries rarely use paper currency and others rarely use cards or direct deposits beyond paying rent or utilities.
CDBC isjust another Electronic Wallet, nothing more, nothing less. Difference is that Central Bank (read government, politicians) have apsolute control over it. Functionaly there is no difference between for instance Wise or Revolut or N26 and new CDBC wallet. You will have your electronic equivalent of any currency deposited on it and spend it Via CDBC card or CDBC to CDBC transfer. Of course they will limit quantity of assets you will be allowed to hold on CDBC wallet since this is direct blow to banking system and their active deposits base, profit from money transfers and short term placement of loans .... so banks will want for sure to have it limited. But their "mother" (Central Bank) now wants to have CONTROL over money flow. CDBC contrary to commercial banks do not care about profit, it's all about being able to impose punishment and enforce their ideology. Someone can argue that it is same poverty they already have! But that is not quite true.
power* Their power today is limited by banks fears of negative publicity and negative feedbacks from such a move as imposing blockade to someones assets. So politicians decided it will be best for them to be able to do it directly Via Central Bank Wallets. That is real reason behind CDBC and no real economic or any other reason since all technology already exist and is widely in use. Target is unlimited direct control. Just remember Canada and truckers... Trudeau had to impose marshall law to be able to enforce banks to block truckers money. With CDBC he will just call Central Bank governor and do it in 2 minutes without problem. Enjoy.
Feel free to screenshot this:
If successfully implemented: Any and all dreams of owning a piece of land and accumulating money will be worthless. If you say or do the wrong thing - your possessions and savings are garnished - and you are left begging for scraps to feed your children!
In summary: fight CBDC with every ounce of energy that can be mustered ...yes, it’s that important.
"...adding that consumers will be free to decide what option they prefer."
Yeah, I believe that. "If you like the plan you have, you can keep it. If you like the doctor you have, you can keep your doctor, too. The only change you’ll see are falling costs as our reforms take hold." Out of Obama's mouth June 6, 2009. I believe that too.
The LORD detests lying lips, but he delights in men who are truthful.
NIV Prov 12:22.
So, what does the CDBC offer that we don't already have?
Raise a Visa Card Limit into the $ mililons, and you still have a Visa Card and Cash.
I think this thing is way more than "convenience" for big money i.e. erasing the national debt via inflation.
Going to be interesting to see how this plays out. Europe has a much stronger privacy framework than the US and incredibly vast differences in how transactions are handled. Some countries rarely use paper currency and others rarely use cards or direct deposits beyond paying rent or utilities.