CBDCs ‘An Investment’ to Protect the Fiat System, Cash Will Disappear, Swedish Central Banker Says
A central bank digital currency (CBDC) is “an investment” to protect the current fiat monetary system, according to a central banker from Sweden, who also argued that cash will soon be history.
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This is a story about the future of banking and the potential increase in government surveillance and control of YOUR MONEY. We’ll discuss the good and bad, so stick to the end of the video to hear the whole story. There’s been a lot of talk and concern about CBDC (Central Bank Digital Currency) lately in the US and internationally. The Federal Reserve’s (FED) now CBDC, and central bank digital currency, is an international version. Share your thoughts on this CBDC debate in the comments below and don’t forget to like the video to help spread this important message.
If you don’t already know, a CBDC is a central bank digital currency. It’s a virtual currency issued and backed by the central bank, in this case, the Federal Reserve. CBDCs are different from stablecoins like USDT or USDC, which are cryptocurrencies issued by private enterprises and pegged to something else. Unlike decentralized cryptocurrencies like Bitcoin, a CBDC is centralized, backed by the full faith and credit of the US government.
So, why would the US government and the Federal Reserve want to create a CBDC for you and me? There are several reasons. Firstly, the US doesn’t want to fall behind as 87 countries have shown interest in CBDCs, with 65 already well into developing theirs. Twenty central banks have even launched pilot programs, and China showcased its CBDC during the 2022 Olympic Games in Beijing. China has expanded its pilot program to 25 cities, where public sector workers are being paid in CBDC, and it can be used for various payments like utilities, transportation, tuition, taxes, and more.
China is leading the way, with more than 260 million wallets already in use. Around 20 countries are in the pilot phase of their CBDC programs, exploring the concept. The United States, being the world’s reserve currency, cannot afford to ignore this trend and is currently in the research stage.
Creating a CBDC is a decision that requires the federal government and the Federal Reserve to collaborate. They must determine if having a CBDC will help maintain the dollar’s status as the world’s reserve currency. However, it’s important to note that the Federal Reserve, our central bank, can only issue a CBDC if Congress and the executive branch support it. The Federal Reserve itself is not part of the government but a private organization.
Apart from the fear of missing out (FOMO) and the risk of falling behind, there are other reasons why the federal government and the Federal Reserve are interested in implementing a CBDC. They believe it would make payments faster and cheaper. However, there’s more to it than just convenience.
One aspect that excites them is having programmable money. While it may sound convenient, think about the implications. If they disagree with your actions, the actions of an institution, or even an entire country, they can freeze your money instantly. Poof! No access.
They argue that CBDCs would provide transparency in money flow. In other words, they would have full visibility into every transaction you make. They would know what you’re buying, where you’re spending, and potentially even why. It’s like having someone constantly looking over your shoulder.
Advocates claim that CBDCs could benefit the unbanked population in the US, those without bank accounts. While there are people in the US without bank accounts, globally there are approximately 2 billion unbanked individuals. Surprisingly, about 80% of them have smartphones. The idea is to connect these individuals to the CBDC, thereby improving their lives and making the world a better place. However, this narrative may not hold true in the United States.
The argument is that a CBDC would benefit the 4% of people in the US without bank accounts. However, surveys indicate that 40% of these individuals choose not to have a bank account because they don’t trust banks. Trust is a significant factor when it comes to money. If they don’t trust banks, it’s highly unlikely they would trust a new digital currency issued by the central bank. So, in my opinion, this argument doesn’t add up. We need to address the underlying trust issues in the financial system before considering a new digital currency.
While progress is important, we must be realistic and consider the actual needs and concerns of the people. Simply imposing a new system won’t magically solve the problem. It’s crucial to address the underlying issues and build trust in the financial system before moving towards a fancy digital currency.
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The Truth About CBDCs: The Future of Money or a Threat to Your Privacy?
In this video we will tell you everything you need to know about CBDCs, the new form of money that is being created by the central banks of the world. CBDCs stand for Central Bank Digital Currencies, and they are digital versions of the national currencies that we use every day. CBDCs could have many benefits, such as faster and cheaper payments, financial inclusion, and monetary policy efficiency. But they could also have many risks, such as privacy issues, cyberattacks, and social control. How will CBDCs work and how will they affect our lives? Find out in this amazing video!
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