Simon Ng Recently, a lot of people are talking about central bank digital currencies, or CBDCs. Lynette Zang of ITM Trading said that if this idea goes through, the world will become even more watched over by the government and our money controlled directly by the central bank.
The Biden Administration and the Federal Reserve’s Push for CBDCs Sparks Controversy and Debate Worldwide
In the last seven days, a lot of people have been talking about central bank digital currency (CBDCs) online. Most people don’t seem to like the idea. Even famous people like Tulsi Gabbard, who ran for President of the United States back in 2020, has expressed her disapproval of CBDCs in America.
The Biden Administration wants to have a cashless society, which means they will be able to see and control what you spend. To make this happen, they’re starting with something called “Fednow” – and it has to stop now, or else it will be too late.
The Federal Reserve has said that the Fednow program is not a digital currency, Cash Replacement, or CBDC. The Bank for International Settlements recently released a video about their pilot project called Project Icebreaker and their discussing it online. James Miller from podcasting tweeted “they are trying to convince you to support a controlled Central Bank Digital Currency”.
Natalie Smolenski from the Bitcoin Policy Institute does not agree with Project Icebreaker. She thinks that the same benefits of this project can be realized using something called the Bitcoin Lightning Network. According to her, CBDCs (Central Bank Digital Currencies) are not really solving any problems because central banks have already been replaced. The Atlantic Council’s research shows that 114 countries are examining CBDCs and 11 of them have fully implemented it.
Are We Approaching a Cashless Society? Examining the Pros and Cons of Central Bank Digital Currencies
Lynette Zang, who works for ITM Trading and is an expert about money markets, has recently said in an interview with Michelle Makori from Kitco News that some banks like Silvergate Bank, Silicon Valley Bank, and Signature Bank have had problems with their finances. She thinks this happened on purpose and that a new sort of money system may be coming soon – a system which she believes will be quite controlling.
Recently, in an interview with Makori, Zang said that they need a big enough problem so people consent to the introduction of central bank digital currencies (CBDCs). CBDCs would enable complete control over the financial system as money will be held exclusively within this system. She also warned that using CBDCs could lead to negative rates imposed on people’s bank accounts and even put at risk their principal savings. Basically, it looks like CBDCs are really about controlling money and taking away peoples’ money without the choice of always being able to get it back. Additionally, she mentioned that implementing CBDCs doesn’t mean this crisis is over; it just means beginning of another phase of the same issue.
Paul Krugman, a famous economist, recently wrote an opinion article about Florida’s governor Ron DeSantis not being in favor of having Digital Currency from Central Banks – aka CBDCs. Paul referred to this attitude as “resisting against ‘woke money,'” and felt that DeSantis is kind of paranoid about it. On Twitter, Paul also said that people who are disagreeing with the idea of CBDCs may be influenced by some wild theories from their political side – which have been a part of the right-wing for quite a while.
Do you have any thoughts on the new CBDCs (Central Bank Digital Currencies) and if it could lead to a cashless society? Are you in agree with the complaints some people made? Leave your opinion in the ‘comments’ section below.
