Governments Want To Control Crypto So They Can Control Us –

Know who believes that cryptocurrency is the future? That’s right, central banks. They’re joining the cryptocurrency bandwagon. But that doesn’t mean you should anticipate the folks at the Federal Reserve stepping aside to make way for Bitcoin adoption—far from it. Central bankers are attempting to replace grassroots cryptocurrency with digital currencies of central banks (CBDC). Will notProtect privacy and governments can control private transactions.

The Federal Reserve will launch an evaluation of the benefits and potential risks of issuing U.S. Digital Currency as Central Banks around the World experiment with this new money form. Wall Street Journal reportedOctober 4. “Unlike bitcoin and other private cryptocurrency, the Fed version will be issued and backed in part by the U.S. central banking, which is a government entity just like U.S. dollar bills and coins.”

America is trailing the pack in race to adopt digital currencies that are state-sponsored. China has just recently Prohibited the usePrivate cryptocurrencies Allow for the digital Renminbi Cambodia Launched digital currencyIn 2020, the Bakong. Nigeria The eNaira will be introduced in the near futureThis month. America is still behind, but for good reasons.

Christopher Waller is a member of Board of Governors of Federal Reserve System. He said that CBDC accounts, depending on their design, could allow the Federal Reserve to access a large amount of financial transaction and trading patterns of CBDC accountholders. CommentIn August (PDF). The Chinese government will likely be able to monitor more closely the economy of their citizens by introducing a CBDC. The Federal Reserve should create a CBDC in the same way. “I, for one,” I don’t think so.”

Nobody should be surprised to learn that China’s digital currency promises “controllable anonymity between private parties” and that transactions can still be monitored by the state.

Mu Changchun from the People’s Bank of China Digital Currency Research Institute stated that “a fully anonymous central bank digital currency cannot be realized.” This was remarked on earlier in the year

However, the government’s digital currency is not without its problems. Many officials see real advantage in the ability to control where and how such money is used—an ability they Do not have traditional cash or private crypto

Agust: “In cash, however, we don’t know, for example who is using today a 100-dollar bill, or who is using today a 1,000-peso bill.”ín Carstens, general manager of the Bank for InternatIonal Settlement, which coordinates activity between central banks, commented last year. The CBDC has a key distinction: central banks will have total control of the rules and regulations that determine central bank liability. And we’ll have the technology to enforce it.”

“You could introduce programmability – what happens if one of the participants in a transaction puts a restriction on [future use of the money]” BeobservedLast summer, Tom Mutton was a Bank of England director. There could be positive outcomes for society by preventing activities that are seen as socially detrimental in any way. It could also be restrictive of people’s rights.

Digital currencies are subject to the control of government, which can be used for economic as well as social control. The centralization of money power could encourage growth during slow periods or discourage those who oppose it.

To encourage consumer spending, “imagine your digital bank balance gradually shrinking.” WarningAlexander William Salter is a Texas Tech University professor of economics. Or the Fed blocking payments for politically disfavored companies.”

These controls could be easily implemented as continuations to existing restrictions regarding the benefits of the government. EBT cards cannot be used alreadyAt businesses such as liquor shops, casinos, or adult entertainment venues. Switching benefits over to digital currency with restrictions programmed in would be a logical step—but the technology would exist to expand similar controls to other users of government crypto. You can’t imagine any government official resisting the temptation of limiting the use of government funds to subsidy recipients and government contractors. It’s apparent that many CBDC activists around the world see such power as a significant attraction to pushing private cryptocurrencies aside for state-controlled ones. 

It’s clear that the governments don’t like financial privacy. They want more control over how and where we spend our money. The IRS will have the resources to compete with the accountants and lawyers of the super-wealthy, as President Joe Biden proposes. Insist!President. It would only ask for the following information: The amounts they have deposited into their accounts, and the amount that has been withdrawn from their accounts.

Is that it? We’re only talking about very wealthy people, who apparently don’t have financial privacy rights.

The proposal “would create a comprehensive financial accounts information reporting system,” according to the proposition(PDF). “This rule would be applicable to any business or personal account from financial institutions such as bank, loan and investment accounts. The exception is accounts with a lower de minimis net flow threshold of $600, fair market value less than $600, or accounts that are below $600.”

It’s not common for most people to think that $600 can be considered “super rich”. Officials who seek to control cash flows to the same level as that are bound to use digital currency programmable by central banks for intrusive purposes. It is impossible to imagine them doing anything else.

Crypto could be the future in finance. However, we cannot expect that the future will be anything but a dystopian hellscapeMonitoring and Control is what we will need PrivateAnd anonymousCrypto that protects us against the intrusive eyes and manipulation hands of government officials, who seek power over all we do.