Topic: A person that is against the creation of CBDC. - page 4. (Read 642 times)

it's natural for donald trump to say that because he doesn't want the federal government to be able to track where his money goes and how he uses it, so he's not talking about people's freedom to use money, but rather wanting to cover up the flow of money in his business.

but apart from that, actually it is not a bad idea for the government to launch a cbdc to make it easier for people to carry out transactions, because it is not much different from money in general, only the form is digital. if someone is worried about their privacy, they can refuse to use it and use fiat money instead, it's very simple.

so the issue regarding the formation of cbdc does not need to be exaggerated because sooner or later we are all heading there and it is difficult for us to reject this, unless we have the power to reject it, but i am pessimistic about that.

Trump isn’t stupid, he knows that most regular people have concerns about the possible implementation of a CBDC. I don’t vote so I have no bias but he is saying things that he thinks will give him an edge in the run up to the next election. Just remember, very few politicians & people in power care about us. They are mostly all in it for selfish reasons.

The whole idea of creating CBDC isn't sitting well with me, since their is bitcoin and other cryptocurrencies, why would the government bring in digital currency that they would control, most people enjoy bitcoin because of the privacy it allows them. Today  in my country Nigeria, there is e-naira one of the digital currencies launched by the government via the CBN, trust me nobody has given them a second look as citizens are not interested in getting the e-naira. So in answering your question, I don't think there should be need to create CBDC when we already have bitcoin and other cryptocurrency to solve our problems.

Government need to show to public if they're really working and adapt with the current society, CBDC is nothing different with mobile banking, PayPal or digital fiat. So creating CBDC is no need at all, why you need to create a new thing when you already have it?

I believe CBDC will use private blockchain, so you can't track it except the banks and government. It can be used to fight against corruption if they use public blockchain.

Sounds like he doesn't understand how digital money works, but someone has told him that we should be scared of asset digitalization.

In short: They can freeze your accounts and assets already. They can confiscate anything you own. They have been able to do that for ages now. No matter how ignorant he is, he definitely must know this and is misleading people.

CBDCs are planned for cheaper and easier money tracking to prevent corruption and money laundering more efficiently. And in best case of scenario, it would be more energy sufficient, removing needs for ton on monetary infrastructure that's needed today. Also CBDCs could have confidential transactions.

Sure, in worst case scenario, line in china, that can be used for surveillance, but they can also build it for Zero knowledge L1 with zero knowledge contracts. And by that they could have confidential transactions, and depending on the token issuer, different levels of privacy and rights. With money, it would be build to comply with regulatory needs, and needs of the citizens in mind. And no surprisingly, at least in EU they have plans for this. Also this same platform could be used for digital identity, that would make identity thefts way harder.

But he doesn't need to understand this, he doesn't even need to make sense. He is talking to his followers and fear is sells well.

That man will say anything to get his hands on the Oval Office again, and everyone who thinks that today they have financial freedom because there is no central bank digital currency is living in some fantasy world of their own. It is true that CBDC threatens privacy even more and that our money can easily be frozen, but all those who today have money in banks or perhaps keep it in so-called stablecoins are exposed to the risk of being prevented from disposing of their funds at any time.

The creation of digital currencies by central banks is only a logical move to modernize finance, given that everything is being digitized anyway. However, you should know that cash will not disappear overnight and that the transition period will probably last several tens of years, except in countries like China where people are not asked for anything anyway and have to agree to everything that is asked of them.

Who is in control of the digital fiat that are not CBDCs? Are they not the government. Only what they are not in control of are the bank notes which is the paper fiat. But bank notes are not perfect the way bitcoin  is.

Digital fiat in bank? Government is in control.
CBDCs? Yes government is in the control but in a way that is more direct or depending on how it is implemented.
But both? Government is in contol.

The only reason that Trump is right is because there is not need for CBDCs, but not because of government not to have control. That is deceitful.

Statement of President Donald Trump during an interview:





Source: https://thehill.com/business/4416139-trump-vows-to-block-creation-of-digital-dollar/

I think President Trump is correct about the possible control of the government on your funds as Americans and we all know that. People anywhere in the world wants privacy and full control of their funds that is why they invested on decentralized assets rather than having something like the CBDC.

But do you think this is a smart move of him or you still prefer the use of digital dollar?
Do you agree with him to not allow the creation of CBDC or you just don't care about this?
I know that it is non of my business but I just want to know, is there really a need to create CBDC?

I want to hear your thoughts on this as it might happen to any country in the world anytime.