CBDC doesn't give you control over your money. It is no different from an online bank where you do not have keys. They can freeze, unfreeze, spy on you at anytime, any day and anywhere as long as you're using their CBDC. Your life is basically under their control and they can do with it whatever pleases them.
We may feel constantly watched and indeed we will be continuously watched when we are fully using CBDC. Well even we will indeed lose full control of our own assets. Although at this point maybe CBDC is just an option for digital fiat. But if one day this is applied in totality then I might also think that freedom and privacy really don't exist anymore regarding our assets in digital fiat. But unfortunately I feel that people out there are not too aware of things like this. They will obey and accept the new system without much finding out. Maybe even more people are excited about CBDCs right now. Maybe it's the practicality and speed of transactions that fill their minds. So they forget about the importance of privacy. But even now people who keep all their money in the bank are of course under clear surveillance. But CBDC makes things much easier to monitor. 
Topic: Can CBDC users lose control of their money? - page 3. (Read 931 times)
CBDC doesn't give you control over your money. It is no different from an online bank where you do not have keys. They can freeze, unfreeze, spy on you at anytime, any day and anywhere as long as you're using their CBDC. Your life is basically under their control and they can do with it whatever pleases them.
At present CBDC has expanded various activities and financial service delivery process for the rapid inclusion of financial services to the mainstream population as well as the marginalized population and the backward people in the society which has been mentioned in various financial reports at home and abroad but it will be difficult for the poor population. Because they don't know much about digital currency. The regulation of the financial sector on a global scale is very complex, so people's understanding of it is also very limited. This is why it is now important to educate people about digital currency and provide clear information about the practical importance of digital currency.
We're talking about CBDC, not cryptocurrencies. These are completely different things. CBDC is, in fact, not a cryptocurrency, but something managed by government agencies. In fact, it's much better to use cashless payments than CBDC, because CBDC is unequivocally bad.
They can be free to launch their CBDCs at their nations but their CBDCs will be restrictedly used in their countries only. To be accepted globally, it will be more complicated from global, continential, union regulations and politics too.
I believe global organizations will not easily accept national CBDCs under big pressure from giant nations like the USA, China, ... and being used only nationwide will not be so good for CBDCs.
Just like cash, CBDC will have a local meaning only within the country, but this will be enough for control and digital currencies will perform their functions. Can the central bank block your funds? I think yes, the main disadvantage will be that the bank will be able to have access to your funds, now, by the way, this can also be done if you keep money in the bank on deposit. I don’t know if a situation is possible when wallets will be created for CBDC, in which it will be possible to store CBDC without access to them by the state, and most likely even in this case they can be tracked and, if necessary, blocked. I believe global organizations will not easily accept national CBDCs under big pressure from giant nations like the USA, China, ... and being used only nationwide will not be so good for CBDCs.
At present CBDC has expanded various activities and financial service delivery process for the rapid inclusion of financial services to the mainstream population as well as the marginalized population and the backward people in the society which has been mentioned in various financial reports at home and abroad but it will be difficult for the poor population. Because they don't know much about digital currency. The regulation of the financial sector on a global scale is very complex, so people's understanding of it is also very limited. This is why it is now important to educate people about digital currency and provide clear information about the practical importance of digital currency.
I see the goal of launching the CBDC as destroying the entire global financial system. The main goal is to kill many small and middle banks that will not be able to compete due to the gradual restrictions with the introduction of CBDC. Only large banks will remain, and people will not replace how digital collars are put on them.
We've already been given digital collars. At any time, they can block all accounts and cards at the click of a finger. If there is no cash on hand, then this is simply the end of the physical existence of a person.Digital money is able to tighten this noose much more strongly and dictate absolutely any conditions to people. All this and went for many years. The population needs to be controlled somehow, and financial instruments are one of the best ways.
There are concerns that the lack of necessary legislation could lead to a wave of CBDCs that banks or financial institutions could be free to launch. The state alone cannot work on developing and launching this type of currency without entering into formulas and agreements with other financial institutions and defining the powers of each party.
They can be free to launch their CBDCs at their nations but their CBDCs will be restrictedly used in their countries only. To be accepted globally, it will be more complicated from global, continential, union regulations and politics too.I believe global organizations will not easily accept national CBDCs under big pressure from giant nations like the USA, China, ... and being used only nationwide will not be so good for CBDCs.
Maybe you can also learn more about why is the needs for decentralized digital currency and what government stand to achieve with their CBDC decision at last:
The US Congressman alerted for the need to place a ban over the use of the centralized bank digital currency (CBDC), Warren Davidson noted that CBDC is government new strategy to control finances and abuse the fairness in money distribution and utilization for their own benefits in other to have control over other people's financial asset.
There are concerns that the lack of necessary legislation could lead to a wave of CBDCs that banks or financial institutions could be free to launch. The state alone cannot work on developing and launching this type of currency without entering into formulas and agreements with other financial institutions and defining the powers of each party.The US Congressman alerted for the need to place a ban over the use of the centralized bank digital currency (CBDC), Warren Davidson noted that CBDC is government new strategy to control finances and abuse the fairness in money distribution and utilization for their own benefits in other to have control over other people's financial asset.
In all analyzes and opinions, everyone raises the issue from the point of view of governments and legislators, due to the tacit conviction that users do not have the freedom of choice and therefore do not have the freedom to control their balances of those currencies since they are subject to the supervision of government control agencies. These currencies are the new face of fiat money and have nothing to do with the privacy or decentralization that characterizes cryptocurrencies.
I'm gonna have to disappoint you a little bit. CBDC is the real evil, the evil that blockchain technology and the mega-popularity of cryptocurrencies have wrought. CBDC is not the digital equivalent of fiat, it's far worse. It's a solution that allows you to TOTALLY control and manage the flow of money. YOUR money.
You can read about the implementation of the Chinese version of CBDC, I'm sure other countries will take it for themselves and "armament" there is an interesting mechanism - blocking. Not the wallet. But tokens that are "marked" with different tags. For example - "believed to be a drug trafficker", or "engaged in anti-government activities".... CBDC is a centralized system, and the click of a national bank operator - and your coins - are not accepted by the blockchain, and everyone knows that the "marked coins" on the account - at any moment can be blocked.....
You can read about the implementation of the Chinese version of CBDC, I'm sure other countries will take it for themselves and "armament" there is an interesting mechanism - blocking. Not the wallet. But tokens that are "marked" with different tags. For example - "believed to be a drug trafficker", or "engaged in anti-government activities".... CBDC is a centralized system, and the click of a national bank operator - and your coins - are not accepted by the blockchain, and everyone knows that the "marked coins" on the account - at any moment can be blocked.....
you might want to actually look at the chinese cbdc and not take some blog post opinion of it
the PBOC do not monitor the citizens money much like the US treasury does not monitor US FIAT of citizens
instead it delegates payment services(banks) to do the customer monitoring and registration and reporting.. much the same as the american fiat system of today
and before you refer me to many crap blog sites. ill inform you of many mis conceptions
a. china is not a one bank currency. they have many many payment services.
b. you dont need to register your life history and become a citizen to get an account.
c. the chinese government have not been "watching everything"
heres a trick for you to try. go to any travel agent/money exchange service people use for vacations and ask for some chinese yuan..
note that you do not have to become a chinese citizen and have biometrics and bloodtests and give social security details over to get yuan
my previous post is actually using the e-cny example. which is where commercial services like ali-pay, wepay, tencent and other who do the customer management side.
Everything sounds good, except for one thing - we talked about CBDC (national bank digital currency) and you give options for interacting with fiat funds.
I highly recommend to study the implementation of CBDC, and its functionality, and what is important - CONCEPTS. And immediately all questions will disappear. And it immediately becomes clear - this is a universal mechanism of total control, and control is total and all-round. What I mean ? This will be a total replacement of the fiat/non-cash yuan with a tokenized system close to blockchain technology but with a high level of centralized management. From monitoring ALL transactions to mechanisms for simple but complete blocking of funds of the "account holder"
Maybe you can also learn more about why is the needs for decentralized digital currency and what government stand to achieve with their CBDC decision at last:
The US Congressman alerted for the need to place a ban over the use of the centralized bank digital currency (CBDC), Warren Davidson noted that CBDC is government new strategy to control finances and abuse the fairness in money distribution and utilization for their own benefits in other to have control over other people's financial asset.
https://twitter.com/WatcherGuru/status/1683193569014697984?t=A4jTS0JVpAIC_jYuoxqkLg&s=19
The US Congressman alerted for the need to place a ban over the use of the centralized bank digital currency (CBDC), Warren Davidson noted that CBDC is government new strategy to control finances and abuse the fairness in money distribution and utilization for their own benefits in other to have control over other people's financial asset.
https://twitter.com/WatcherGuru/status/1683193569014697984?t=A4jTS0JVpAIC_jYuoxqkLg&s=19
CBDC is a digital currency issued by a central bank to be used as an alternative legal means of payment from other perspectives. With one-sided CBDC, it can threaten financial privacy and financial freedom, and the central bank will have a back door and very easy direct access to your bank account, and the means to monitor every digital transaction that is carried out is no exception.
So, in implementing CBDC, I think it is necessary to pay attention to economic conditions, technological readiness, community conditions, and applicable legal provisions with the aim that the implementation can run effectively and efficiently and accommodate community needs.
I see the goal of launching the CBDC as destroying the entire global financial system. The main goal is to kill many small and middle banks that will not be able to compete due to the gradual restrictions with the introduction of CBDC. Only large banks will remain, and people will not replace how digital collars are put on them.So, in implementing CBDC, I think it is necessary to pay attention to economic conditions, technological readiness, community conditions, and applicable legal provisions with the aim that the implementation can run effectively and efficiently and accommodate community needs.
CBDC is a digital currency issued by a central bank to be used as an alternative legal means of payment from other perspectives. With one-sided CBDC, it can threaten financial privacy and financial freedom, and the central bank will have a back door and very easy direct access to your bank account, and the means to monitor every digital transaction that is carried out is no exception.
So, in implementing CBDC, I think it is necessary to pay attention to economic conditions, technological readiness, community conditions, and applicable legal provisions with the aim that the implementation can run effectively and efficiently and accommodate community needs.
I see the goal of launching the CBDC as destroying the entire global financial system. The main goal is to kill many small and middle banks that will not be able to compete due to the gradual restrictions with the introduction of CBDC. Only large banks will remain, and people will not replace how digital collars are put on them. So, in implementing CBDC, I think it is necessary to pay attention to economic conditions, technological readiness, community conditions, and applicable legal provisions with the aim that the implementation can run effectively and efficiently and accommodate community needs.
I'm sorry ser, but you are very very wrong, and I'd advice you to be very careful in carrying that kind of thinking with you.
Maybe he should read [GUIDE] All About Central Bank Digital Currency (CBDC)
Quote
A CBDC is a centrally programmable digital currency issued and controlled directly by the government itself. It's not like "mobile banking", it bypasses the banking system, and they should actually be made illegal. There should be a separation of Money and State.
CBDCs are from governments and central banks and I think they will be made legally at least in their nations. Their governments and central banks that create those CBDCs will accept their own CBDCs legally.
I guess you wanted to discuss that CBDCs will be considered as illegal at global scale. Like a CBDC in one nation will be considered as illegal in other nations or by IMF. Is it what you meant?
No, I literally mean that from a technical perspective - Direct programmability of a digital currency made by a centralized authority should be illegal. CBDC will be MORE tyrannical than the current, ALREADY, tyrannical financial system.
I believe that anyone involved in BitcoinTalk should spread more awareness about the challenges that CBDCs present in our financial freedom. Because it's obviously not just another form of "digital fiat".
CBDC is just a digital fiat currency and not cryptocurrency, which means that the government are in charge of this monetary system and the implementation of it policies, there's nothing different from the traditional currency we use with the commercial banks since the financial institutions were still the ones in charge of CBDC and the government coordinate them all, every risk involved with fiat are also applicable to CBDC, they can be hacked, controlled by government, make deductions from your account in form of charges, take you through KYC prices, intrude your privacy, inflate your transaction fees and track you down completely.
Why was this digital currency created, which is never a crypt at all? "Managers" want to get even more control over people's cash flows. Not enough for them what they have today. More power over slaves and serfs. I don't see any other motives. Nevertheless, this picture clearly reflects the essence of the current situation. I won't change anything. It will get much worse.
CBDC is a digital currency issued by a central bank to be used as an alternative legal means of payment from other perspectives. With one-sided CBDC, it can threaten financial privacy and financial freedom, and the central bank will have a back door and very easy direct access to your bank account, and the means to monitor every digital transaction that is carried out is no exception.
So, in implementing CBDC, I think it is necessary to pay attention to economic conditions, technological readiness, community conditions, and applicable legal provisions with the aim that the implementation can run effectively and efficiently and accommodate community needs.
So, in implementing CBDC, I think it is necessary to pay attention to economic conditions, technological readiness, community conditions, and applicable legal provisions with the aim that the implementation can run effectively and efficiently and accommodate community needs.
I'm sorry ser, but you are very very wrong, and I'd advice you to be very careful in carrying that kind of thinking with you.
Maybe he should read [GUIDE] All About Central Bank Digital Currency (CBDC)Quote
A CBDC is a centrally programmable digital currency issued and controlled directly by the government itself. It's not like "mobile banking", it bypasses the banking system, and they should actually be made illegal. There should be a separation of Money and State.
CBDCs are from governments and central banks and I think they will be made legally at least in their nations. Their governments and central banks that create those CBDCs will accept their own CBDCs legally.I guess you wanted to discuss that CBDCs will be considered as illegal at global scale. Like a CBDC in one nation will be considered as illegal in other nations or by IMF. Is it what you meant?
Here's what was found there:
Tweet about it. Curious options, right?
"Many in the cryptocurrency community have raised concerns that a CBDC has the potential to infringe on their financial freedom and encroach on their privacy." - This wording sounds in the article (from cointelegraph.com).
What was the expectation?Tweet about it. Curious options, right?
"Many in the cryptocurrency community have raised concerns that a CBDC has the potential to infringe on their financial freedom and encroach on their privacy." - This wording sounds in the article (from cointelegraph.com).
It’s centralize and control is the whole point. For what is worth, we still operating some form of mobile banking and has got to operate just the way commercial banks do operate and that is, freezing and unfreezing of account, transferring coins as they deem fit and monitoring the transaction of users. It makes no difference. CBDC and mobile banking, it’s typically the same thing to me.
There still exists a huge difference between CBDC and cryptocurrency hence, the ideas which backs it up to be a competitor for the cryptocurrency innovation is very much wasted.
I'm sorry ser, but you are very very wrong, and I'd advice you to be very careful in carrying that kind of thinking with you. A CBDC is a centrally programmable digital currency issued and controlled directly by the government itself. It's not like "mobile banking", it bypasses the banking system, and they should actually be made illegal. There should be a separation of Money and State.
Here's what was found there:
Tweet about it. Curious options, right?
"Many in the cryptocurrency community have raised concerns that a CBDC has the potential to infringe on their financial freedom and encroach on their privacy." - This wording sounds in the article (from cointelegraph.com).
What was the expectation?Tweet about it. Curious options, right?
"Many in the cryptocurrency community have raised concerns that a CBDC has the potential to infringe on their financial freedom and encroach on their privacy." - This wording sounds in the article (from cointelegraph.com).
It’s centralize and control is the whole point. For what is worth, we still operating some form of mobile banking and has got to operate just the way commercial banks do operate and that is, freezing and unfreezing of account, transferring coins as they deem fit and monitoring the transaction of users. It makes no difference. CBDC and mobile banking, it’s typically the same thing to me.
There still exists a huge difference between CBDC and cryptocurrency hence, the ideas which backs it up to be a competitor for the cryptocurrency innovation is very much wasted.
Here's what was found there:
Okay, we all knew that freezing and unfreezing was a part of the CBDC deal (at least, anyone who knew why banks got hard over CBDCs...and we knew that money printing via clicking was likely going to pass too....but minting and burning currency from frozen addresses or increasing/decreasing balances no matter their state?
I can't wait to see the funky shit that banks, as well as corporations and governments (who I'm sure will be granted a level of permission to these functions) are going to do with this tech. Let's just hope that the blockchain is explorable and that the public will finally be able to audit fiat money/cbdc chains.
Oh, let's not forget the potential destruction of fiat from hacking, the infinite amount of forks that might occur after hacks, and the ongoing pressure of hacking related actions against CBDCs. That will be the funniest part of it all...and something that I am almost certain that is not being given a big enough budget in this plan to use CBDCs.
Fiat: The end is near
Bought to you by CBDCs and a central bank near you.
Yeah, it seems like the decisions already have been made and they're dosing the news slowly so everyone can ease into the thought that it'll happen eventually.
What I wonder is if we'll see each individual country (with sovereign currency) being responsible for running and maintaining the CBDC systems, or will we see some central, global institution running the 'core' of it, with each country having some admin privileges to issue/burn its own coins.
We also know that anything centrally planned, which is not subject to free market scrutiny, tends to not function very well or even fail miserably, so we might experience some turbulent times in the not-so-far future.
By the way, with the global implementation of CBDC, cryptocurrency may get a second chance. It is not a secret that states are going to use smart contracts, which will prescribe where a person can spend his CBDCs, and access to them can be blocked due to low social rating. Then the blocked person will have no other choice but to use cryptocurrencies to somehow survive
This may pave the way of more crypto users not CBDC users. Because customers can gauge which one will be useful for them.
As they will see the disadvantages of holding their CBDC, people will get their attention on checking out other cryptocurrencies.
Since the government is already open with the use of crypto, the sentiment of these people towards crypto may change as well, which I think will be on the positive side.
A lot of people are hesitant to venture in crypto in the old days because of the notion that it was a scam, fraud or whatever they called it.
But now, they are seeing that large corporations and governments are endorsing the use of bitcoin and crypto in general.
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