There is no doubt that CBDC is an improvement in the currency we already, it also means that that as it is an improvement and we already know that the government had control over the fiat that already exist, they have have an improved control over CBDC and will have the power to manipulate, seize/freeze, and control the CBDC as they please. Agreeing to use CBDC is giving the government more financial control over you.
It will not CBDC users to loose control of their money easily whenever the governments feels there is a reason to do enforce and show control.
Topic: Can CBDC users lose control of their money? - page 7. (Read 1005 times)
What do you think, is CBDC being developed for the benefit of people or will it be directed against them? After this article, the scales, in my opinion, swung even more towards the total regulation of the financial life of people.
CBDCs have nothing to offer that fiat have not offered. You can send fiat digitally and it is under the control of central banks and the government just like the CBDCs. In function, is there anything added to CBDCs that fiat can not offer? I see nothing new about CBDCs than claiming that it is built using blockchain. In function, digital fiat and CBDCs are the same thing and they totally invade people's privacy.More privacy penetration in parallel with accurate monitoring of all citizens' financial activities. I think this is nothing new for them and people are used to it.
The only point I think is positive is how private banks will deal with these currencies. Governments will have the ability to control and track all activities on the CBDC currency network, and this is certainly not in the interest of banks that have long benefited from creating accounts for their customers with script numbers in exchange for taking their money under the pretext of saving or investing it.
As long as CBDC is Centralized (as the name suggests) or as long as Centralized Financial system is concerned, expect its ideals/principles to be in complete opposite of the ideals of Decentralized currencies like Bitcoin. Besides, Fiat or National Currency like the CBDC would have to be in accordance with existing national laws that guide the modern financial system. Such laws cannot guarantee users privacy or prevent accounts freezing, as long as centralization is concerned. So, users should not expect their fundamental rights not to be violated by Central Bank, governments or others.
CBDCs have nothing to offer that fiat have not offered. You can send fiat digitally and it is under the control of central banks and the government just like the CBDCs. In function, is there anything added to CBDCs that fiat can not offer? I see nothing new about CBDCs than claiming that it is built using blockchain. In function, digital fiat and CBDCs are the same thing and they totally invade people's privacy.
I agree, from the individual person's perspective, CBDC brings nothing new to the table other than potential threats of introducing more restrictions on how/when you can spend your money (i.e. there have been discussions of ideas of introducing "expiry" dates on money, to force people to spend it within a certain time frame).
The only advantage it provides is giving governments more control over the financial systems and the money flows and making all transactions transparent and traceable (further reducing privacy).
It all still narrows down to the centralization of CBDC, the controller could be evil/good and do whatever they like with your supposed assets. I called it supposed assets because you might think you have them, but once it's not your key, it's not your asset, so you are technically not the owner and can lose rights to it just like a dream. The CBDC arrangement is just like the old ways that Bitcoin came to tackle, that's why no one should mistake a truly decentralized crypto like Bitcoin for something like CBDC which is just like fiat and may not offer anything beyond that.
Many would say CBDC would give room for more transparency and regulation, but have you ever thought if this so-called regulation is fair? This expose is another good one to prove that your CBDC assets are not safe for anyone.
Many would say CBDC would give room for more transparency and regulation, but have you ever thought if this so-called regulation is fair? This expose is another good one to prove that your CBDC assets are not safe for anyone.
What do you think, is CBDC being developed for the benefit of people or will it be directed against them? After this article, the scales, in my opinion, swung even more towards the total regulation of the financial life of people.
CBDCs have nothing to offer that fiat have not offered. You can send fiat digitally and it is under the control of central banks and the government just like the CBDCs. In function, is there anything added to CBDCs that fiat can not offer? I see nothing new about CBDCs than claiming that it is built using blockchain. In function, digital fiat and CBDCs are the same thing and they totally invade people's privacy. 
In Brazil, a pilot project of the central bank digital real is being tested.
Source code - https://github.com/bacen/pilotord-kit-onboarding.
The presented architecture of the project, which, presumably, will be amended and changed - https://github.com/bacen/pilotord-kit-onboarding/blob/main/arquitetura.md.
This news would not have been anything particularly remarkable (the news about the testing of CBDC comes from various countries) if Pedro Magalhães had not reverse-engineered the source code of the digital real placed by the central bank of Brazil (Banco Central do Brazil’s digital real).
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). To which, I can say that it is necessary to express not concern, but “sound the alarm”, because after such surprises in the CBDC source code, it will definitely be impossible to talk about any financial freedom and confidentiality.
As usual, all this is served under a plausible pretext: "Fabio Araujo, an economist at the Brazilian central bank, explained that the digital real has the potential to halt bank runs and looks to provide entrepreneurs with a more safe and reliable environment to innovate." (taken from the same source)
What do you think, is CBDC being developed for the benefit of people or will it be directed against them? After this article, the scales, in my opinion, swung even more towards the total regulation of the financial life of people.
Information taken from: "Brazil’s CBDC pilot contains code that can freeze or reduce funds, dev claims".
Source code - https://github.com/bacen/pilotord-kit-onboarding.
The presented architecture of the project, which, presumably, will be amended and changed - https://github.com/bacen/pilotord-kit-onboarding/blob/main/arquitetura.md.
This news would not have been anything particularly remarkable (the news about the testing of CBDC comes from various countries) if Pedro Magalhães had not reverse-engineered the source code of the digital real placed by the central bank of Brazil (Banco Central do Brazil’s digital real).
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). To which, I can say that it is necessary to express not concern, but “sound the alarm”, because after such surprises in the CBDC source code, it will definitely be impossible to talk about any financial freedom and confidentiality.
As usual, all this is served under a plausible pretext: "Fabio Araujo, an economist at the Brazilian central bank, explained that the digital real has the potential to halt bank runs and looks to provide entrepreneurs with a more safe and reliable environment to innovate." (taken from the same source)
What do you think, is CBDC being developed for the benefit of people or will it be directed against them? After this article, the scales, in my opinion, swung even more towards the total regulation of the financial life of people.
Information taken from: "Brazil’s CBDC pilot contains code that can freeze or reduce funds, dev claims".
Jump to: