Topic: New world order or CBDC against cryptocurrencies - page 2. (Read 981 times)

It is already clear that CBDC will be launched this year in many countries and it is useless to fight it. The only option that has not yet been banned is fiat. But regulators have already begun to fight with cash in the US and Europe. In other countries, there is no great resistance, which means that the noose around the citizen's neck will be tightened slowly.

The promotion of CBDCs has already begun in many countries, including the jam-dex in Jamaica (as well as the e-naira in Nigeria), insisting that a cashless society is so much better. Moreover, for decades now, governments, in agreement with banks, have been trying to persuade citizens that cash is not practical (and that it can even be a vector of viruses...).
The states maintain the confusion between CBDC and bitcoin, when of course there is nothing comparable.

It is obvious that the progressive introduction of CBDCs is only a tool to control citizens. Fortunately, we can see that Nigerians are not very inclined to adopt it and that they largely prefer bitcoin, despite its ban.

If you talk about the collapse of the dollar, then only those states that depend on the dollar system will suffer. The US will suffer the least because it could go bankrupt or print a lot of dollars. But then the question arises who is the new Boss? Or there will be several new Bosses. To write off debts, a more global war is needed, and not minor conflicts, as in Ukraine.

This is true and this is exactly what they want. Any currency they can print without real counter value in a hard asset like precious metals, is destined to go bankrupt. History is very clear about this and there are 0 exceptions. We are now at a point in time when the entire global monetary system is about to go bankrupt, and end in hyperinflation.

2023 is very similar to the 1930's. There was high inflation (look up Weimar inflation of Germany) and there was a global conflict between rising powers, leading to WWII in 1940. After this war in 1945, the financial rules were set with the US dollar as the reserve currency and the USA setting the rules for global finance. That system is totally bankrupt now.

The history of WWII is repeating itself right now.
There is a shift in global dominance and that is what this Ukraine war is really about. USA + its NATO allies are bankrupt and it seems to me that bankers will use the war as an excuse when the entire banking system goes down. There is no other way to justify to people why they will own nothing and why their currencies are worthless.

The nazi's have confiscated all of people's assets in WWII and this is exactly what Klaus Schwab of the World Economic Forum (By 2030 you will own nothing, but you will be happy) is planning for us now.

CBDC's are simply the new plan to kick the can down the road, build up debt for decades, inflate the currency until it eventually becomes worthless and steal peoples assets when they can no longer pay off their possessions due to inflated currency.
Not only that. With CBDC's being completely digital, the government now has full control over your account. They can close your account with 1 click. They know exactly what you own. They can and they will impose rules such as "you have to spend this money before this time, or we will impose a tax.."

CBDC's are monetary slavery, and it is just a matter of time before the government will start advertising them to people.

I don't want to disappoint you, but most of all central banks are subject to the requirements of the World Bank and the Basel Accords. Central banks have not been working in the interests of their countries for a long time, there are a lot of examples. All bank money is fiduciary assets. You must believe that you can exchange this bill or token for a product.

The argument is that if central bankers can create a currency without backing it up with a commodity like gold or other metals, it will not be successful. Such a currency would be no different from a regular fiat currency, except that it would be digital. The digital nature of such a currency would mean that governments would have complete control over it, which some people consider a form of monetary slavery. This view suggests that such a currency would not maintain its value over time.BTC
https://thefinanceopedia.com/
 BTC

That's why I'm following this thread closely. No one will ask people what they want and what is convenient for them. In many countries, cash can be freely exchanged for gold coins or bullion, but storage and security issues arise. And digital currency will be difficult to steal, because the chain of transactions is very easy to trace. Another positive point is that the central bank cannot go bankrupt, unlike a commercial bank, so your money is always safu. But there are many more cons.

If central bankers can print it without a counter value in gold or other metals, it will fail.
It is no different than a regular fiat currency. The only difference is that it is digital.
And it being digital, includes that governments have total control over it.

I call it monetary slavery. I certainly do not want it and I can assure you that it will not hold its value.

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The popular opinion is that the redesign was because of the election and done in a rush to frustrate some certain politicians from vote buying because they stored old notes already in their homes. It is all games and the situation of cash is not very harsh now unlike before the elections as they have finished playing their games. Though there is still withdrawal limit and access to cash.


Popular opinion is that votes don't count. The people in power already have preferred candidates to fill all the levels of political positions including the president and that was what happened because they bypass the constitution, electoral laws and the technology for accreditation and transmission of results in real time. They went back to manual collation of votes which was against the electoral law passed last year and manipulated figures to favour the ruling party candidate and that has caused many election cases in court.


Not quite sure there is focus on that.


Cash circulation dropped because of cashless policy and not for the use of cbdc. The registration for bank apps increased and other payment portals but not cbdc



Not when there is adequate network to take care of the traffic. The rural communities are still far from the cashless policy and they are badly hit.

https://www.bnnbloomberg.ca/nigeria-digital-currency-transactions-jump-63-on-cash-shortages-1.1898692
The value of eNaira transactions has surged 63% to 22 billion naira ($47.7 million) this year, while about 13 million so-called e-wallets have been opened, a more than 12-fold increase from October, said Godwin Emefiele, the Central Bank of Nigeria’s governor. The amount of currency circulating in Africa’s largest economy has meanwhile dropped to about 1 trillion naira from 3.2 trillion naira in September, he told reporters in Abuja, the capital, on Tuesday.

According to some unconfirmed sources, the number of wallets has grown because the government began to use CBDC to pay social support to the poor in the country.

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Please correct if this is a mistake. The next stage of implementation starts with the poor.

Zooming out a hundred times and you may see that Nigeria is a testing ground for the CBDC. If at first they only did this to Nigeria and succeeded they will do it to every country in the world. I think Nigerians are kicking back though.

Today we can see FED is destroying banks and the value of the USD through inflation. Sooner they will introduce CBDC in the guise of trying to protect the money from inflation by saying they already have the money and all the people have to do is install the CBDC app.

You seem to have some first hand info.

So, if I understand correctly, all the situation was due to reduction of cash in circulation as part of pre-election games. Is the situation returning to normal after the election or is it getting worse?
And why was the turnout so low? I read it was around 27%. You would expect it to be much higher especially when there's a heated rivalry for the office.

And how's it looking with CBDC, is it available for use by an average Nigerians at all?

It is a sad situation that the government is not placing priority on the people. Digital money in Nigeria is still far from Nigeria because of so many reasons not excluding comatose network.


Unfortunately it is not so. The naira seizure or redesigned against the old one was not in any way made to encourage the use of cryptocurrency, even bitcoin trading is still not popular as the government is still placing a ban on it or have not publicly lifted the ban on it. The purpose for the naira seizure according to popular opinion in Nigeria was for only political reason to reduce vote buying in the just concluded election but all of that is a failure because the election is overtly rigged against the popular presidential candidate of labour party. What is worst and to prove that the naira challenge and impoverishing of masses is that same old naira have been released for circulation after the election, so it was not to encourage the use of cbdc or cryptocurrency. It was for selfish gains.

However, Op could have added protest going on in various Nigerian states especially in the capital territory at the inec head quarters and national assembly due to non compliance with the constitution, electoral laws and Inec guidelines in the conduct of the Feb 25 , 2023 presidential election. The naira crunch is sequel to the fraud and rigging of the election.

Interesting. I've always been drawn to what's going on in Nigeria, I guess because of the large Nigerian community on the forum, but I didn't know in detail what had happened with the implementation of CBDCs there.


This point seems essential to me. The same thing will happen in the rest of the world. They are not going to be satisfied with the fact that many people are willingly giving up using cash to pay with their cell phones, they want to make it more difficult to accelerate the disappearance of cash. That's why they are putting limits on cash payments and there are fewer and fewer ATMs.


I think you are wrong. Most people will use them because they have the governments approval and that's it. Plus as I just said, they are going to make it more and more difficult to access cash, which coupled with people willingly not using it will push people to CBDCs.

The volume of cash may decrease, but I do not think that in the near and even distant future they will disappear. Yes, and we should not strive for this. Still, cash is not as controlled by the government as non-cash. Non-cash money has previously been entirely under the control of the banking system, and hence the government. CBDC is functionally much better than the current non-cash money, however, in terms of control, it is the same non-cash money.
Cryptocurrency, of course, expect times of further regulation by states and their governments. But if everything is in moderation, then it will take its rightful place in the global financial system.

https://cointelegraph.com/news/nigeria-cbdc-adoption-spikes-as-fiat-currency-shortage-grip-the-nation
Nigeria CBDC adoption spikes as fiat currency shortage grip the nation
"The acute cash shortage in Nigeria was due to the central bank’s decision to replace older bank notes with bigger denominations amid rising inflation.

However, the lack of physical cash forced Nigerians to use the eNaira. In a country where cash accounts for about 90% of transactions, the value of eNaira transactions increased 63% to 22 billion nairas ($47.7 million), revealed a Bloomberg report.

Moreover, according to Godwin Emefiele, governor of the Central Bank of Nigeria, the total number of CBDC wallets grew more than 12 times compared with October 2022 and is currently at 13 million."

Cryptocurrency allows you to buy goods in other countries, because the national currency has a lot of inflation. I have seen information about the popularity of stablecoins, but I have no way to verify the authenticity. If someone from Nigeria made some comments, it would be more clear.

Idunno, if a large amount of Nigerians are resorting to "trade by barter", then what does that say about bitcoin adoption over there. Sure, I know that scores of people are now using it after these events, but that apparently isn't enough people to get the government's attention - I believe BTC is still officially banned there anyway.

protests continue
https://www.coindesk.com/consensus-magazine/2023/03/06/nigerians-rejection-of-their-cbdc-is-a-cautionary-tale-for-other-countries/
Nigerians’ Rejection of Their CBDC Is a Cautionary Tale for Other Countries
"Nigerians are protesting the African country's digital currency and demanding renewed access to paper money, despite government incentives.

In Nigeria, citizens have taken to the streets to protest the nation’s cash shortage, further objecting to their government’s implementation of a central bank digital currency (CBDC). The shortage came about due to cash restrictions aimed at pushing the country into a 100% cashless economy. Yet, instead of adopting the CBDC, Nigerian protesters are demanding paper money be restored."