During the weekend, discussions about central bank digital currencies, or CBDCs, trended on social media as many people believe the idea will result in increased financial surveillance and a totalitarian monetary system. In a recent interview, Lynette Zang, the chief market analyst at ITM Trading, warned that CBDCs will “take the world into a full surveillance economy that can be controlled directly by the central bank.”
‘Convincing You to Support a Controlled CBDC Has Begun’
In the past week, discussions about CBDCs have trended on social media, and commentary shows that people are highly skeptical about central bank cryptocurrency assets. Opposition has come from well-known influencers and politicians worldwide. Former Congress member and 2020 U.S. presidential candidate Tulsi Gabbard recently criticized the idea in the United States.
“[The] Biden [administration] aims to implement a central bank digital currency (CBDC) to bring about a cashless society, allowing them to track everything we purchase [and] control our money,” Gabbard opined. “[The] gov’s ‘Fednow’ system is needed [as the] first step to achieve their dream of [a] cashless society. This needs to be stopped at its inception, or it will be too late,” she added.
Spotted in London by a member of the team.
We say no #CBDC because we want our financial privacy. pic.twitter.com/nn8nOKq0ya
— Coin Bureau (@coinbureau) April 16, 2023
The U.S. central bank’s Fednow program has sparked much debate in recent times, and just recently, the Federal Reserve asserted that the project was not a digital currency, CBDC, or cash replacement. Other discussions have centered around the Bank for International Settlements’ (BIS) CBDC pilot, Project Icebreaker. BIS recently released a video about the project, and people have commented on the organization’s statements. “Convincing you to support a controlled Central Bank Digital Currency has begun,” tweeted podcaster James Miller.
Why CBDC are a totalitarian dream pic.twitter.com/KsbZ6cFxLF
— Jon Najarian (@jonnajarian) April 16, 2023
Natalie Smolenski, senior fellow at the nonpartisan, nonprofit organization the Bitcoin Policy Institute, also criticized the Project Icebreaker video. “Literally all of the benefits of this CBDC interoperability project (BIS ‘Project Icebreaker’) can already be realized by the bitcoin Lightning Network,” Smolenski wrote. “CBDCs are completely unnecessary. There is no problem…
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