HodlX Guest Post Submit Your Post
CBDCs (Central Bank Digital Currencies) have become a hot topic among crypto enthusiasts as the main weapon of governments against privacy and freedom.
By controlling all the finances of their population, governments can use CBDCs to control and manipulate the population to an extent that was not possible until now.
Despite these issues, there may still be room for well-developed and wisely implemented CBDCs.
Let’s dive a bit deeper into this intriguing topic and discuss ongoing and future trends.
The emergence of CBDCs
CBDCs result from the advancements in blockchain technology and the financial landscape.
Central banks across the globe are exploring the idea of introducing the alternative of fiat currencies for digital transactions.
Unlike traditional forms of money, CBDCs represent the country’s official currency issued by central banks.
This evolution is propelled by the need for more efficient financial transactions, modernization and the desire to adapt to the evolving nature of currency in the digital age.
Despite these arguments from central banks worldwide, many people see CBDCs as the dystopian future as central banks and governments will have full control over individuals’ money.
CBDCs in this matter can become super dangerous weapons in the hands of autocracies around the world, hence, development is slow and governments are trying not to hurry.
Are CBDCs truly future fiat currencies, or are they really a threat to democracy and freedom?
The dilemma cannot be underestimated at first glance, CBDCs are the future for fiat currencies and the inevitable result of technological discernment.
On the other hand, they can become a real threat to freedom, as corrupt governments can use them to freeze assets for the opposition and take full control over everything.
Freezing money for the opposition will be an effective weapon to silence opposition, and this threat must not be taken lightly by the world population.
With this said, there is definitely an argument for CBDCs for truly democratic countries, and using them together with other alternatives of money could be advantageous for government spending monitoring.
Although corrupt governments can leverage CBDCs to exert control over their population, the ability of individuals to monitor government spending may be a significant factor in the global reluctance to expedite the development of CBDCs.
Understanding blockchain technology
Blockchain…
Click Here to Read the Full Original Article at The Daily Hodl…
