CBDC is useless

CBDC or Central Bank Digital Currency is a copycat of cryptocurrency without privacy protection.

It is so useless that once it rolls out, no one will use it because everyone will be cautious about how your privacy has been tracked by the government 24/7.

https://twitter.com/NikoJilch/status/1563446734184779779

Any payment company can do whatever CBDC claims it can accomplish unless the government wants to track everyone's financial transactions.

What is CBDC?

https://www.icba.org/newsroom/blogs/main-street-matters/2021/06/03/digital-dollar-digest-what-central-bank-digital-currency-architecture-means-for-community-banks

It is a private blockchain that allows banks to directly approach individual users through a digital wallet that enables the government to record all transactions of a such individuals automatically.

It is a surveillance program to minor individual financial data without watching them 24/7.

Who loves CBDC?

Totalitarian states love to use CBDC. Since the totalitarian government was established to control its citizens, CBDC is a perfect tool to monitor its citizens daily. It allows the government to track citizens' financial transactions and punish them if citizens disagree with their rules.

China loves CBDC because they control their citizens 100% if they want to and love to monitor their activities.

More than 80% of central banks are looking at CBDC gives a disturbing feeling that governments are likely becoming more and more totalitarian in the coming years.

It is imperative to have cryptocurrency to prevent the government from invading your privacy.

But in the end, CBDC is useless as an instrument of the payment transactions as it claimed to be.

If you enjoy reading my articles, buy me a coffee here.

Photo by Marius Masalar on Unsplash