The introduction of CBDCs, which stands for central bank digital currencies, has been touted as a revolution for the global economy, providing a secure and efficient way of transferring money and payments. However, there are some significant issues with CBDCs that cannot be overlooked. The first issue is the lack of a unified standard. Since CBDCs are still new, there is no single standard that all countries have agreed upon. And this creates serious issues in terms of interoperability, and compatibility. As different countries may have different systems and protocols this could make it difficult or even impossible for different countries to interact and exchange CBDCs. Another problem with CBDCs, digital currencies, is that they're vulnerable to hacking, and other forms of cybercrime. Additionally, the lack of a unified standard can make it difficult to ensure that the security as the transactions can be there to protect user data. A third issue is the potential for monetary policy manipulation with CBDCs, government can easily influence the supply of money and the value of the currency. And this could potentially be inflation, deflation, or other economic issues. And finally, another issue is the potential for centralization. This is the big deal. And I've talked about it in other podcasts, if cbdc has become widely adopted, it could lead to a situation where a single government or a single institution has control over the entire system. And this could have serious implications for financial and economic freedom, as well as the potential for abuse of power. So, imagine that you go into a grocery store to purchase food for your family. But since your tweet didn't line up with what the government would like to hear you tweet or see you tweet, they say, “No, you can't have the food this week, you can't spend that money.” Additionally, what if the government and as this has been done in other countries like Zimbabwe, where they actually print an expiration date on the money? What if they do the same thing with CBDCs? They say you have to spend this $1,000 of cbdc money of dollars, right? But you have to do it by April 4, right? If you don't do it, the money expires, why would they do that? Well, that's they want the money to go into circulation. So, they're going to force feed you to do that, that's going to create massive inflation, as the money moves around, and it gets taxed more and more becomes less efficient. And so, it's just got a lot of problems. Like if you look at what's going on in China, with CBDCs, they have a social credit score, if you don't say what the government wants you to say, if you don't have the right vaccine passport, if you haven't gotten the right medication, if you don't line up with what the government wants you to do, right? You don't send your kid to school. I mean, you can think of a million things that this could cover. They don't give you food, they don't let you get on an airplane, they pull your passport, right? They don't let you pay the mortgage, they take your house, all of that is fraught with problems when you get something centralized, like a cbdc. Yes, it's got some cool benefits like a blockchain would have. But since the government controls it, and it's centralized, it's doesn't have any advantages. It has lots of disadvantages, like I just mentioned. Overall, while CBDCs have the potential to revolutionize the global economy, there's still some significant issues that need to be addressed. So, until these issues are resolved, it's unlikely that CBDCs will widely be adopted. And it also means that we have to rise up against them. If we don't guarantee our freedoms now, they're just going to take them. I don't want to be that government conspiracy guy, but I can tell you that it's happening. It's happening in China. It just happened in Canada. They had the truckers that had a little bit of a revolt, and they wanted to go protest. Nobody was killed. They went and protested. And anybody that donated to the truckers had their accounts frozen. Anybody that was sympathetic to that movement had their bank accounts frozen. So, this is Canada, this is a China, it's coming close to home. We've got to be careful. We got to make sure if we're going to put CBDCs in circulation, if we're going to allow that, it has to have checks and balances, and it can't be in control of a centralized authority.
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