Continuing the discussion from Link: American Climate Corps:
Following up from that earlier point, this linked podcast episode clarifies that with some history:
I like the content the Interviewer is a bit pessimistic but overall I liked it.
2 Likes
I like this topic because its very apropos to today as the world considers CBDC’s (central bank digital currency). We were always headed this direction and the digitization feels all but inevitable; thats a scary thing. If the central banks and governements are working together to digitize the central banks ledger, it needs to be coded and we have to as ourselves, what is going to be in the code? Will the code contain a backdoor for the government to easily seize assets? When the next pandemic hits and the government shuts the country down again, will there be some way it could stifle the entire nation with one function of a keystroke? Is this going to be another way for the government to monitor transactions and manage the money supply even more directly.
The answer is most certainly yes; of course the government will intervene with this process and create a backdoor. We only need to turn and see what China has been doing since early 2014.
One of the stated goals of the digital yuan is to combat financial crimes such as money laundering and tax evasion. To achieve this, the PBOC can track transactions more easily than with cash, providing detailed visibility into the flow of money within the economy. Critics argue that this capability could also be used to monitor and potentially control the financial activities of individuals, raising privacy concerns. * * The digital yuan can be programmed with features such as expiration dates or restrictions on how it can be spent. While these features can be useful for specific policy goals (e.g., stimulus payments that must be spent within a certain period), they also introduce the possibility of more granular control over individual spending. There are concerns that the digital yuan could be used as a tool for government surveillance. Given China’s existing framework for digital surveillance, including the Social Credit System, the digital yuan could potentially enhance the government’s ability to monitor citizens’ behavior and enforce compliance with social and political norms. * Chinese officials have stated that the digital yuan is designed with privacy protection measures and that it will provide “controllable anonymity,” meaning that small transactions can remain anonymous, but larger transactions will be subject to scrutiny to prevent illegal activities. Lastly, the introduction of the digital yuan also has implications for international trade and finance. China’s ability to influence the use and adoption of the digital yuan globally could extend its economic and geopolitical influence.
1 Like
In summary, while the digital yuan offers various benefits, such as improved payment efficiency and enhanced financial inclusion, it also is sounding the alarm about privacy and control. The degree to which these concerns materialize will depend on how the PBOC and the Chinese government choose to implement and regulate the digital currency. The situation continues to evolve, and close attention is being paid to the implications for both Chinese citizens and the global financial system. In the crypo forums I participate in, it’s very heavily discussed; the idea of a CBDC. The EU is already looking to do this. In 2020, European Central Bank launched its ublic consultation to gather feedback from stakeholders.
Thoughts on the above and thoughts on Bitcoin. I am quite fascinted with the sociological impact it has had since it started receiving near mass adoption in many countries like El Salvador, Venezuela and Nigeria where Bitcoin was named an official form of payment. There is a massive distribtion of wealth happening and its happening right now. How do you see Bitcoin changing the way society sees currency and due its very nature written in its whitepaper as an affront to the idea of today meaning of currency, will it continue to exist or will the centralized banks of the world find a way to stop it?
Thanks for the input 
I haven’t looked too much into Bitcoin. But cryptocurrency tech certainly enables greater potential for centralized currency controls. However, I wouldn’t really consider Bitcoin a currency, since (as I’ve heard) it has a limit on the amount of coins which could eventually exist; assuming the limit is true, this makes it more like a commodity than a currency. Because it has that limit, it has already ensured, on its own (without central bank intervention), that (even if it becomes more widely used as a currency) that it would eventually cease being being widely used as a currency. Some may think the limit helps it to be trusted as a store of value and to prevent inflation, but that is actually the systemic fault which I am pointing at, (despite personal preferences which see it as a virtue).
Regardless, I doubt this thread would be the ideal place to discuss such bitcoin details; perhaps you could make and link to another thread if you want to discuss further.