FX.co ★ CBDC and tyranny

According to the Atlantic Council's CBDC Tracker, 105 countries are exploring the possibility of central banks adopting a digital currency. CBDC, digital money that the central bank will control. The United States, for example, is considering creating a CBDC FedCoin.

Writer, rapper, and speaker Zuby is against this idea. In his words: "This is a very dangerous technology," he said. "These technologies can be used to enslave people."He pointed to the fact that CBDC can be used to restrict people's purchases and punish those who adhere to dissenting parties with political views.

Zuby, who has a degree in computer science from Oxford University, was gloomy about the prospects of CBDC, which he called a type of programmable "tokens."He argued that the CBDC could be linked to a social credit system similar to the one in China.

"In the current system, people can be fined," he said. There may be asset seizures and the like from people who do not pay taxes. The introduction of CBDC will mean that you have a currency, but you can't go and spend it in a store, or you can't use it to buy a plane ticket. Thus, there is no limit to how a potentially authoritarian or tyrannical government can control and restrict your behavior.

Zuby also pointed out the danger of trusting bank accounts that the government can confiscate, as happened with the Freedom Convoy protesters in Canada.