WisconsinLiberty
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Central Bank Digital Currencies: Say Goodbye to Financial Privacy
The New American
May 12, 2022
In a new study carried out by the Bank of International Settlements (BIS), the central bankers’ central bank headquartered in Basel, Switzerland, an overwhelming majority of the world’s central banks indicated interest in developing Central Bank Digital Currencies (CBDCs). CBCS are now being promoted by governments and banks as an alternative to the burgeoning international market in private digital currencies such as Bitcoin and Ethereum, as well as the even-newer “stablecoins,” i.e., private digital currencies tied to some commodity or national currency in order to provide additional stability. The enormous popularity of private digital currencies in recent years stems from their ability to completely evade government tracking measures; Bitcoin and other digital currencies have proven extremely helpful in moving money around the world outside the scrutiny of both government and banking authorities.
In response, a number of countries have begun developing digital versions of their own national currencies, with China’s advanced digital yuan project already in the beta testing stage in some parts of China. China’s motivation, of course, is to completely replace traditional currency with digital currency, thereby stripping away from Chinese citizens every last vestige of financial privacy. Under China’s coming digital-currency regime, every single transaction, domestic and international, will be tracked by government authorities, and no one will be able to move money inside or out of China anonymously.
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Full Story:
https://thenewamerican.com/central-bank-digital-currencies-say-goodbye-to-financial-privacy/
The New American
May 12, 2022
In a new study carried out by the Bank of International Settlements (BIS), the central bankers’ central bank headquartered in Basel, Switzerland, an overwhelming majority of the world’s central banks indicated interest in developing Central Bank Digital Currencies (CBDCs). CBCS are now being promoted by governments and banks as an alternative to the burgeoning international market in private digital currencies such as Bitcoin and Ethereum, as well as the even-newer “stablecoins,” i.e., private digital currencies tied to some commodity or national currency in order to provide additional stability. The enormous popularity of private digital currencies in recent years stems from their ability to completely evade government tracking measures; Bitcoin and other digital currencies have proven extremely helpful in moving money around the world outside the scrutiny of both government and banking authorities.
In response, a number of countries have begun developing digital versions of their own national currencies, with China’s advanced digital yuan project already in the beta testing stage in some parts of China. China’s motivation, of course, is to completely replace traditional currency with digital currency, thereby stripping away from Chinese citizens every last vestige of financial privacy. Under China’s coming digital-currency regime, every single transaction, domestic and international, will be tracked by government authorities, and no one will be able to move money inside or out of China anonymously.
...
Full Story:
https://thenewamerican.com/central-bank-digital-currencies-say-goodbye-to-financial-privacy/
