CBDCs are being developed to replace cash and this nightmare is yet another reason to embrace bitcoin.
CBDC to replace cash
A special session of the World Economic Forum (WEF) opened on Sunday in Riyadh, capital of Saudi Arabia.
The gathering will above all be the scene of geopolitical pressure to initiate de-escalation in Palestine. But other subjects were on the agenda such as “cryptocurrencies”or rather, CBDCs (central bank digital currencies).
The governor of Bahrain's central bank took the opportunity to revive a well-known dark plan: putting an end to cash. Khalid Humaidan stated bluntly that he hopes that CBDC will completely replace cash:
“Cash is used less and less. Payments [au Bahreïn] are mainly digital. I think the transition to digital-only payments will not be difficult. […] Contactless payments have become a health necessity, a requirement, in the wake of the Covid pandemic. There is little resistance today. The confidence is there. »
This speech contrasts with that of the President of the European Central Bank. Christine Lagarde promises for her part that the digital euro will not replace cash.
” Is it that [l’euro numérique] will be as private as cash? No. A CBDC will never be as anonymous and as privacy-protective as cash. And that's why cash will always exist.”she declared on the occasion of the Innovation Summit of the Bank for International Settlements in March 2023.
Very good, but then why go to all the trouble to create a CBDC? We all already have a credit card…
End of cash = Totalitarianism = Bitcoin
As Albert Camus said in The fall :
“If everyone sat down at the table, eh, displayed their true profession, their identity, we wouldn't know where to turn! Imagine the business cards: Dupont, cowardly philosopher, or Christian owner, or adulterous humanist, we really have the choice. But it would be hell! Yes, hell must be like this: streets with signs and no way to explain. We are classified once and for all. »
If cash were to disappear, our whole life will transpire through our purchasing histories. This transparency will inevitably transform into a tool for surveillance and social profiling.
Such an intrusion into privacy would be unprecedented. The risk ultimately being that governments can ration the population with a single click!
As Eswar Prasad said last June during the round table also organized by the World Economic Forum:
“The world could […] would darken if governments decided that central bank currencies could be used to buy certain things rather than others deemed less desirable. For example ammunition, drugs, pornography or something like that. »
A society subject to this level of surveillance can only be described as totalitarian. The end of cash would be a fatal blow to freedom.
Bitcoin would then take on its full meaning as a tool of freedom. A free world will always need a currency that is not associated with an identity and cannot be censored.
Replacing our banknotes with CBDCs will result in increased use of bitcoin as a means of payment, in addition to being a store of value.
This is why the Samourai affair is important. Coinjoins are essential to cover your tracks in order to protect your privacy.
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