The UK government has openly announced its evil plan, but no one has been talking about it. That’s either because of two reasons, the first is no one cares, and the second and more probable reason is no one understands. Recently, Crypto Tea, a popular Twitter influencer, has revealed how the government has been lying to us about Central Bank Digital Currencies. The authorities say that they are good for us, but are they? The short answer is No! but let’s dive deeper into why that is the case.
What are CBDCs?
CBDC stands for Central Bank Digital Currency. It is a digital version of fiat currency issued by a central bank. CBDCs are also designed to complement, not replace, physical cash and traditional bank deposits and may be subject to regulatory oversight to prevent money laundering and other illicit activities. Some countries have already launched their CBDC like China, while most nations are still working on it, like India, the US, and the UK.
What is the government preaching about CBDCs vs what’s really the case?
UK’s new prime minister Rishi Sunak recently announced that they, along with all other G7 countries, are launching policies for CBDCs. He says CBDC will be like a digital banknote and will be issued by the Central Bank of the country. People can use it alongside physical notes and coins. He then tries to illuminate the benefits of a CBDC, such as security, compatibility, energy efficiency, privacy and availability.
Am I crazy?
The government announced their evil plan and no one seems to care 👇🧵
— Crypto Tea (@CryptoTea_) January 30, 2023
However, CryptoTea clearly states that Rishi Sunak is not painting the whole picture. She says Central Bank Digital Currencies will have zero privacy, will be inflationary to fund debt and wars, have zero transparency, will be used by the authorities to control us, could be frozen with the click of a button and most importantly it will be centralized.
The citizens of the UK are only being told about the convenience it will bring and not anything else. She also said if someone works for money which the government can print out of thin air, it is just slavery. But now, one might say that the government is not forcing anyone to adopt it, right? Well, there are ways by which they are doing so. All of these methods might not be direct, but its cunning and people are falling for them.
How are different governments pushing for CBDC adoption?
There are multiple ways this is happening, and we will look at all the major ones. Let’s start!
1) Free Money
This is one of the easiest ways the government can attract users to CBDCs, that is, by offering free money. They are obviously not paying out of their own pockets. All the government has to do is issue tokens and distribute them among the masses. While it might seem attractive initially, it comes at the cost of inflation and a lack of control over your privacy.
So, which country is doing it? China! They have already distributed $40 million in digital yuan, packing them in red envelopes all across the country. These red packets are called “hongbao”, which are traditionally used in China to gift money and as a gesture of good luck. This has worked in favour of the government, with over 261 million users setting up their digital wallets as of Jan 2022. The total transaction volume also crossed the $14 billion mark on October 2022.
2) Limiting cash withdrawals
Now, this is a method which uses force to push users to adopt Central Bank Digital Currencies. This method was employed by the Nigerian government, and they first banned cryptocurrencies because they were deemed unsafe for use. After this, the authorities restricted cash withdrawals to a mere ₦100,000 ($225) per week for individuals and ₦500,000 ($1,123) for businesses. This amount is so low that Nigerians would have to shift to other means of payment.
This move was not appreciated by many, but there are people who have tried to defend it as something creative by the central banks to push CBDC adoption. For example, Simon Chantry from Bitt, the company that developed Nigeria’s CBDC.
3) Banning alternative payment methods
This is yet another tactic that the Chinese government has implemented so that its citizens do not have any choice but to adopt CBDCs. They have banned all other cryptocurrencies in the country, which means for those who want to associate with blockchain Central Bank Digital Currencies are the only option. It is quite possible that sooner or later, other nations will use these tactics to push their citizens to adopt CBDC. In fact, Crypto Tea says that the Whitehouse is going down the same path.
There are many people on social media who are promoting CBDCs for money. Crypto investors are falling prey to these things just for the buzz words that are being associated with them, such as “interoperability”, “bridge currency”, and more. They do not care about you, just their pockets.
The last option for people’s freedom!
Bitcoin is the last standing pillar for our freedom, and we must understand why that is the case. Unlike other cryptocurrencies, Bitcoin is not controlled by any centralized authorities. So, it is truly for the masses. Bitcoin also has a fixed supply of 21 million, which means it is non-inflationary. And even the rate at which it is being mined, it will take more than 100 years for the last BTC to be in circulation.
Then we must talk about privacy and security. If you use Bitcoin the way it is supposed to, then you will have full control over your money. What does the way it’s supposed to be used mean? Well, people still use crypto exchanges to hold their coins, which goes against Bitcoin’s very nature. It is supposed to bring more control to you. But when you use exchanges like FTX, they toy with your money, and when they lose it and go bankrupt, your money goes away. Even if they have funds to pay back, customers are the last ones on the priority list, and the creditors of the company come first.
Bitcoin’s other benefit is censorship resistance which is why as Rishi Sunak talked about CBDC adoption, it is nothing less than the UK announcing its evil plan. I am telling you, you do not want programmable money from the government. They can literally do anything with it. Do you want to buy a pack of cigarettes? Well, now you can’t because the government says no! If you want to buy a smartphone from a Chinese manufacturer, you can’t because the US doesn’t allow it. These censorships can be easily implemented with CBDCs, but they can’t be with Bitcoin. In fact, user funds can also be frozen with the click of a button with CBDCs. Suddenly, if you protest against government policies, they might freeze your money. This has happened in Canada with bank accounts.
What are your thoughts on the evil plan that the UK government has openly announced recently? And do you think CBDC will benefit the masses or lead to more privacy problems? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.
Also Read: Justin Sun wants to get Tron adopted as legal tender in 5 countries by 2023.