The Shackles of Central Bank Digital Currency
You won’t be able to buy anything without permission from the government. Every dollar you earn, spend, or save will be monitored by autocrats who, with the click of a button, can turn off your earning, spending, or saving potential at any time. You’ll be forced to buy food, clothing, shelter — and everything else you need or want — according to tyrannical dictate. Or you will be prevented from purchasing by the same oligarchs, who control not only what you buy, but when and from whom you buy it.
This might seem like dystopian science fiction. But thanks to central bank digital currency (CBDC), it is unfortunately already reality in some countries.
China has been using its own CBDC, the digital yuan, since April 2021 to help impose the surveillance and control of financial transactions that is already common practice in that country.
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