Sirwin
Sirwin

CBDC: One Current for All

By xuanling11 | Crypto Learning | 10 Oct 2021


Every country is looking into CBDC. What if CBDC will use the same technology and that will make one currency for the entire world.

 

Domination struggle 

If CBDC is one currency for all, who will oversee and control the currency? Perhaps the stronger version of currency will dominate the force.

 

Inflation will not disappear 

Even though countries move into CBDC, inflation will be there. The nation will not stop printing more money.

 

The economic crisis will be there

There will be an economic crisis even though CBDC issues. The crisis will induce more inflation and widen the wealth gap.

 

The crisis will be mild 

The government will speed up the distribution of money to individuals quicker than before. It can help individuals to survive in a crisis.

 

Long term effect is not changing

However, the money will still end up in the hands of corporations and inflation will still be high. 

 

CBDC does not create more jobs

CBDC will make it easier for the government to track citizens. It becomes a chip tracker embedded into your money. It does not make jobs grow or induce more opportunities.

 

CBDC will bring a larger government body to watch citizens 

CBDC will integrate governments together and make it easier to implement global monetary policy. The corporations will also be monitored.

 

Citizens need to choose to spend between 

Some countries will allow citizens to choose their money between CBDC and cryptocurrency. However, some countries will force their citizens to use CBDC. 

 

Mildly surveillance vs Intense surveillance 

We are heading into a new era in which countries will surveillance their citizens on specific transactions that will analyze potential dangers to the society and intensely surveillance that the government collects every data from their citizens to make programs that change and control their behaviors.

 

Cryptocurrency will be tracked eventually 

Cryptocurrency can not be assumed to be secure and it will have to be monitored eventually.

 

New types of untraceable crypto will become available 

Cryptocurrency is part of technology and it will evolve into an untraceable system if the government will implement intensive surveillance programs.

 

In conclusion 

The future will become clearer between the competition of CBDC and cryptocurrency. As long as crypto continues to grow, we can still have hope to save our own privacy.


Photo by Oleg Laptev on Unsplash

Note: the post was shared on multiple platforms.

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