Summer 2023 - Current State of CBDCs

This episode pulls back the curtains on the current state of CBDCs. FedNow has launched on July 20th, phase one of the United States CBDC rollout. A CBDC is simply a digital fiat that’s issued by that country’s centralized banking system. It is NOT a decentralized cryptocurrency. The issuing authorities like central banks will set the rules for CBDCs, as opposed to crypto networks, where the users will control the networks by making conscientious decisions. Senators Bernie Sanders and Elizabeth Warren are trying to get rid of CBDCs because they don’t want citizens to have the freedom and autonomy to transact anywhere at any time with anyone with zero surveillance. Recently, the FCC has charged Coinbase for operating as an unregistered securities exchange. Additionally, the FCC filed 13 charges against Binance for similar issues. The managing director of the International Monetary Fund (IMF) has announced that the global body is working hard on the concept of a global CBDC platform. What that means is that there is one global currency that is monitored by a group of unelected officials from a small location that controls the entire world.