The case for, and against CBDC
from Thanos Node - The Web3 Podcast Hosted by Alani Kuye
The case for and against Central bank Digital Currencies - CBDC's. Hi, in three minutes, I will break down the case for and against central bank digital currencies, CBDCs relative to crypto. Unlike cryptocurrencies built on decentralized blockchains, CBDCs are centrally controlled by governments, which raises concerns about privacy, censorship, potential misuse of data, and of course, tyranny. There is a very valid fear that CBDCs could give governments unprecedented control over individual finances, which potentially limits freedom of movement and access to alternative currencies. Consider this. You go to a grocery store, you try to buy milk or beef, and suddenly they tell you, well, you can't spend this money on meat products. You get the point. Surveillance and control. With detailed transaction data readily available, CBDCs could raise concerns about mass surveillance and erosion of individual privacy. Another very valid concern. Now conclusively, instead of viewing CBDCs and cryptocurrencies as enemies locked in a battle for supremacy, a more nuanced picture emerges. They can coexist and even complement each other. CBDCs can bring unbanked populations into the fold and streamline digital payments. Stay tuned. You can find me on social media on the following links; Twitter: https://twitter.com/AlaniKuye LinkedIn: https://www.linkedin.com/in/alanikuye/
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