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THE STATEMENT OF THE YEAR FOR CRYPTO?

 


Central banker turns to CBDC

Central bank digital currencies are just centralized versions of fiat currencies. Critics have often enough pointed out that they lack the trustless and decentralized qualities of cryptocurrencies like Bitcoin and Ethereum. Fed monetary policy has a direct and immediate impact on CBDCs .


Layah Heilpern, the author of Undressing Bitcoin , believes that CBDCs can be programmed and tuned to create more censorship. Kashkari, himself a central banker, has now made similar comments about the currency. He believes that CBDCs can make a lot of sense for China to monitor, but not for the US.


Kashkari also believes that CBDCs have no important and real use case. Because when it comes to transferring centralized money, you can just use Venmo. He also believes that CBDCs don't offer the advantage of Bitcoin and other cryptocurrencies in cross-border payments. This would speak against the approach and nature of the banks.


Erik Voorhees, the founder of ShapeShift.com, disagreed with the United Nations recommendation to ban cryptocurrencies and introduce a CBDC. He believes that a centralized digital currency is not a solution for the consumer but for the state. In the end, it's all about more control & power, and less privacy for users.


Simply put, CBDC is the answer to monitoring all financial activities of the entire population.

Federal Reserve Chairman Jerome Powell has stated that the idea of ​​a digital dollar is something that America as a country needs to thoroughly explore. He also revealed that he will submit a recommendation to Congress for the establishment of a central bank.


Kashkari is just one of the few Fed officials who have explicitly opposed the concept of a centralized digital currency.

The goal of the ECB

The goal is the following: the CBDC of the ECB should create a new public-private partnership, which is not possible with banknotes and coins. With the introduction of a digital euro, the private sector is said to be able to develop innovative business models and promote public-private partnerships.


In my opinion, the abolition of cash is coming, and one should question who could have an interest in it and for whom the cash freeze would have positive consequences.

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