As Japan and the rest of the world’s central banks begin to initiate the move into CBDCs, Bitcoin becomes far more necessary to provide citizens with options.
BoJ CBDC rollout is close
After 2 years of trials Japan is finally ready for the first phase of its central bank digital currency (CBDC). What will be called the digital yen will be rolled out first as a pilot in April.
According to a recent article on the matter on CoinDesk, the Bank of Japan is calling this phase “experimental”, and in this vein Executive Director Shinichi Uchida was quoted as saying in a recent bank meeting:
“The aim of the pilot program is twofold: first, to test the technical feasibility…and second, to utilise the skills and insights of private businesses in terms of technology and operation for designing a CBDC ecosystem in the possible event of social implementation,”
Are CBDCs like crypto?
The central banks of over 100 countries are in the process of developing their own CBDCs, so this is well past the “possible event of social implementation”, and it must be posited that CBDCs will definitely be inflicted on the vast majority of the world’s population.
A line that appears to be being followed by many countries is that a CBDC will just be like crypto, but that it will be safer, legitimate, and will give central banks greater control over their economies.
CBDCs should serve and not enslave
All three of these are likely to be true, but the most important reason for having such a currency is that it must serve the population, and not enslave it.
The vast majority of people would have no clue what CBDCs could really entail. They would be programmable and could be used to force citizens to spend their currency in a particular way.
A social credit system could be built into them, just as China is doing, in order to reprimand or reward the actions of citizens. Many might say that as long as you behave like a model citizen you wouldn’t have anything to fear. The authorities are just trying to protect everyone.
Dissent can be easily crushed
What happened in Canada recently with the trucker’s protest was an excellent example of the lengths that government will go to in order to maintain control. Citizens bank accounts were frozen even if they donated some money to the cause.
With CBDCs, shutting anyone off from their money would be as easy as flipping a switch. Most dissenters aren’t voicing their opposition just because they want to be contrary or difficult, they are doing it in order to see justice and fair play.
The right to protest is being stripped from citizens bit by bit. Throughout history there are instances of how people have protested in order to halt travesties of justice or in order to change unjust laws.
Authoritarianism is back – buy bitcoin
Authoritarianism is back in Western society and the people just aren’t aware of it yet because they are too busy with their lives. CBDCs will empower this authoritarianism by becoming another enforcement tool.
Bitcoin is completely outside of this authoritarian cage. Holding it today is giving options for the future. Without it there are none.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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