Malaya RuizGuess what, folks? The U.S. House of Representatives just passed a bill to stop the Fed from making their own digital currency without permission from Congress. π± You know what they say β¦ nothing says control like Congress holding the keys to the digital money vault. π΅πΌ
So 216 members said “heck yes” to the CBDC Anti-Surveillance State Act, while 192 of them were like, “Nope, thanks but no thanks.” It was like a game of political musical chairs, except instead of sitting down, they were deciding the fate of our digital wallets. ππ°π²
But before you get all worked up about this whole CBDC (Central Bank Digital Ρurrency) thing, let’s take a step back and look at the big picture. π§
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So 96% of the money we use is already digital. That’s right, we’re living in a digital money world for the most part. Typically, when you receive money, it gets deposited into your account. Credit and debit cards are digital too. π³ So, really, what’s the big deal with CBDCs? Is someone just reinventing the wheel here?
CBDCs will become programmable money. π¨π½βπ» Donβt you ever wonder why China is so gung-ho about it? Maybe the institutions just want to make sure we can only spend our cash on government-approved things. Nothing screams freedom like having the government tell you what to do with your hard-earned dough, am I right?
Youβll sooner forget how to spell democracy than be able to do something about your money being vulnerable to state and foreign entities. To execute monetary policy, part of the process is to allow the central government to take it from you as they see fit. It’s like putting your money in one place and giving the overseer of the place a “you can take it whenever you want” pass. Because itβs centralized, you can say goodbye to having authority over your own assets and toβa lot of you will not like thisβanonymity and privacy. π±βπ€π±βπ»
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Of course, someone will always say if itβs βdone right,β then it would be good for you. But the goal of CBDCs is to make a few beneficial improvements to financial systems for bigger trade-offs that wonβt be favorable to Π°ll. So while they may present certain advantages, these are few and far between. Scariest of all, who knows who or what will be monopolizing the system? π±π¦
So, if you think about it, isnβt this just another way for the government to keep tabs on us? To that point, I think Iβll just get one of those βStay free, say no to CBDCβ stickers from Pinterest or Redbubble! π«π π½
MALAYA RUIZ
Malaya is dedicated to helping individuals share meaningful narratives about crypto, blockchain, and future tech. Her extensive experience in editing, copywriting, and publishing gives her a deep understanding of the craft of storytelling and collaboration, which she channels through Shiba Inu's official publications. Malaya owns two dogs and therefore has a special admiration for the Shiba Inu breed.
