So Your Government Thinks It Can Fool You? No to CBDC!

May 25, 2024

Guess 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. 💱 You know what they say … nothing says control like Congress holding the keys to the digital money vault. 💵💼

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. 👜💰💲

But before you get all worked up about this whole CBDC (Central Bank Digital Currency) thing, let’s take a step back and look at the big picture. 🧐

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. 💳 So, really, what’s the big deal with CBDCs? Is someone just reinventing the wheel here?

CBDCs will become programmable money. 👨🏽‍💻 Don’t 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?

You’ll 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 it’s centralized, you can say goodbye to having authority over your own assets and to—a lot of you will not like this—anonymity and privacy. 🐱‍👤🐱‍💻

Of course, someone will always say if it’s “done right,” 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 won’t be favorable to all. 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? 💱🏦

So, if you think about it, isn’t this just another way for the government to keep tabs on us? To that point, I think I’ll just get one of those “Stay free, say no to CBDC” stickers from Pinterest or Redbubble! 🚫🙅🏽

Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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