#GovernmentDigitalCurrency

[ladookhotnikov]

Debates About CBDC: To Be or Not to Be?

The debate around central bank digital currencies (CBDCs) has reached a boiling point. The US Senate is actively moving forward with bills to impose restrictions on digital currencies, hinting at growing concerns. Among the most important consequences if these bills are passed is the fact that the Federal Reserve will need Congressional approval to issue stablecoins and provide banking services.

Republicans vehemently oppose CBDC, fearing it could stifle the private stablecoin market. Democrats are cautiously optimistic about CBDCs, advocating for a clear regulatory framework.

 Let me remind you that I do not consider digital assets issued by the state to be a full-fledged cryptocurrency. The example of China is indicative - they have been running around with their digital yuan for several years, but let's be honest - it is difficult to call it a cryptocurrency. There is no talk of any decentralization there.

Rather, it is another tool for monitoring the actions of citizens. If in the traditional banking industry, the state (even the Chinese one) needs to make the necessary requests in order to track some transactions of a certain citizen or company, then with a digital platform created by the state there are no such problems, and everything can be tracked directly.

Meanwhile, SWIFT has begun the second phase of a pilot project to interoperate traditional systems with CBDC. Previously, the National Banks of three countries participated in the project, two of which are known - Singapore and Kazakhstan but for some reason the third is kept secret. At the second stage, the National Banks of Australia, Germany and Thailand should join the project.

[euiontumble]

#euiposts #cryptocurrency #blockchain #government #federalreserve #digitalcurrency #governmentdigitalcurrency #1984 #bigbrother #orwellian