For example: in Canada, the bank accounts of those who protested were literally frozen (for simply speaking out or being critical) and talks of potential CBDCs (aka. used to deduct funds from one’s account as a fine) whilst considering on abolishing cash altogether.
The alternative (for now at least) may be Crypto (online) until they consider that “illegal” in the future penalizing those who are using it, framing that as money laundering or tax evasion, whilst pushing their propaganda of “tap & go is safe & convenient”.
The answers are divided between:
- “Cash is King” (it allows anonymous or “private” transactions between you and the merchant)
- “Contactless” (convenient, but your purchases & transactions are monitored by the state)
Cash is apparently the last bastion of “anonymous” transactions where it doesn’t appear on one’s statement and one gets to keep their money without the state deducting it from their account since a nation’s central bank has monopoly over CBDCs and one’s funds.
That’s not even the end of it: them trying to make BTC or equivalent illegal by making CBDCs the default replacing gold overnight, it would mean all those bills you have are worthless. At this point, the only payment method is CBDCs that are linked to one’s digital ID.
A CBDC would give the government more control over your money. They have a lot of control now, but there is at least a middle man that the government has to compel to comply. With a CBDC, the government would be able to allow/disallow any transaction. Right now, they would have to convince Paypal or Zelle to invalidate a transaction. The on/off ramps to Monero and Bitcoin are the only locations with which the government can exert their power over those currencies. While Bitcoin is not private, it can be a good tool for privacy if used correctly. Cash, however, is still the most private. So I’ll just keep slipping quarters in the keyboard to pay for my online purchases.
Bubba, any intermediary is going to instantly comply with the government laws. They can already allow/disallow any transaction, freeze your account etc. Shit the banks and payment companies we use are likely way more compliant and strict than if it was directly operated by the government because the government is being defunded and breaking down.
Not any intermediary. You can still buy/sell crypto and goods using darknet markets and dead drops. Worst case scenario, you’ll be hiding Tide laundry detergent in public restrooms.
I meant payment processors like zelle or paypal, or banking apps. Obviously you can just use crypto. That’s not going away.
So you’re betting your privacy on government inefficiency. You do you.