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Business/Finance See other Business/Finance Articles Title: The Biggest Central Bank Power Grab in History The Central Bank wants to consolidate power, no matter what and now, they are literally giving away millions of dollars to get you hooked into their scheme Over the last few days, China’s central bank has been giving away millions of dollars’ worth of digital cash... why you might ask? well, it's all part of their master plan to get rid of physical cash and replace it with their new, digital-only national currency. of course, most people would never go for this so, they have to resort to literally giving away millions for people to adopt it and use it As Per ABC News Australia China’s central bank will issue 10 million yuan ($2 million) of digital currency to 50,000 randomly selected consumers in what some see as the country’s first public test of the digital yuan payment system Starting Friday [October 9], any individuals in China’s southern city of Shenzhen can apply to join the program through the country’s big four banks. But only some will be awarded a 200-yuan “red envelope” via a lottery, according to the local government and the lenders. Anyone in Shenzhen can apply to join the lottery, while winners will be awarded the red envelope on October 12 after they download an app for the digital currency and register for a digital wallet. CBDCs are highly centralized this means they are controlled and can be manipulated compared to Bitcoin which is decentralized and doesn't have any person or entity that can manipulate or control the network Bitcoin is borderless, permissionless, trustless censorship-resistant & immutable. The CBDC digital currency isn't anything like Bitcoin instead, it still gives the CB the power to create new coins as often and as many as they want, and give them out to whomever they want for any reason they want. CBDCs will give central bankers even more control over the money supply than they have already. As of right now, the Federal Reserve holds about $7 trillion on its balance sheet. But the overall money supply in the U.S. is closer to $18 trillion. because of the banks creating all this extra debt. In a world of CBDCs, central banks will be able to send cash directly to consumers for the first time. This allows the Central Banks to bypass the commercial banks and to take over the ability and decision making of creating and allocating money in our society. That’s why I said this is central bankers’ greatest power grab in history. CBDCs will give them the power to achieve near-total control over all economic transactions because CBDCs will give them near-total control over the money supply. By removing the banks in the middle, they will be able to consolidate all the moves and decisions that are made especially those done on the more local level banks In addition, as people are holding their new digital dollars in their digital wallets on their smartphones their accounts will be with the Central Bank, and not the local or national commercial bank this will make it much easier for the Central Bank to... Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: hondo68 (#0)
With centralized digital currencies, central banks can not only send DC's to anyone they want, they can also revoke it from anyone they want. Or freeze anyone's account. Basically, it'll be as though everyone has a debit card where the gov controls each person's balance and whether the card may be used or not. It could be soon that using cryptos like bitcoin won't be an option. It'll be a requirement. If they outlaw paper cash, the choice will be centralized digital currency or free market crypto.
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