CBDCs – Why to be mindful of the government digital money risks.

Dear Alegría Natural Community,

It has been a while since we don’t post, and this is because a lot of things have been happening behing the internet world being aware of it…at least not in English.

As you know this site is dedicated to wellness and ecology, and how we spend, use and invest our money is a big part of it. And this is why mindfulness on this topic is important.

You might have heard of CBDCs, those digital currencies that are being so expensively developed with tax-payer money to jump on the “cryptocurrency” wagon.

Well, as you know, we at Alegria Natural did some research, and we found very interesting stuff. Read on…

Main Themes:

• Government Control: CBDCs could grant governments unprecedented control over citizens’ finances and lives, enabling them to monitor, restrict, and even block transactions at will.
• Erosion of Privacy: The digital nature of CBDCs eliminates anonymity in transactions, granting authorities complete visibility into citizens’ financial activities.
• Social Engineering: CBDCs could be weaponized for social engineering, incentivizing or punishing specific behaviors by manipulating access to funds.
• Financial Exclusion: While touted as a solution for the unbanked, CBDCs could ironically exacerbate financial exclusion by imposing technological and regulatory barriers.
• Alternatives and Resistance: Speakers emphasize the importance of diversifying assets, exploring alternative currencies like Bitcoin, and actively resisting the implementation of CBDCs.

Key Ideas and Facts:

1. CBDCs as Tools of Control and Surveillance:

• Programmable Money:“They can control where you spend and what you spend.” – Ran Neuner
• “[CBDCs] can just be programmed to be used against you.” – Layah Heilpern
• “Money can be programmed… we can stop inflation by not allowing certain types of spending.” – Nomad Capitalist
• Absolute Control for Central Banks:“Central Bank will have absolute control on the rules and regulations that will determine the use of that expression of Central Bank liability.” – Augustine Carstens, Bank for International Settlements (BIS)
• Real-World Examples:Canadian trucker protests demonstrate how governments can freeze bank accounts of those who dissent.
• Kanye West’s experience with JP Morgan Chase exemplifies the vulnerability of even billionaires to account freezes.

2. CBDCs Threaten Privacy and Individual Sovereignty:

• Loss of Anonymity:“In cash… we don’t know who is using a 100 bill today… a key difference… is that Central Bank will have absolute control.” – Augustine Carstens, BIS
• Data Collection and Exploitation:Governments could use transaction data to monitor spending habits, enforce social policies, and even deny access to essential goods and services.
• Erosion of Financial Freedom:“If you don’t have control of your money you don’t have control over anything… you in my opinion really just become a slave.” – Layah Heilpern

3. CBDCs as a Means of Social Engineering:

• Enforcing Compliance:CBDCs could be used to punish “undesirable” behavior, like exceeding carbon allowances or refusing mandatory vaccinations.
• “If for example you have a barbecue and you… want to buy… steaks… you could actually reach your carbon allowance and when you go to fill up your car it could get declined.” – Layah Heilpern
• Promoting Agendas:Governments could incentivize specific actions by offering discounts or rewards for adhering to social policies.
• Crony Capitalism:CBDC implementation could favor large corporations and institutions over smaller businesses and individuals.

4. Challenging the Narrative and Seeking Solutions:

• Questioning Motives:“The U.S. [government is] not going to go down without swinging… they want cbdc’s to help the unbanked.” – Nomad Capitalist (Skeptical view)
• Decentralized Alternatives:Speakers advocate for exploring alternative, decentralized financial systems like Bitcoin to maintain control over finances.
• “The biggest thing that… I’m trying to connect with people on is there truly are places that are different from where you’re from.” – Nomad Capitalist
• Active Resistance:“The focus needs to be… on all of those deposits going onto one Ledger that’s what people have to push back against.” – Ran Neuner
• “Choose Freedom… you have no idea how powerful you are.” – Catherine Austin Fitts

5. Additional Concerns:

• Implementation Challenges: The technical complexity and potential for errors in a CBDC system could have significant economic consequences.
• Cybersecurity Risks: A centralized digital currency system presents a single point of failure, making it vulnerable to cyberattacks and data breaches.
• The “Slippery Slope” Argument: Once implemented, the scope and power of CBDCs could easily be expanded, further eroding individual freedoms.

6. Importance of Further Research:

• This briefing highlights the potential dangers and concerns surrounding CBDCs.
• It’s crucial to conduct thorough research and engage in informed discussions about the implications of such a transformative monetary system.
• Understanding the complexities and nuances of CBDCs is essential for making informed decisions about the future of finance and individual freedom.

Understanding the Dangers and Potential of CBDCs: A Deep Dive into Source Material

Source 1: “They Will Control Your Money!” – Ran Neuner On The Dangers of CBDC

• CBDC Control: This section argues that Central Bank Digital Currencies (CBDCs) grant governments unprecedented control over citizen spending, enabling them to restrict purchases based on time, type, or quantity.
• Credit Issuance and Social Scoring: This section posits that CBDCs could be used to manipulate credit scoring systems, favoring individuals who align with specific political narratives while punishing dissenters.
• Data Collection and Privacy Concerns: This section explores how CBDCs could facilitate mass data collection, allowing governments to monitor every transaction and potentially link purchases to individuals for social or political control.
• The “One Ledger” Danger: This section argues that moving all deposits onto a single, centralized ledger overseen by the Federal Reserve would be the crucial step in implementing these Orwellian policies, and is currently illegal.
• Countering CBDC Implementation: This section emphasizes the importance of public awareness and legal action to prevent the illegal circumvention of existing laws that prohibit the Federal Reserve from holding individual accounts.
• Global CBDC Rollout: This section highlights China’s advanced CBDC rollout and notes the existence of a website tracking global CBDC implementation progress.
• Diversifying Finances as a Countermeasure: This section encourages listeners to prepare for potential CBDC implementation by diversifying their finances and moving funds into “neutral” systems, suggesting a possible problem with achieving this.
• Programmable Money and the IRS: This section discusses the potential for using point-of-sale software and EIN numbers to track even cash purchases, enabling the creation of algorithmic scores based on purchasing habits.
• “Conditioning” for Fingerprint Collection: This section argues that systems like Disney World’s fingerprint-based ticketing process are conditioning people to accept fingerprint collection as the norm, paving the way for its use in CBDC systems.
• Controlling Spending vs. Data Collection: This section acknowledges potential benefits of government data collection, but stresses the danger of combining this data with control over spending through CBDCs.
• The Slippery Slope Argument: This section warns of the gradual, incremental nature of government overreach, using examples like iPhone facial recognition to illustrate how seemingly innocuous developments can lead to dystopian outcomes.
• Call to Action: This section concludes with a call for listeners to stay vigilant and recognize the dangers of CBDCs, emphasizing the need to be “paranoid” about government motives.

Source 2: “Central bank digital currencies can ‘be programmed’ and ‘used against you!'” | Layah Heilpern

• CBDC Adoption and Government Control: This section highlights the widespread global development of CBDCs, framing them as a means for governments to exert greater control over individuals’ finances and lives.
• Canadian Trucker Example: This section uses the example of the Canadian trucker protests to illustrate how governments could use CBDCs to punish dissent, highlighting the freezing of bank accounts as a potential weapon.
• Programmable Money and Social Agendas: This section emphasizes the programmability of CBDCs, arguing that governments could use them to enforce social agendas, such as carbon allowances, by restricting spending on specific goods or activities.
• Bitcoin as a Solution: This section promotes Bitcoin as a potential solution to the threat of CBDC control, highlighting its decentralized and censorship-resistant nature.
• Addressing Bitcoin’s Volatility and Risks: This section acknowledges the volatility of Bitcoin and the risks associated with unregulated cryptocurrency exchanges, urging caution and emphasizing the importance of using non-custodial wallets.

Source 3: How to Survive CBDCs

• CBDC Definition and Focus on Solutions: This section provides a concise definition of CBDCs as programmable money and emphasizes the importance of finding practical solutions to mitigate potential risks.
• Global CBDC Adoption and Freedom: This section challenges the notion that CBDCs are an inevitable global phenomenon, highlighting that less than half of the world’s countries are actively working on them. This disparity is framed as an indicator of differing levels of freedom across nations.
• Motivations for CBDC Development: This section analyzes various justifications given by governments for CBDC implementation, such as financial inclusion for the unbanked and combating tax evasion, while arguing that these are often misleading or insufficient.
• Programmable Money and Nefarious Narratives: This section explores potential risks associated with programmable money, including spending controls, expiration dates, and the potential for targeting individuals based on spending habits.
• Crony Capitalism and Small Bank Crumble: This section raises the concern that CBDCs could benefit large banks at the expense of smaller institutions, leading to a further concentration of power within the financial sector.
• Diversification and Offshore Solutions: This section advocates for diversifying finances and exploring offshore banking options as a means to mitigate risks associated with CBDCs and heavy-handed government control in Western countries.
• Cultural Differences in Financial Freedom: This section emphasizes the importance of cultural factors in shaping financial freedom, highlighting countries that value privacy and individual financial autonomy over government control.
• The Bank of England and Preventing Bank Runs: This section discusses the Bank of England’s claims that CBDCs could be used to prevent bank runs, while expressing skepticism and highlighting the potential for governments to freeze citizen funds during times of crisis.
• Cryptocurrency as a Limited Solution: This section tempers the enthusiasm for cryptocurrency as a complete solution, noting that governments could still restrict its use or force businesses to accept only CBDCs.
• Mindset and Actionable Steps: This section emphasizes the importance of a proactive mindset, urging viewers to take actionable steps to diversify their finances, acquire second passports, and develop a plan B in case their home country becomes increasingly hostile to freedom.

Source 4: ILP_dinero-efectivo-definitivo.pdf

• Constitutional Basis for Freedom: This section establishes the constitutional basis for individual freedom in Spain, referencing Article 1 and Article 9.2 of the Spanish Constitution. It also highlights the recognition of economic freedom through the right to property and freedom of enterprise.
• State Sovereignty and Money Issuance: This section acknowledges the traditional view of money issuance as a marker of state sovereignty and references the Spanish Constitution’s grant of exclusive competence to the state in matters related to the monetary system.
• Problems with Electronic Payments: This section outlines several problems arising from the increasing reliance on electronic payments, including the lack of state-provided devices, the burden of updates, program requirements, power dependence, and increased transaction costs due to bank intermediation.
• Social Implications of Electronic Payment Imposition: This section argues that imposing electronic payments disproportionately burdens low-income individuals and contradicts Spain’s constitutional definition as a social state.
• Forced Commercial Relationship with Banks: This section criticizes the limitations on cash payments for forcing citizens into a commercial relationship with banks, leading to additional costs and data privacy concerns.
• EU Law and Cash Payment Limits: This section discusses the legality of cash payment limits in light of EU law, referencing the introduction of a 1,000 euro limit in Spain and a subsequent ruling by the European Court of Justice that found absolute limits on cash payments to be incompatible with EU law.
• Consumer Rights and Cash Payments: This section acknowledges the implicit recognition of the right to cash payment in Spanish consumer protection law, but argues for more robust legal protection.
• Extending the Right to Cash Payments in Public Transactions: This section advocates for extending the right to pay public debts with cash through postal giro to all public administrations in Spain.
• The Need for a Law Guaranteeing Cash Payments: This section concludes by emphasizing the need for a comprehensive law that guarantees the right of all citizens to conduct transactions using physical money without being forced to use intermediaries.

Source 5: “Nuestra iniciativa legislativa popular – Salvemos el dinero físico”

• Protecting the Right to Cash: This section introduces the “Salvemos el dinero físico” (Let’s Save Physical Money) platform and its mission to protect the right to use cash.
• Initiative for a Law Guaranteeing Cash: This section describes the platform’s Initiative for a Law (ILP) that would legally guarantee the right to use cash in Spain. It highlights the ILP’s official status and the process for collecting the required 500,000 signatures for it to be debated in the Spanish Congress.
• Importance of Cash in a Digital World: This section emphasizes the importance of cash for privacy, protecting vulnerable populations, and limiting government overreach.
• Distinction between ILP and Other Petitions: This section clarifies the legal weight of an ILP compared to other petitions, explaining that an ILP is a constitutionally recognized procedure for proposing laws with a defined legal process.
• Call to Action: This section encourages readers to support the initiative by signing the proposed law and spreading awareness. It also provides information on how to become involved in the signature collection process.

Source 6: “Prof. Werner brilliantly explains how the banking system and financial sector really work.”

• The Financial Sector’s Role in GDP: This section discusses the challenges national income accountants face when measuring the financial sector’s contribution to GDP due to its lack of “value-added” activities. It suggests that the financial sector extracts value rather than creating it.
• The Bloated Financial Sector: This section critiques the excessive size and dominance of the financial sector, arguing that it has become a cost center rather than serving its intended purpose of facilitating economic activity.
• The Concentration of Banking Power: This section highlights the concentration of banking power in the UK, with five banks accounting for 90% of deposits, and contrasts this with Germany’s more decentralized banking system dominated by smaller, local banks.
• Accountability and the Temptations of Power: This section argues that large banks are less accountable and more prone to corruption, drawing on Lord Acton’s famous quote, “Power corrupts, and absolute power corrupts absolutely.”
• The Fallacy of Banks as Intermediaries: This section challenges the conventional view of banks as intermediaries, arguing that they actually create money through the process of lending.
• The True Nature of Deposits and Lending: This section explains that deposits are not actually held in custody by banks but are simply loans to the bank. Similarly, loans are not made from existing deposits but are created out of thin air through the issuance of promissory notes.
• Banks as Money Creators: This section emphasizes that banks create the majority of the money supply through this process of lending, which can have both positive and negative consequences for the economy.
• Productive vs. Unproductive Lending: This section distinguishes between productive lending, which finances investment in the real economy, and unproductive lending, which fuels speculation and asset price bubbles.
• The Role of Bank Credit in Inflation and Inequality: This section argues that unproductive lending, particularly for financial transactions, drives asset price inflation and contributes to wealth inequality.
• The Need for a New Approach to Bank Regulation: This section calls for a fundamental rethinking of bank regulation, arguing that existing regulations, such as Basel capital requirements, are based on a flawed understanding of how banks operate.
• Credit Guidance and the Importance of Small Banks: This section advocates for policies that encourage productive lending and limit unproductive lending, such as credit guidance and the promotion of small, community banks.
• The Example of Germany’s Banking System: This section highlights the success of Germany’s banking system, which has been remarkably stable and resistant to crises, thanks in part to its decentralized structure and focus on productive lending.

Source 7: “The Danger of CBDCs – Catherine Austin Fitts”

• The Choice of Freedom: This section frames the discussion about CBDCs as a fundamental choice between freedom and control, emphasizing the individual power to shape the outcome.
• Digital Fences and Concentration Camps: This section uses the metaphor of digital fences to illustrate the increasing control and surveillance enabled by digital technology, arguing that CBDCs and digital IDs could create “digital concentration camps.”
• Central Bank Control Over Transactions: This section features a video of Augustin Carstens, general manager of the Bank for International Settlements, admitting that CBDCs would give central banks “absolute control” over the rules and regulations governing transactions.
• Freezing Bank Accounts as a Tool of Control: This section highlights a proposal by a former US nominee for the Office of the Comptroller of the Currency to freeze bank accounts as a way to combat inflation, illustrating the potential for abuse with CBDCs.
• Implantable CBDCs: This section features a video of Professor Richard Werner, a leading expert on central banking, warning about the potential for implantable CBDCs, raising concerns about human dignity and the violation of bodily autonomy.
• Using Cash as a Form of Resistance: This section encourages the use of cash as a way to resist the implementation of CBDCs and maintain financial privacy.
• The Expensive and Destructive Nature of Tyranny: This section argues that tyranny is both costly and harmful, while freedom unlocks vast economic potential and benefits all of society.
• Financing Our Army of Freedom Fighters: This section encourages individuals to support organizations and individuals fighting for freedom, highlighting the Solari Report and the Renaissance Institute as examples.
• The Power of Hope and Action: This section concludes with a call to action, urging the audience to choose freedom and reject the hopelessness peddled by those in power. It emphasizes the power of collective action to create a better future.

CBDCs and the Future of Finance: A Study Guide

Quiz

Instructions: Answer the following questions in 2-3 sentences each, drawing from the provided source material.

1. According to Ran Neuner, what is the most concerning aspect of a CBDC system, even more so than the CBDC itself?
2. Layah Heilpern uses the example of the Canadian truckers to illustrate a key danger of CBDCs. What is this danger, and how does the example demonstrate it?
3. What does the author of “How to Survive CBDCs” suggest as a potential solution for individuals concerned about the implementation of CBDCs in their home country?
4. The Spanish legislative proposal highlights several problems with electronic payment systems. Name and briefly explain two of these problems.
5. What is the primary objective of the “Salvemos el dinero físico” (Let’s save physical money) initiative, and how do they intend to achieve it?
6. Professor Richard Werner argues that banks are not merely financial intermediaries. What does he claim is the true function of banks, and how does this function challenge conventional understanding?
7. According to Professor Werner, what type of bank lending is most beneficial to the real economy, and what are its positive effects?
8. What historical examples does Professor Werner cite to support his argument for decentralized banking systems?
9. Catherine Austin Fitts employs the metaphor of a corral to illustrate the potential impact of CBDCs. Explain this metaphor and its significance.
10. What actionable steps does Catherine Austin Fitts suggest individuals can take to “choose freedom” in the face of increasing financial and digital control?

Answer Key

1. Neuner is most concerned about the consolidation of all deposits onto a single ledger, which would grant governments unprecedented control over individuals’ finances. This central control is even more worrying than the CBDC itself, as it lays the foundation for extensive surveillance and manipulation.
2. Heilpern highlights the danger of governments using CBDCs to censor and punish dissent. The Canadian trucker example, where the government froze the bank accounts of those protesting vaccine mandates, demonstrates how CBDCs could be weaponized against citizens who challenge the state.
3. The “How to Survive CBDCs” author suggests exploring alternative citizenship and residency options in countries with less government overreach and a greater respect for financial freedom. These countries may be less likely to implement restrictive CBDC systems.
4. The Spanish proposal points out that electronic payments can be exclusionary, requiring users to possess and maintain expensive devices and software, which can be challenging for low-income individuals. Additionally, the reliance on electricity for digital transactions poses a problem in areas with unreliable power supply or during outages.
5. “Salvemos el dinero físico” aims to legally guarantee the right to use cash by promoting a Spanish law that obligates businesses and public administrations to accept cash payments. They are collecting signatures for a formal legislative proposal to be presented to the Spanish Congress.
6. Professor Werner argues that banks are not intermediaries but rather creators of the money supply. They achieve this by extending credit, which simultaneously generates a corresponding deposit, effectively “creating” money out of thin air. This challenges the traditional view of banks as passive intermediaries that merely lend out pre-existing deposits.
7. Werner argues that bank lending directed towards productive investments, such as businesses developing new technologies or expanding operations, benefits the real economy the most. It leads to stable economic growth, low inflation, and financial stability, avoiding the pitfalls of asset bubbles and excessive consumer price increases.
8. Werner cites Germany and various East Asian economies as examples where a focus on productive lending, often facilitated by decentralized banking systems with numerous community banks, led to long periods of economic success and stability. These examples highlight the benefits of aligning bank credit creation with real economic activity.
9. Fitts compares the implementation of CBDCs, digital IDs, and other surveillance technologies to the gradual construction of a corral. Each new technology acts as another fence, gradually restricting individual freedom until, with the final “snap” of the CBDC fence, individuals are trapped within a system of total digital control.
10. Fitts urges individuals to actively choose freedom by supporting organizations and initiatives that promote individual liberty and resist encroaching state control. She emphasizes the power of individual financial decisions, advocating for supporting alternative institutions and investing in one’s own financial autonomy.

Key Questions we need to answer:

1. Critically evaluate the arguments for and against the implementation of CBDCs, drawing on the various perspectives presented in the source materials.
2. How might the widespread adoption of CBDCs impact individual privacy and financial freedom? Consider the potential benefits and drawbacks.
3. Discuss the role of alternative financial systems, such as cryptocurrencies and decentralized finance, in a future where CBDCs become the dominant form of money.
4. Analyze the relationship between monetary policy, central banking, and political power, exploring the potential implications of CBDCs within this context.
5. Imagine you are tasked with designing an ethical and responsible CBDC system. What features and safeguards would you prioritize, and why?

Glossary of Key Terms

CBDC (Central Bank Digital Currency): A digital form of fiat currency issued and controlled by a nation’s central bank.

Fiat Currency: Government-issued currency not backed by a physical commodity like gold, deriving its value from government regulation or law.

Social Credit Score: A system used to evaluate and potentially restrict an individual’s access to services and privileges based on their social behavior and compliance with government policies.

Ledger: A record-keeping system used to track transactions, typically in a chronological and tamper-proof manner.

Non-custodial Wallet: A digital wallet that allows users to have sole control over their private keys, granting them full ownership and control of their assets.

Decentralized: A system where control and decision-making are distributed amongst a network of participants, rather than being centralized under a single authority.

Financial Intermediary: An institution that facilitates financial transactions between parties, such as banks connecting borrowers and lenders.

Promissory Note: A written promise by one party to pay a specific sum of money to another party on demand or at a predetermined future date.

Basel Capital Requirements: International regulations that set minimum capital adequacy ratios for banks, designed to ensure financial stability and mitigate systemic risks.

Crony Capitalism: An economic system characterized by close relationships between business leaders and government officials, often leading to preferential treatment and corruption.

Sovereignty: The full right and power of a governing body over itself, without any interference from outside sources or bodies.

FAQ: Central Bank Digital Currencies (CBDCs)

1. What are Central Bank Digital Currencies (CBDCs)?

CBDCs are digital versions of a country’s fiat currency, issued and controlled directly by its central bank. Unlike cryptocurrencies like Bitcoin, which are decentralized, CBDCs would be centralized and give governments unprecedented control over citizens’ finances.

2. What are the potential benefits of CBDCs touted by governments?

Proponents argue that CBDCs could make transactions faster, cheaper, and more efficient. They claim it could help bring unbanked populations into the financial system and reduce tax evasion.

3. What are the main concerns surrounding CBDCs?

Critics, including many financial experts, warn that CBDCs could be a tool for government overreach and control. With the ability to track every transaction, governments could potentially:

• Restrict spending: Limit purchases to specific goods, services, or businesses.
• Enforce social policies: Penalize spending deemed harmful or exceeding quotas (e.g., carbon footprints).
• Confiscate or freeze funds: Block access to accounts that don’t comply with regulations or political views.

4. Are these concerns realistic or just conspiracy theories?

While some claims may seem extreme, recent events like the freezing of bank accounts belonging to Canadian truckers protesting vaccine mandates highlight the potential for such control. Furthermore, statements from central bankers, like those from the Bank of International Settlements, explicitly confirm their ability and intention to control the use of CBDCs.

5. Can CBDCs lead to a cashless society?

Yes, the implementation of CBDCs could pave the way for a completely cashless society, leaving individuals with no alternative to a government-controlled financial system. This eliminates the anonymity and freedom that cash provides.

6. Are there alternatives to using CBDCs?

Advocates for financial freedom suggest:

• Decentralized cryptocurrencies: Bitcoin and other cryptocurrencies offer a degree of anonymity and control outside of government regulation.
• Precious metals: Physical gold and silver have historically held value and are not subject to government manipulation.
• Diversifying assets: Holding assets in multiple jurisdictions can provide a hedge against government overreach in any one country.

7. What can I do to protect myself from the potential dangers of CBDCs?

• Stay informed: Educate yourself about CBDCs and their potential implications.
• Support privacy-focused initiatives: Back organizations fighting for financial freedom and privacy rights.
• Explore alternative financial systems: Consider diversifying your assets into cryptocurrencies or precious metals.
• Support businesses that accept cash: Encourage the use of cash to preserve financial autonomy.

8. Is the future of finance entirely bleak?

Not necessarily. Awareness about the potential dangers of CBDCs is growing. Citizen-led initiatives, like the Spanish campaign “Salvemos el Dinero Físico,” are advocating for the right to use cash. By understanding the risks and taking proactive steps, individuals can work to preserve their financial freedom and hold their governments accountable.

Here is information from the sources you provided on the Central Bank of Nigeria’s (CBN) implementation of a CBDC:

• The Nigerian government, in an effort to transition toward a cashless economy, implemented a CBDC.
• The government’s imposition of cash usage restrictions to encourage CBDC adoption resulted in public protests and demands for the reinstatement of paper money.
• In spite of the Nigerian government’s attempts to increase CBDC adoption, such as removing access restrictions and offering payment discounts, these initiatives were unsuccessful.
• Less than 0.5% of the Nigerian population uses the CBDC, while over 50% have adopted cryptocurrency.
• Public acceptance is essential to the success of a new technology like a CBDC.
• Before enacting any CBDC-related policies, it is crucial for governments to engage with the public, educate them, and comprehend their current transaction habits.
• To ensure widespread adoption, the public must understand the fundamental concepts of CBDC, its benefits, and potential risks.
• Governments should consider the need for flexibility and responsiveness to public feedback when implementing a new policy or technology like a CBDC because initial policies may not always meet the needs or expectations of the public.

 

Key Sources:

YouTube:

“They Will Control Your Money!” – Ran Neuner On The Dangers of CBDC

Central bank digital currencies can ‘be programmed’ and ‘used against you!’ | Layah Heilpern How to Survive CBDCs

Prof. Werner brilliantly explains how the banking system and financial sector really work.

The Danger of CBDCs – Catherine Austin Fitts

The citizen initiative in Spain “Salvemos el dinero físico”

Article: Why Did CBDC Fail in Nigeria? Valuable Lessons for Developing Countries – Modern Diplomacy