Friedrich Hayek who was an Austrian economist, legal theorist and philosopher who is best known for his defense of classical liberalism was stating a few decades ago that in the history of man kind money is something that has somehow refused to evolve, or to better put it, it was held that way by its creators.
Living in a country that hasn't evolved much over the past thirty years or so, being able to pay for groceries with your smartphone is also seen as something out of ordinary by some elderly individuals or the general ignorant who's not too curious of an individual. We're sometimes hard to push on the evolutionary path...
Often times, though, what we call evolution might not actually be what it seems to be. Digital cash and its ramification of use cases doesn't actually have to be better than "the cash" we used to have a few decades ago, but that doesn't stop nations from developing on making the perfect cash to be forced on us.
The Swedish Central Bank said that it has completed the second phase of the electronic check test and is ready to integrate it into the banking network. The e-krona aims to simulate everyday banking activities, including payments, deposits, and withdrawals from a digital wallet on a mobile phone. Sweden's Sveriges Riksbank announced that it had started testing an e-krona, taking one step closer to the release of a central bank digital currency in February 2021.
Riksbank, along with the central banks from the Eurozone, Canada, Japan, Switzerland, England, and the Bank of International Settlements, had formed a working group to share experiences on use cases on central bank digital currencies.
Last month, to delve deeper into the opportunities, risks, trade-offs, and potential technical challenges faced when developing a CBDC system, the Bank of England has joined hands Massachusetts Institute of Technology on a year-long research project.
source
Sweden is been in talks of becoming the first country to go cashless for quite a while and now it's on the verge of attaining that goal. BUT if you look at what's happening in the finance world, it's clear that "everyone is working on a form of digital cash" and nations are apparently sharing progress with each other in developing the perfect CBDC.
If you want money that nobody can counterfeit (aka inflate), then peg it to the thing nobody knows how to counterfeit—energy. In this way, Bitcoin is the ideal money. That sounds great for some of us, but it doesn't sound too good for the EU, China or the US. These are after total control through CBDCs and Bitcoin is not helping them much, but fortunately it "can't be issued" in any way and that's our ace in the pocket.
As many as 40% of 18 to 35 year old people in 11 countries want to use crypto for payments as they are more efficient and safer. This type of individuals are the ones that probably don't know how to use a video recorder, that haven't ever owned a Nintendo. Most got born with a Play Station in the living room and they at least heard of online monetized content.
Now, while authorities are struggling to "digitize the world" they seem to be doing it the wrong way, by applying dated principles and relying on dated individuals. The folks that are willing to pay for bubble gum with bitcoin or ethereum are not going to accept no damn e-krona or e-usd and they'll code their way out of such a system.
Governments are underestimating the power of decentralized blockchain and cryptocurrency. Just look at Leofinance... You need to go no further than that. This thing has gotten from a simple Hive posting interface to a whole "virtual society", you can literally have a piece of everything in here.
The news that we will be getting yield from Leo adds is astonishing. That's what shared economy means for me, in probably its purest way. We're not a bar code or a commodity for this platform. Many are overlooking the fact that the system is often times treating us as commodities, while on a platform such as Hive and Leofinance we're actually shareholders of a decentralized economy.
While I see all sort of news left and right about CBDCs getting closer to implementation, I believe the youth will reject them sooner than later. Code is a powerful weapon and we're not poor of processing power in this current era, thus I believe that we might have a good chance for this industry(crypto) to challenge and conquer these tyrannical forms of cash that governments are working on and trying to implement on us.
We shouldn't be ignoring them, but neither should be giving them enough power. There's much to talk about crypto as a complete enemy for cash, but this post is already too long... We live in a test era if you ask me, we're testing new waters, world leaders are testing our obedience and there is going to be a shift hitting us, one to which none of us is able to see its outcome yet. Have a great day peeps and see you to my next post.
Thanks for attention,
Adrian
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Well, my thoughts on the cbdc that many governments are planning is that it's more of the same, I prefer to stick with crypto.
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Crypto is the exact opposite of CBDCs.
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Tech is just booming so much that even people who were born a few decades ago are lagging behind. It's a bit scary to think about how far the tech-conscious members of today's society may find themselves in 20 years compared to people yet to be born
Good point.
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I don't think so. Don't forget that these kids will first go through their school system and get brainwashed.
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Yes, but they have access through internet on all sort of alternative information that can easily open their eyes and "de-brainwash" them.
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We trust the code above everything else and a limited supply ensures the value is kept over time. But for real-life things, we might still need to exchange the crypto assets that we hold to CDBC or FIAT. The laws might point us in this direction, whether we like it or not.
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Why not USDT or other non governmental issued currencies?
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Story of our life everyday in Nigeria where they old men in power thinks crypto is not good for the economy and still try to create their own digital cash without knowing what blockchain is all about or try to understand but just think it's something you can just pay anyone to come up with CBDC at the end where's the eNaira.
This is why the country or economy is in stagflation. The underestimation of crypto is really alarming or I won't really say underestimation but ignorance of it.
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It's all part of a master plan...
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😂 Probably... will wait and see
Many countries are working to have their own digital currency. Is digital currency is the best for now.
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Digital transfer of money is the future. I don't really see myself using cash often and I use my card whenever I got the chance. In a way, if I could use my phone in place of a card, I probably would.
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I appreciate your opinion on this, I was thinking that crypto adoption would take off when CBDC's become common. But it makes sense that CBDC's would be rejected for crypto, no one wants their government breathing down their necks more than they already do!
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Thank you for bringing all these vital points to our attention and we look forward to your next post.
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