03/28/2022
Central Bank Digital Currency
CBDCs are digital currencies issued by a central bank similar to cryptocurrency. The U.S Feds have recently announced that they are building a digital dollar, a partnership with MIT. Around 80% of the world's central banks are underway of replacing cash with digital currency. CBDC allows the government to monitor, track, and record all transactions you make. Furthermore, CBDC gives the government the ability to approve or deny transactions how they see fit. Another potential threat of CBDC is that the government can increase the digital currency supply, I.E printing more of the digital currency hence devaluing your CBDC through inflation. The true potential of CBDC is that it will cause the value of bitcoin to rise exponentially due to its limited supply and that more people are realizing that they can control their wealth without any authority intervening.
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