Governments around the world are working behind closed doors to stop the one thing they all hate.
Now this major tool for freedom could be doomed and it’s not just bitcoin owners who must brace.
The world of cryptocurrency is almost “mainstream” these days but the digital currencies still maintain a veil of secrecy for now.
Many who own them still hardly even understand the power behind crypto’s rise and few take the time to “study up” or even care to understand what it’s all about.
Instead they are just intrigued that it seems to go up even though it’s prone to volatile swings and has little backing it beyond confidence and the underlying value of blockchain technologies.
But governments aren’t intrigued at all – governments want to control cryptocurrency.
Why? So they can control you.
Authoritarian governments hate privacy – and there’s no question cryptocurrencies rose on the back of its claims of privacy from the start.
That could explain China’s recent ban on the use of private cryptocurrencies.
But don’t be fooled, government’s want digital currencies – in fact, Cambodia recently launched its own and numerous other countries have them in development.
What government’s don’t want are private cryptocurrencies.
Instead, governments and their cronies at the Central Banks plan to displace grassroots cryptocurrencies in favor of central bank digital currencies and the Federal Reserve announced it would launch a review of the potential benefits and risks of issuing a U.S. digital currency.
According to a report by the Wall Street Journal, “Unlike private cryptocurrencies like bitcoin, a Fed version would be issued by and backed by the U.S. central bank, a government entity, as are U.S. paper dollar bills and coins.”
Some argue cryptocurrencies like bitcoin were state-sponsored to begin with but whatever the case governments are falling in love with the notion of state-sponsored digital currencies or so-called “Central Bank Digital Currencies”(CBDC) and Americans and anyone who cherishes freedom and privacy needs to pay attention.
“Depending on its design, CBDC accounts could give the Federal Reserve access to a vast amount of information regarding the financial transactions and trading patterns of CBDC account holders,” Christopher Waller, member of the Board of Governors of the Federal Reserve said back in August.
Introduction of Central Bank Digital Currency (CBDC) allows Communist China’s government to closely monitor the economic activity of its citizens.
Joe Biden and the Democrats have openly admitted they crave that power.
Biden already proposed forcing banks to grant IRS goons access to every Americans’ bank account if they make transactions over a few hundred dollars.
It’s the war on cash taken to a whole new level.
“A fully anonymous central bank digital currency is not feasible,” Mu Changchun, head of the People’s Bank of China Digital Currency Research Institute stated earlier this year.
Government-issued digital currencies could also give officials the ability to control where and how much money is used – something they can’t control with private crypto or traditional cash.
The government wants to control how and where you spend your money and they believe digital currencies are the key to total economic and social control over citizens.
“Imagine your digital balance shrinking slowly over time to motivate rapid consumer spending,” warns Alexander William Salter, a professor of economics at Texas Tech University. “Or the Fed blocking payments to politically disfavored businesses.”
Sure, crypto could be the future of finance for many, but if it’s to be anything other than another means to control citizens it needs to be private and anonymous.
Stay tuned to Unmuzzled News for any updates to this ongoing story.