It’s hard to live in this world without using money. What you buy and sell can also tell a lot about you. So do you want to know what the ultimate tool for government surveillance and control is? It’s when everything you buy and sell becomes public knowledge and your money is controlled by the government. This is what they want to do with digital currency.
China has already started putting digital currency into place. The United States is also looking into this now. So I wanted to post about how bad of an idea this is.
The End of Privacy
Imagine everything you do being monitored. Every store you go to is known. Every town you visit is known based on what you buy there. Everything you order online. What church you go to if you pay tithes. How much alcohol you buy. What political party you donate to.
Want to sell something to a friend. Well now the government knows that to. Maybe they decide they want a tax cut from that sofa you sold your neighbor?
A lot can be learned based on what someone is buying and selling. Do you want all that information about you to be known? If you value privacy I would think not.
But Maybe you don’t care about privacy and you say you have nothing to hide? Well read on.
The End of Freedom – Programmable Digital Currency
The central bank digital currency that the fed is evaluating is not your decentralized crypto currency. You could say it is a programmable digital currency. What does that mean?
They would be able to lock you out of purchases and control what you can spend your money on.
Do you think that sounds crazy? Let’s take alcohol for example because it has happen before.
Let say the government decides alcohol is bad and that citizens are no longer allowed to buy it. With digital currencies they just turn off your ability to spend money on alcohol.
What if they decide you should not go to church? Kind of like how some mayors did during COVID-19. Or how China bans churches. All the sudden your money is locked out and you can’t support something you believe in.
If someone can decide what you can and can’t buy with your money then they can control you.
Negative Interest Rates
Ever heard of negative interest rates. This is when the government decides you have to pay in instead of getting a little return on your money. Think that is crazy? Japan is trying it.
In the past people would just take their money out of the bank. But if everything is digital then your out of luck as you watch your balance slowly fall.
Just in case you could still take it all out in cash the IRS wants to monitor that too. They want any transaction over $600 to be reported to them.
The End of Crypto Currencies.
Once all this control is in place they are going to want to ban crypto currencies they do not control. Just like China is doing.
At the very least I would see some kind of restrictions on them. The government has already proved it is not a fan of crypto with cases like LBRY.
Be on High Alert
If you value privacy and freedom then be on high alert for any central bank digital currency ran by the government. Lots of people are already thinking about this and I think it is a very bad idea. This may be the biggest risk to privacy and freedom I have seen in my life time.