Government Controlled Central Bank Digital Currency: An Extinction-Level Threat Against Liberty
Joe Biden’s Executive Order on March 09, 2022, reenergized the social media buzz over digital currencies to the point that many far-left national socialist media sources began talking as though this dangerous threat to liberty is now inevitable. Part of the problem is that we have a classic case of bait and switch in progress, replacing the anonymity and ease of use of cash and coin with a technological nightmare that will eviscerate freedom and individual civil rights. Your friendly neighborhood government oligarchs are only too happy to cynically exploit the goodwill built up over the years by Bitcoin and other cryptocurrencies.
This is a complex subject matter far beyond the scope of a short essay. Unfortunately, the party in control of the government and the nation’s leftist socialist media (but we repeat ourselves) take full advantage of this fact to confuse the issue aware of the familiarity most people have with credit and debit cards, as well as the recent excitement over the most prominent cryptocurrency Bitcoin and secure in the knowledge that most would falsely consider Central Bank Digital Currencies as the same thing. We’re here to make the case that there is a vast difference by several orders of magnitude, that any Central Bank Digital Currency would be liberty’s extinction-level event.
decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation’
Please take note that the definition specifically refers to a decentralized system, rather than a centralized authority. Compare this to the Oxford English Dictionary definition for a central bank, the controlling authority of a digital currency:
A national bank that provides financial and banking services for its country’s government and commercial banking system, as well as implementing the government’s monetary policy and issuing currency.
Note that it refers to issuing currency, under its centralized authority — the exact opposite to decentralized cryptocurrencies. This is just one of the vast differences between the two concepts. The authoritarians are purposefully exploiting everyone’s casual use of debit or credit cards along with the familiarity with the more prominent cryptocurrencies.
In many ways, the developments have been towards greater anonymity, restrictions in use, and decentralized control in the technology trends in moving from card to cryptocurrency transactions. Despite the volatility in these currencies, they have built up a certain amount of goodwill. This could easily explain why certain entities conveniently forget to correct the record in distinguishing cryptocurrencies from Central Bank Digital Currencies (CBDC).
