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BTW, the banks (not the central banks) hate the M0 layer (banknotes), because it forces them to hold dirty cash in their safes and convert their liabilities (M1) into M0 which can be used outside their payment system. Banks also hate CBDCs because it disintermediates people from their systems, and enables people to be direct deposit holders of with the central bank.

I was never a fan of CBDCs, but CBDCs still could be the lesser evil to the existing payment systems. I have always been aware that opposition to CBDCs could play into something far worse, total surveillance payment systems.

Fortunately, we have the exit option of bitcoin, and I firmly believe we can build a universal payment system using Lightning and ecash. This will make CBDCs, stablecoins, and eventually all fiat currencies moot. nostr:note16awn0595pya0t4wx7sv9wv0wszcgm6dptcsm4rxawt2rsqwa4q2qp8thwm

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Discussion

Girino Vey! 1y ago

Brazil is launching a CBDC that can only be held by banks, and citizens will get tokens (tokenized real) that every CBDC holder can issue. So citizens cannot use CBDC to escape banks.

Tim Bouma 1y ago

Yeah, that's a wholesale CBDC. Just a fancy reformulation of the settlement systems already in place.

hh 1y ago

Exactly that is why whenever the EU has come out talking about CBDC's, they insist so much that their spyware (it's a lot worse than spyware -- we should call it "totali-ware" but I digress) will be distributed through commercial banks, never directly to the serfs' personal wallets.

IMO, the Eurobureaucracy, being the avant-garde of the globalist conspiracy, has become so emboldened these years that they are truly intent on betraying their bankster cronies, once technology makes them obsolete. They're just biding their time because probably they can't go it solo for now.

Tim Bouma 1y ago

Yep. The central banks being in league with the banks is not the case. In many ways, they are adversaries. In the US, there is no central bank, just a bargain between the government and a collection of private banks.

Pierre 1y ago

I bet that scenario will play out very differently whether Trudeau or Polievre (not me haha) get elected!

Tim Bouma 1y ago

Oh yeah!