So while you might have been distracted, the IMF just launched a international #CBDC; The UniCoin, Universal Monetary Unit or UMU in short. www.dcma.io
This has got nothing to do with the basic principles of money, but more with control.
Let’s have a look at some of the differences between a True international currency like #Bitcoin and a CBDC.
It is super important to learn and know the difference.
First let’s have a look at Bitcoin:
💥It has a fixed set of rules determined by math
💥It has a limited supply of 21m
💥Anyone all over the world can use it for free
💥It is decentralized; meaning no single point of failure. It has rules without rulers. 💥Not one person; government or powerful group of people can prevent you or anyone else from transacting or is able to edit/cancel/reverse/halt a transaction.
💥If keys are properly managed there is NO risk of seizure. #BTC is Unconfiscatable.
💥Transactions are transparent and can be viewed by anyone on a public ledger, but the Pseudonymous addresses are not linked to your identity. Bitcoin respects your #Privacy.
Now let’s compare $BTC to a CBDC
💩Due to its UNLIMITED supply, it is prone to inflation.
💩There is a high chance of a single point of failure because it is ruled by rulers; no math based set of rules,not Decentralized.
💩Access & availability is granted by policymakers.
💩There is a high risk of seizure; policymakers can manipulate funds under “emergency acts”.
💩Financial surveillance down to a granular individual transaction level, potentially 2B exploited for personal behavior modification based on undesired habits. Social Credit System
💩A CBDC is more like a programmable voucher; it enables Censorship. Parties in control can exert influence, limit usage, restrict access, edit/reverse/halt/block transactions. Besides the $UMU, many countries in the world are actively exploring, developing and implementing CBDC’s. You can check the status of your country here: www.atlanticcouncil.org/cbdctracker/
Now if you want to dive in a little deeper to understand what all the fuzz is about in regard to the Central Bank Digital Currencies and why we believe it is important to #TakeItBack, we recommend you to read this blog:
https://www.takeitbackcollective.com/cbdcs-what-is-the-fuzz-about