Well it's either you use the app or go the the office.
I still don't understand the concern here? It's either you go paper route or you go online?
Like you need to register a business right? Unless you have an informal sector? You can't be 15 years trading without a licence? How would taxes be collected or vat imposed?
This honestly seems pretty common place, or am I missing something?
I mean regarding mortgage, you'd have gotten a letter, now you get an email and can do things from anywhere, not having to physically go into the bank?
I personally haven't been inside a bank since like 2014
Mortgage wise it's already all online, I have not met anyone from my mortgage bank in person.
What I'm speculating about is that the same way my businesses have been fully registered with documentation and are now requiring additional digital verification via their new services, could be used the same way for other aspects of the personal sector, and the only reason to do so would be for getting everything under a single digital system.
The last steps will be to tie it to a digital currency.
Then they can tack on any news laws on top of this and you'll have no choice but to comply.
I don't think it's going to be all that different, probably easier.
But easier for us is easier for them right?
Yeah I am a fan of CBDC directly from the central bank. Fuck the bankers, CBDC will circumvent the banks entirely
Cbdcs are from the head of the banking system. Regional banks don't like big banks but have to comply, if anything small banks are way more friendly to the average person and their interests.
Without cbdcs no one can tell you what you can or can't spend your money on. With cbdcs linked with digital IDs, they can, and they can punish you if you aren't complying in any way.
Convenience is their justification, but the expense is never mentioned by them.
Yeah idk what it's like in Europe but no one is holding euro reserves lol
Here in SA CBDC will just bypass banking sector completely, allowing people to send and receive money and not pay any fees.
In fact it exists now in the form of payshap, but the banks facilitate it currently and they charge fees for a free service!
This is why I am keen to see CBDC directly from the central bank and not from banks
I'm of the mind you won't like how it's implemented. There will be many prerequisites and limitations on CDBCs, rendering them basically unusable for people who care about their sovereignty in any way.
I can't imagine the SA gov ever executing anything successfully, let alone properly managing such a system and not abusing it. CBDCs will also be replacing cash, ATMs are already becoming rare there and everywhere else in the world. Good luck buying anything not approved if you don't have cash, unless dealers are accepting monero.
It already exists in South Africa, just not in the same framework as a CBDC.
i don't want to make a long post but ultimately direct currency from the people who hold the reserves is better than currency from banks who create it from nothing.
This is the thing about currency, it's highly swappable and has its use cases. When you travel, you need cash of that location, so you get currency or your bank doing a spot trade of the purchase amount and charging you conversion fees and an premium on FX.
Now if cbdc's exist, we the public, can get currency directly from the central bank (without a fee) and just an FX trade of other currencies against their CBDC or crypto reserve.
There is obvious pushback from the banks because this cuts them out and they are mafia
In SA we already have something called Payshap, it's where the central bank acts as the intermediary. Because they do not handle transactions they hand this off to banks to offer the service. This service is free to use i.e. You can instantly send any cash amount to someone else in South Africa, up to R5000 per transaction and R30k per day. For free. The phone number acts as the wallet address and the wallet itself is the registered bank account.
It's like crypto currency already but the central bank is the main one. Imo when CBDCs come in, they'll be doing the same, just on chain with a scalable protocol.
SA government is useless but our central bank is pretty on the ball. they make good timely decisions, for instance ours was the first to raise interest rates in the world (by a few months) in 2021. I remember reading the articles mocking this decision but behold the 2022 recession. So inflation was hard and high, but rode it out only a few percentage points.
In comparison the USA went from 0% to 5% which is a huge movement versus 0.5 or 0.6%
Crypto is open and unrestricted (but international pressure is forcing changes) with AML and KYC etc.
No, they will require/are requiring that these things be submitted digitally via their apps. It's the foundation rollout of a digital control system and it's a staged rollout.
My businesses have been registered with IDs, passports, I've been in person in the banks and done the same. There is no reason to submit this information again, at least no reason other than making it all digital, and telling businesses they can't trade until it is done.
It sounds arbitrary, but it's what this will enable with full control system similar to what we see in china. On the business side, there is no alternative means available, and I suspect the same will be true once this creeps into people's personal lives.
The only things safe right now are my personal finances that aren't in any institutions.
But China is winning?
😂
We should be modelling after China, not avoiding it. 80s was abject poverty to today being a country with insane growth and prosperity.
Nothing you will be able to do anyways, if they don't register you, you won't be in the registrar and customers won't trust you etc.
Catch 22
Chinas success isn't based on the digital prison they built for citizens. It's their model for cheap labour and vertically integrated infrastructure that most of the world can't compete with, but instead relies on.
Capitalism thrives on cheap labour.
But yeah digital I'd and social scores and all that crap has transformed it's or at least helped it leapfrog substantially.
We could be a trust system that can rival that of a state and keep the control in the hands of people. Just like what was done with the money.
Yeah no people are too dumb to do that. Unless you're in some monoculture society, it's almost impossible to get trust consensus.
For example people like to see accreditation or regulation or certified organic or whatever and they also 'trust' the 'institutions' and choose products that have these certifications.
For example, people won't download apps that's not from the Google Play store. If you just host the APK. People don't trust like that..
