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CBDC - Central Bank Digital Currency
A thread 🧵 on what it is and why it’s bad for society as we know it 👇

The currency we call it as money these days like a U.S. Dollar 💵 or a Euro 💶 can be in multiple forms physical and digital.
Physical: paper or coins
Digital: Account balances in banks and other applications
Approximately 90% of US dollars are already in the digital format.

So if most money is in digital format already, why do we need yet another currency called a CBDC 🤷‍♂️
At the end of the day it’s all about control. It’s all about your financial control.

Ok so let’s talk about privacy for a minute in financial transactions.
Money in paper form or coins let’s you transact with privacy. If you transact in physical money, banks or financial intermediaries can’t keep track of those transactions.

The same privacy isn’t there when you transact with digital money from banks or payment processing intermediaries or apps. They have to implement KYC/AML rules and those suspected clients can’t transact with digital money as implemented.

So what’s KYC/AML
KYC - Know Your Customer
AML - Anti Money Laundering
Since it’s not the purpose of this thread, we’ll not discuss this in detail

Central banks create money. With digital money, central banks need banks, payment processors & intermediaries to implement KYC/AML to make sure you’re transacting with the proper person/organization & for right purposes instead of supporting terrorism or civilian revolts etc.

Now back to digital currencies. There can be multiple forms of digital currencies. We already have indirect CBDC or a version of hybrid CBDC in digital dollars & euros. Banks, Visa, MasterCard, PayPal, Venmo all support these transactions with KYC/AML.

Direct CBDC is what we call CBDC in this thread. It’s currency issued by the central bank in digital format. It can be directly controlled by the central bank all the way to peoples digital wallets & applications.

So it much more efficient form of money, eliminates intermediaries, banks and direct to the customer.
What’s the downside you say…
Well it’s all about financial control

Central banks can enforce draconian financial surveillance & measures on its currency on citizens like…
- 24x7 Financial Surveillance
Central banks with the help of its state agencies can monitor each & every transaction a citizen does
#NoFinancialFreedom

Central banks can enforce draconian financial measures on CBDCs like…
- Money with expiration
If the money isn’t used by a certain date, it expires like a can of milk in your refrigerator etc. It can’t be used and they can make it zero in your wallet.
#NoFinancialFreedom

Central banks can enforce draconian financial measures on CBDCs like…
- Money with restrictions
Money can only be used to sent or received from a restricted set of people or organizations. Financial surveillance can really make it hard.
#NoFinancialFreedom

Central banks can enforce draconian financial measures on CBDCs like…
- Money with purchase restrictions
Money can only be used to buy only certain products like store coupons or you can only sell certain things for CBDC money.
#NoFinancialFreedom

Central banks can enforce draconian financial measures on CBDCs like…
- Money with capital controls
Money can only be used to fund a short list of things that state approves. Not being able to invest freely, buy banned books, send it cross border etc.
#NoFinancialFreedom

CBDCs can be
- Money with sanctions
Countries can impose trade sanctions on other countries if they don’t play ball like USA 🇺🇸 imposing trade sanctions on Iran 🇮🇷 or China 🇨🇳. They can do the same with targeted citizens in their own countries.
#NoFinancialFreedom

CBDCs can be used to change behavior in citizens
- Negative Rates
Central banks can enforce negative rates on its CBDCs so it incentivizes people to spend money rather than save money. For a consumer based economy like USA 🇺🇸 it’s a win win.

CBDCs can be used as
- Helicopter money
Central banks can create any amount of money and instantly issue amounts to citizens on their wallets like say $1200 checks most people got for COVID relief in 2020 & 2021.
Devalues money much faster.

CBDCs can be used to implement
- Personalized monetary policy
So depending on peoples spending habits they can personalize your lending rates, interest rates etc. to change your behavior to fit states needs. It’s like a credit score system, but on steroids.

CBDCs can be
- Bad for banks & processors
A direct central bank CBDC eliminates a lot of middlemen like banks, payment processors like Visa, MasterCard, PayPal, Venmo, Zelle etc. They’ll be eliminated which is good in a way, makes citizens more vulnerable to state mandates.

China 🇨🇳 has already implemented a digital yuan a CBDC and currently testing it with citizens and trade with countries. Lot of other central banks are planning to implement CBDCs for Euros, Franks etc.

China 🇨🇳 plans to showcase its CBDC digital yuan for the Olympics. It’s showing what’s possible for other central banks to follow 🤷‍♂️
techcentral.ie

techcentral.ie/chinas-digital…

Alternatives to CBDCs are open digital currencies like #Bitcoin which are not owned by anyone, they’re completely decentralized and they are state censorship resistant.
- State can’t know your txns
- State can’t stop your txns
- State can’t censor your money

India 🇮🇳 planning to implement a CBDC (Digital Rupee) by 2023. It also plans to regulate #Bitcoin & crypto by taxing 30% of gains etc.

To summarize CBDCs have both advantages and disadvantages.
Here are a simple list of advantages of CBDCs

Here are a simple list of disadvantages of CBDCs

IMHO the risks outweigh the benefits of CBDCs even though they make money more efficient & cost effective. Total financial surveillance & other draconian measures states could implement with CBDCs are far more impactful to the peaceful coexistence of citizens & state.
CBDC 👎

@threadreaderapp unroll

If you think that’s your money in your bank account, wait until you have a CBDC. It’s their money which you could use if you abide by their rules.

CBDC - More power to the state
#Bitcoin - More power to you

CBDC has everything a state needs in money
#Bitcoin has everything you need in money

CBDC gives more power to these guys
Y’all know what happens then right…

#Bitcoin vs. CBDC
#HONKHONKHONK
#TruckersNotTrudeau

It’s all about control. Vaccine passports give more power to them. CBDCs give much more power to them. They’re indirectly proportional to your personal freedoms.

What happened in Canada 🇨🇦 with them blocking donations & money completely for truckers & protesters should terrify you.
What’s happening now with Ukraine 🇺🇦 unable to support them without help through non fiat means should really terrify you.
#Bitcoin

CBDC: State controls your money
#Bitcoin: You control your money

They want total control over your money, your anonymity, your freedom, your spending habits, your complete life as you know it.
Don’t let them… buy #Bitcoin

Be careful where you hold your #Bitcoin
Storing Bitcoin on centralized exchanges or regulated custodians is highly risky. History taught us that governments tend to break this trust time & again.
#NotYourKeysNotYourCoins
#NYKNYC

Imagine your payments declined due to your political views, your Facebook or Twitter comments, your profile picture, your past transactions, your voting bias, your phone conversations, your old videos. They’re all possible with CBDCs.
To escape this future hell - #Bitcoin

CBDCs are evil, Cashless is evil
They take away all your freedoms

Fiat & CBDC helps them
#Bitcoin helps you

CBDC makes this possible easily

#SaveYourselfFromCBDC

Any social credit system can be very easily enforced with a CBDC
#JustASocialCreditSystem

If you like prescription foods
If you like prescription drugs
If you like prescription events
If you like prescription media
If you like to live their version of a perfect life, by all means sign up for a CBDC. If you prefer freedom even a little bit, then opt into #Bitcoin

A precursor to CBDC — 🤡🌎😀

#Bitcoin >> Gold >> CBDC
CBDC gives the state power over you
#Bitcoin gives you power over state

CBDCs make this very easy to enforce restrictions like this 👇

Governments: CBDCs are good for you
#Bitcoin: Say that one more time 👋

CBDC makes these people control your financial lives & your freedoms
Opt out with #Bitcoin

The society has become so dependent on them governing us, we’ve turned into slaves they can control…
They can tap our phones
They can tap our bank accounts
They can jab our bodies
They can scan our eyes
They can chip our bodies
They can control finances (CBDC)

This is the way

Shadow bans
Fact checking
Ministry of truth
Digital Identification
Social Credit Scores
CBDC 🤷‍♂️

State is in control with Fiat money
You are in control with #Bitcoin

CBDC vs. #Bitcoin

China 🇨🇳 with its CBDC and the largest domestic surveillance system will make sure that citizens powers are restricted to levels they’ve never even dreamed about 🤷‍♂️
- restrictions for access
- restrictions for spending
- money that gets auto expired
- facial recognitions galore

Qatar 🇶🇦 implementing a CBDC

CBDC vs. #Bitcoin

China 🇨🇳 protecting its banks from bank runs, when they went under.
Military tanks in place. Good luck trying to save money in CBDC. Governments can ban, stop, steal your money anytime anywhere 🤷‍♂️
Go ahead with your CBDCs

zerohedge.com

zerohedge.com/crypto/where-c…

Where Central Banks Have Issued Digital Currencies

The public at large is mostly unaware of the incredible danger inherent in CBDCs... represent the po...

China’s social credit system

zerohedge.com

zerohedge.com/economics/isra…

Israel's War On Cash Is About To Get More Drastic

How long til Washington follows Israel's tyrannical template?

The world is moving scary close to an ubiquitous Orwellian tracking state
It’s just a matter of time before your
- spending is tracked
- bank accounts are tracked
- social media accounts are tracked
- food habits are tracked
- carbon footprint is tracked
- thoughts are tracked

British police in 2022
Today: Someone had anxiety due to your social media post
Tomorrow: Someone doesn’t like that you spend your money on meats
Day after: Someone doesn’t like the place of your travel or use of ⛽️
Say no to CBDC, yes to #Bitcoin

CBDC centralizes all power into the government hands. If you wish to be total slaves for the rest of your lives, then opt in for the CBDC

In Sweden 🇸🇪 people are already implanting microchips inside their bodies to access the buildings, doors, elevators, vending machines.
Integration of digital wallets & CBDC is just a matter of time now

CBDC is a free financial passport for the government to invade into its citizens financial lives completely

Resist CBDC with all you can

Neel Kashkari is spot on with CBDCs

Cashless begins, Starbucks is testing

CBDC —> Social Credit System

As of 2022 here are the nations pursuing CBDC implementations, pilots and research studies around it.

China 🇨🇳 experiments with digital yuan with expiration dates… spend it or lose it

What she means by cryptocurrency is a centralized CBDC, enslaves you.
#Bitcoin liberates you

India implementing CBDC in 2022

China CBDC is expanding to provinces

The perils of central bank digital currencies (CBDC)

Jerome Powell on US CBDC

China is the first country to go with a social credit system. They gave about 540 million cameras installed everywhere in the streets, storefronts, public parks, transit stations etc.
Future looks bleak for freedom in China 🇨🇳

#Bitcoin >> Fiat >> CBDC

Centralized finance applications are just as bad as CBDCs if you let them

For the PayPal fiasco #PayPal
How it started… How it’s going…

It’s never been a better time to buy #Bitcoin and opt out of their totally centralized Ponzi schemes

Sri Lanka 🇱🇰 implemented digital identity for fuel rations after their fuel crisis hit peak levels.
Countries across the world can bring in digital identity for various crisis situations for food rations, fuel rations, energy rations, medicines etc.

CBDCs can allow programmability. They can write smart contracts for human spending behaviors. Governments and private corporations program your minds to their whims

Here’s a thread on the devastating consequences of CBDC

Thanks #PayPal for showing us what CBDC has in hold for us

With CBDC your payments declined
- due to bad memes
- due to bad tweets
- due to bad articles
- due to bad Instagram posts
- due to bad Facebook posts
Bad means they don’t agree with your views, your likes, your thoughts 🤷‍♂️

Don’t listen to Rishi Sunak about CBDC. Rishi seems to be painting a rosy picture for a CBDC, it’s anything but rosy. CBDC lets your government program your financial decisions 100%
With CBDC your government can block payments, remove balances etc.

BIS #CBDC isn’t a pilot scheme, it’s a pyramid scheme for total control.

Central Bank will have absolute control over the usage of that CBDC
Welcome to financial surveillance hell

Where Central Banks Have Issued Digital Currencies

Israel's War On Cash Is About To Get More Drastic

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Where Central Banks Have Issued Digital Currencies

Israel's War On Cash Is About To Get More Drastic

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