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We must not allow the elimination of cash. If we rely solely on central bank digital currencies, the computer will anticipate our actions and prevent us from doing certain things. For instance, if there is a restriction on traveling beyond 5 miles from home and you attempt to buy water 6 miles away, you will be denied. There are numerous reasons why it is important to keep cash.

CBDCs (Central Bank Digital Currencies) differ greatly from cash. Unlike cash, CBDCs provide central banks with complete control over regulations and usage. This control is enforced through advanced technology, making a significant distinction from cash.

Losing cash and relying solely on central bank digital currencies would give authorities the power to predict and control our actions. They could prevent us from doing things like buying a bottle of water if it goes against their rules, such as not leaving our house beyond a certain distance. This is why it's important to keep cash. It's concerning that politicians think they have the right to access all our information.

The main difference with a Central Bank Digital Currency (CBDC) is that the central bank will have complete control over the rules and regulations governing its use. They will also have the technology to enforce these rules. This is significant because it sets CBDCs apart from cash.

We've lived under a system where bankers manage monetary policy and elected officials handle fiscal policy. If we centralize control over both, we risk losing personal freedom. This could lead to a digital monetary system where authorities dictate how and where we can spend our money. For example, during the pandemic, restrictions could limit our spending to certain areas or items. It's crucial to preserve cash and checks to maintain an analog system. Experiences from disasters, like the cyclone in New Zealand, highlight the importance of cash for transactions when digital systems fail. Countries like Norway are recognizing this need and are reversing the trend toward a cashless society. Without cash, people face significant challenges during emergencies.

Digital money offers significant benefits, beyond just being a digital version of physical currency. It allows for programmability, such as central bank currency with expiry dates. In my book, I discuss the potential for a world where the government can restrict the use of central bank money for certain purchases it deems undesirable, like ammunition, drugs, or pornography. This concept has the potential to be both better and darker, but it highlights the power of a central bank digital currency (CBDC).

The Bank of England has developed a microchip implant RFID chip for under-the-skin use. There is a growing conversation about universal basic income from various grassroots movements and billionaires. The concerns about privacy and freedom are alarming, especially with the introduction of central bank digital money. The ability for governments to digitally track every purchase and sale is unsettling. Additionally, programmability is seen as a way for central bank digital currencies to enhance financial inclusion.

There is a significant difference between cash and Central Bank Digital Currency (CBDC). With cash, we don't know who is using specific bills, but with CBDC, the Central Bank will have complete control over the rules and regulations governing its use. They will also have the technology to enforce these rules. These differences make CBDC distinct from cash.

I am against central bank digital currencies as they can be used for control and power. In China, a low social credit score can restrict your spending ability. The government could limit where your credit cards work, only allowing purchases at nearby grocery stores. This control over spending could prevent travel and purchasing goods outside your local area, causing significant issues for individuals.

The speaker expresses skepticism towards central bank digital currency (CBDC) and questions its purpose. They highlight that existing platforms like Venmo can already perform transactions efficiently. The speaker challenges the notion that CBDC would improve financial inclusion or cross-border remittances, and questions the lack of evidence supporting these claims. They also mention that CBDC could enable monitoring of transactions, imposition of negative interest rates, and direct taxation of customer accounts, which is why China might be interested. However, the speaker questions why the American people would support such measures.

President Biden and the media are excited about the potential for a digital dollar controlled by the government. Governor DeSantis opposes this, leading Florida to ban its use. Advocates believe a digital currency would make payments easier and promote financial stability. However, critics like DeSantis argue it could lead to increased government control and privacy concerns. The Federal Reserve's push for a digital currency is met with skepticism and legal challenges. Cash is seen as a symbol of independence and privacy, which could be compromised with a digital dollar. Some believe a digital currency could drive out private digital money like Bitcoin.

We must not rely solely on central bank digital currencies because they could control and restrict our actions. Keeping cash is crucial to maintain privacy and freedom. It's concerning that politicians think they have the right to access all our information.

Digital money offers significant benefits, including programmability and the ability to set expiry dates for central bank currency. In my book, I discuss the potential for a world where the government can restrict the use of central bank money for certain purchases it deems undesirable. This could lead to a better or darker future, depending on one's perspective.

Digital money offers significant benefits, including programmability and the ability to set expiry dates for central bank currency. In my book, I explore the potential for a world where the government can restrict the use of central bank money for certain purchases it deems less desirable. This could lead to a better or darker future, depending on one's perspective.

I am against the U.S. Government issuing a digital currency directly to citizens. It would give the government too much power and control, potentially leading to the elimination of cash and complete control over our lives. I warned the people of Italy about this when they were considering vaccine passports and central bank digital currencies. In China, if you don't meet a certain social credit score, the government can restrict your spending abilities. They can limit your credit cards to only work at nearby grocery stores, preventing you from buying gasoline, traveling, or purchasing items and food from other parts of the country or abroad. This kind of government control is concerning and could lead to serious consequences for all of us.

The speaker expresses skepticism towards central bank digital currency (CBDC) and questions its purpose. They highlight that existing platforms like Venmo can already perform financial transactions efficiently. The speaker challenges the notion that CBDC would improve financial inclusion or cross-border remittances, as there is no evidence to support these claims. They suggest that CBDC could be used by governments to monitor transactions, impose negative interest rates, or directly tax customer accounts, which is why China may be interested. However, the speaker questions why the American people would need CBDC.

The speaker discusses the potential risks of decentralized technology. They explain that while this technology aims to liberate individuals and give them control over their personal information, it could also be used by centralized powers to trap people. The speaker suggests that governments could create their own centralized blockchain, turning their currency into a permissioned cryptocurrency. This would allow governments to have complete knowledge of individuals' transactions and diminish privacy. They mention the example of the Marshall Islands, which passed a law for a decentralized currency but most governments may not be willing to give up control over their monetary policy. The interviewer mentions that Joseph Flubin, a co-founder of Ethereum, disagrees with this pessimistic view, considering it fear, uncertainty, and doubt (FUD).

The speaker discusses the potential impact of central bank digital currencies, highlighting concerns about government control, lack of recourse for citizens, and potential manipulation. They also touch on the role of AI in job displacement and the push towards universal basic income. The speaker questions the benefits of central bank digital currencies in addressing issues like crime and terrorism financing. They invite further discussion on these topics in the comments.

It is crucial to avoid being tracked by the system controlled by Mr. Global. The goal is to establish a fully digital system that can be centrally controlled. This would allow for limitations on money based on location and restrict what and when you can purchase. Additionally, it could enable taxation without consent and complete control over individuals. For instance, if a vaccine mandate is issued, disobedience could result in the suspension of financial transactions and access to assets.

Freedom of speech is important, but the freedom to transact is crucial. If the state restricts your ability to buy things using digital currency, it can control your movements without physical barriers. Central bank digital currency can monitor and limit your transactions, making it challenging to buy essentials like food, fuel, or transportation tickets.

"We tend to establish the equivalence with cash, and there is a huge difference there." "For example, in cash, don't know, for example, who's using a $100 bill today." "We don't know who is using a 1,000 peso bill today." "A key difference in with the CBDC is that central bank will have absolute control on the rules and regulations that will determine the use of that expression of central bank liability." "And also, we will have the technology to enforce that." "Those are those two issues are extremely important, and that makes a huge difference with respect to what to what cash is."

There is a significant difference between cash and central bank digital currency (CBDC). With cash, we don't know who is using specific bills, but with CBDC, the central bank has complete control over the rules and regulations governing its use. Additionally, the central bank has the technology to enforce these rules. These differences make CBDC distinct from cash.

There is a significant difference between cash and central bank digital currency (CBDC). With cash, we don't know who is using specific bills, but with CBDC, the central bank has complete control over the rules and regulations governing its use. Additionally, the central bank has the technology to enforce these rules. These differences make CBDC distinct from cash.

The speaker begins by noting that digital money offers substantial potential gains beyond merely digitizing physical currency. He highlights that digital money can introduce programmability, enabling features such as units of central bank currency with expiry dates. He references his book to illustrate a scenario in which central bank money could be programmed in ways that influence what can be purchased with it. The speaker describes a potentially better future, but also acknowledges a darker possibility. In a less favorable scenario, the government could decide that units of central bank money may be used to buy certain items while restricting others that it deems less desirable, such as ammunition, drugs, or pornography. He underscores that such capabilities would be very powerful in terms of how central bank money is used. He then emphasizes the implications for central banks themselves. The speaker argues that if central bank money takes on different characteristics across various units, or if central bank money becomes a conduit for targeted economic policies or broader social policies, this could threaten the integrity of central bank money. He extends the concern to the independence of central banks, implying that targeted or constrained use of central bank money could compromise their neutral status. The speaker reiterates that digital money holds wonderful possibilities, suggesting enhancements to monetary systems and policy implementation. However, he cautions that technology also carries a significant risk of steering outcomes toward a less desirable or more constricted use of money, potentially undermining core monetary principles or the perceived neutrality of central banking. In summary, the speaker presents a dual view: digital money can enable innovative features, flexibility, and new policy tools, yet it can also enable highly centralized or targeted controls over purchases and behavior. This duality raises concerns about the potential benefits versus the dangers, particularly regarding the integrity and independence of central banks if their money is used to enforce selective or restricted consumer choices. The overall message is a call to recognize both the transformative promise of digital money and the serious risks that could accompany its deployment.

First speaker asks what happens if the government issues digital currency. Second speaker responds that they’re talking about central bank digital currencies (CBDCs) and acknowledges their appeal due to ease, but believes a lot will happen as this develops. Second speaker explains that with digital currency, transactions are easy, and it will be similar to money market funds in terms of practical use. A key question is whether CBDCs can offer interest. There is a debate on this; if CBDCs cannot offer interest, they may be less effective as a hold-in vehicle, since depreciation could make alternatives like money market funds or bonds more attractive. There will be no privacy with CBDCs, making them a very effective government controlling mechanism: all transactions would be known. This close surveillance could be beneficial for countering illegal activity but would also give the government substantial control. Examples include tax collection, the ability to take money, and the establishment of foreign exchange controls. These controls could be particularly challenging for international holders of CBDCs; for instance, sanctions could enable authorities to seize funds held by individuals in other countries. Privacy concerns relate to the possibility that politically disfavored individuals could be shut off. Second speaker reiterates that these privacy and control issues are part of the broader picture. He suggests that, for those reasons, CBDCs will not become a magnitude that changes everything; development will occur, but he does not expect CBDCs to be a huge deal in scale, even though growth is likely.