Can CBDC users lose control of their money?

[Texac]

CBDC is all about control because this is what the government wants, they want to control you perpetually, and I pity people voting for these people that are warming up to these policies. I know a lot of Government bodies are piloting their CBDC program, but if you looked at it, there is basically no need for this. If CBDC there is no way to hide because government controls your money, if they don't like you, they seized it, spend it for you and even cancel your account without notifying you, tools like these are very dangerous in the hands of politicians especially authoritarian governments. All we can do is to educate people on the danger of this and call these people out when they come for your votes

Not too many people will realize that CBDC will control them more than the benefits it brings as the government claims.  most only bitcoin investors oppose this as they know that CBDC is a serious invasion of privacy.  As for ordinary citizens, they will only know how to obey the orders given by the government.  but like it or not, the CBDC will definitely be implemented, and we will have no way of stopping it because we can't go against the government. they don't need your vote to launch CBDC, they will launch it and oblige you to use it.

[Aanuoluwatofunmi]

CBDC is all about control because this is what the government wants, they want to control you perpetually, and I pity people voting for these people that are warming up to these policies. I know a lot of Government bodies are piloting their CBDC program, but if you looked at it, there is basically no need for this. If CBDC there is no way to hide because government controls your money, if they don't like you, they seized it, spend it for you and even cancel your account without notifying you, tools like these are very dangerous in the hands of politicians especially authoritarian governments. All we can do is to educate people on the danger of this and call these people out when they come for your votes

Not too many people will realize that CBDC will control them more than the benefits it brings as the government claims.  most only bitcoin investors oppose this as they know that CBDC is a serious invasion of privacy.  As for ordinary citizens, they will only know how to obey the orders given by the government.  but like it or not, the CBDC will definitely be implemented, and we will have no way of stopping it because we can't go against the government. they don't need your vote to launch CBDC, they will launch it and oblige you to use it.

CBDC is just a digital fiat currency and not cryptocurrency, which means that the government are in charge of this monetary system and the implementation of it policies, there's nothing different from the traditional currency we use with the commercial banks since the financial institutions were still the ones in charge of CBDC and the government coordinate them all, every risk involved with fiat are also applicable to CBDC, they can be hacked, controlled by government, make deductions from your account in form of charges, take you through KYC prices, intrude your privacy, inflate your transaction fees and track you down completely.

[Z390]

Sending Fiat digitally is everything that CBDC has to offer, users losing control of their money is less of my worry about this currency, it's about the users freedom that I care more about, are we going to keep our hard earned money just to ourselves without the central authorities wanting to know our worth? Or wanting to know what we use our money to purchase and where or who we send money to? This is my biggest concern about CBDC and it's why I won't even want to get involved in using CBDC.

[Unbunplease]

Sending Fiat digitally is everything that CBDC has to offer, users losing control of their money is less of my worry about this currency, it's about the users freedom that I care more about, are we going to keep our hard earned money just to ourselves without the central authorities wanting to know our worth? Or wanting to know what we use our money to purchase and where or who we send money to? This is my biggest concern about CBDC and it's why I won't even want to get involved in using CBDC.

Unfortunately, I believe that the issue of CBDC implementation has already been resolved at a high level. The state is doing everything to completely control the population. The digital concentration camp is getting closer (and in China it is already in full swing). Soon we will be expecting CBDC all over the world.

[pawel7777]

Unfortunately, I believe that the issue of CBDC implementation has already been resolved at a high level. The state is doing everything to completely control the population. The digital concentration camp is getting closer (and in China it is already in full swing). Soon we will be expecting CBDC all over the world.

Yeah, it seems like the decisions already have been made and they're dosing the news slowly so everyone can ease into the thought that it'll happen eventually.
What I wonder is if we'll see each individual country (with sovereign currency) being responsible for running and maintaining the CBDC systems, or will we see some central, global institution running the 'core' of it, with each country having some admin privileges to issue/burn its own coins.
We also know that anything centrally planned, which is not subject to free market scrutiny, tends to not function very well or even fail miserably, so we might experience some turbulent times in the not-so-far future.

[Cryptomultiplier]

CBDC is all about control because this is what the government wants, they want to control you perpetually, and I pity people voting for these people that are warming up to these policies. I know a lot of Government bodies are piloting their CBDC program, but if you looked at it, there is basically no need for this. If CBDC there is no way to hide because government controls your money, if they don't like you, they seized it, spend it for you and even cancel your account without notifying you, tools like these are very dangerous in the hands of politicians especially authoritarian governments. All we can do is to educate people on the danger of this and call these people out when they come for your votes

Not too many people will realize that CBDC will control them more than the benefits it brings as the government claims.  most only bitcoin investors oppose this as they know that CBDC is a serious invasion of privacy.  As for ordinary citizens, they will only know how to obey the orders given by the government.  but like it or not, the CBDC will definitely be implemented, and we will have no way of stopping it because we can't go against the government. they don't need your vote to launch CBDC, they will launch it and oblige you to use it.

CBDC is just a digital fiat currency and not cryptocurrency, which means that the government are in charge of this monetary system and the implementation of it policies, there's nothing different from the traditional currency we use with the commercial banks since the financial institutions were still the ones in charge of CBDC and the government coordinate them all, every risk involved with fiat are also applicable to CBDC, they can be hacked, controlled by government, make deductions from your account in form of charges, take you through KYC prices, intrude your privacy, inflate your transaction fees and track you down completely.

Any online monetary system these days are subject to scammers and hackers irrespective of the kind of KYC verification or security protocol involved. It's just the way it is. We are only still successfully using decentralized and centralized because to some extent, majority of the users are getting more aware and agencies have upgraded to track down criminals who launder money or hack the users account.

For CBDC users losing control, I hardly doubt that, because as the decentralized crypto currency network has been successful in implementation and execution, and not being controlled by any government, it would be a shame to the government of nations with CBDC initiative to fail. It wouldn't tell well.
CBDC is controlled by the central banks, and other monetary agencies which keep a 24hr open eye, inorder to monitor its growth and usership. The app may experience glitches from network interruptions, but I doubt it may be due to congestion. Any one can walk into the bank and request assistant also, if they got unexplained deductions and it would be resolved.
I don't think CBDC users can lose control of their money, because it is just a digital version of the bank account and it is a legal tender, which is strictly regulated.

[Unbunplease]

Yeah, it seems like the decisions already have been made and they're dosing the news slowly so everyone can ease into the thought that it'll happen eventually.
What I wonder is if we'll see each individual country (with sovereign currency) being responsible for running and maintaining the CBDC systems, or will we see some central, global institution running the 'core' of it, with each country having some admin privileges to issue/burn its own coins.
We also know that anything centrally planned, which is not subject to free market scrutiny, tends to not function very well or even fail miserably, so we might experience some turbulent times in the not-so-far future.

By the way, with the global implementation of CBDC, cryptocurrency may get a second chance. It is not a secret that states are going to use smart contracts, which will prescribe where a person can spend his CBDCs, and access to them can be blocked due to low social rating. Then the blocked person will have no other choice but to use cryptocurrencies to somehow survive

[TimeTeller]

Yeah, it seems like the decisions already have been made and they're dosing the news slowly so everyone can ease into the thought that it'll happen eventually.
What I wonder is if we'll see each individual country (with sovereign currency) being responsible for running and maintaining the CBDC systems, or will we see some central, global institution running the 'core' of it, with each country having some admin privileges to issue/burn its own coins.
We also know that anything centrally planned, which is not subject to free market scrutiny, tends to not function very well or even fail miserably, so we might experience some turbulent times in the not-so-far future.

By the way, with the global implementation of CBDC, cryptocurrency may get a second chance. It is not a secret that states are going to use smart contracts, which will prescribe where a person can spend his CBDCs, and access to them can be blocked due to low social rating. Then the blocked person will have no other choice but to use cryptocurrencies to somehow survive

This may pave the way of more crypto users not CBDC users. Because customers can gauge which one will be useful for them.
As they will see the disadvantages of holding their CBDC, people will get their attention on checking out other cryptocurrencies.
Since the government is already open with the use of crypto, the sentiment of these people towards crypto may change as well, which I think will be on the positive side.
A lot of people are hesitant to venture in crypto in the old days because of the notion that it was a scam, fraud or whatever they called it.
But now, they are seeing that large corporations and governments are endorsing the use of bitcoin and crypto in general.

[BenCodie]

Here's what was found there:

Okay, we all knew that freezing and unfreezing was a part of the CBDC deal (at least, anyone who knew why banks got hard over CBDCs...and we knew that money printing via clicking was likely going to pass too....but minting and burning currency from frozen addresses or increasing/decreasing balances no matter their state?

I can't wait to see the funky shit that banks, as well as corporations and governments (who I'm sure will be granted a level of permission to these functions) are going to do with this tech. Let's just hope that the blockchain is explorable and that the public will finally be able to audit fiat money/cbdc chains.

Oh, let's not forget the potential destruction of fiat from hacking, the infinite amount of forks that might occur after hacks, and the ongoing pressure of hacking related actions against CBDCs. That will be the funniest part of it all...and something that I am almost certain that is not being given a big enough budget in this plan to use CBDCs.

Fiat: The end is near
Bought to you by CBDCs and a central bank near you.

[Smartvirus]

Here's what was found there:

Tweet about it. Curious options, right?

"Many in the cryptocurrency community have raised concerns that a CBDC has the potential to infringe on their financial freedom and encroach on their privacy." - This wording sounds in the article (from cointelegraph.com).

What was the expectation?

It’s centralize and control is the whole point. For what is worth, we still operating some form of mobile banking and has got to operate just the way commercial banks do operate and that is, freezing and unfreezing of account, transferring coins as they deem fit and monitoring the transaction of users. It makes no difference. CBDC and mobile banking, it’s typically the same thing to me.

There still exists a huge difference between CBDC and cryptocurrency hence, the ideas which backs it up to be a competitor for the cryptocurrency innovation is very much wasted.

[Wind_FURY]

Here's what was found there:

Tweet about it. Curious options, right?

"Many in the cryptocurrency community have raised concerns that a CBDC has the potential to infringe on their financial freedom and encroach on their privacy." - This wording sounds in the article (from cointelegraph.com).

What was the expectation?

It’s centralize and control is the whole point. For what is worth, we still operating some form of mobile banking and has got to operate just the way commercial banks do operate and that is, freezing and unfreezing of account, transferring coins as they deem fit and monitoring the transaction of users. It makes no difference. CBDC and mobile banking, it’s typically the same thing to me.

There still exists a huge difference between CBDC and cryptocurrency hence, the ideas which backs it up to be a competitor for the cryptocurrency innovation is very much wasted.

I'm sorry ser, but you are very very wrong, and I'd advice you to be very careful in carrying that kind of thinking with you. A CBDC is a centrally programmable digital currency issued and controlled directly by the government itself. It's not like "mobile banking", it bypasses the banking system, and they should actually be made illegal. There should be a separation of Money and State.

[tbct_mt2]

I'm sorry ser, but you are very very wrong, and I'd advice you to be very careful in carrying that kind of thinking with you.

Maybe he should read [GUIDE] All About Central Bank Digital Currency (CBDC)

A CBDC is a centrally programmable digital currency issued and controlled directly by the government itself. It's not like "mobile banking", it bypasses the banking system, and they should actually be made illegal. There should be a separation of Money and State.

CBDCs are from governments and central banks and I think they will be made legally at least in their nations. Their governments and central banks that create those CBDCs will accept their own CBDCs legally.

I guess you wanted to discuss that CBDCs will be considered as illegal at global scale. Like a CBDC in one nation will be considered as illegal in other nations or by IMF. Is it what you meant?

[YUriy1991]

CBDC is a digital currency issued by a central bank to be used as an alternative legal means of payment from other perspectives. With one-sided CBDC, it can threaten financial privacy and financial freedom, and the central bank will have a back door and very easy direct access to your bank account, and the means to monitor every digital transaction that is carried out is no exception.

So, in implementing CBDC, I think it is necessary to pay attention to economic conditions, technological readiness, community conditions, and applicable legal provisions with the aim that the implementation can run effectively and efficiently and accommodate community needs.

[fruktik]

CBDC is just a digital fiat currency and not cryptocurrency, which means that the government are in charge of this monetary system and the implementation of it policies, there's nothing different from the traditional currency we use with the commercial banks since the financial institutions were still the ones in charge of CBDC and the government coordinate them all, every risk involved with fiat are also applicable to CBDC, they can be hacked, controlled by government, make deductions from your account in form of charges, take you through KYC prices, intrude your privacy, inflate your transaction fees and track you down completely.

      Why was this digital currency created, which is never a crypt at all? "Managers" want to get even more control over people's cash flows. Not enough for them what they have today. More power over slaves and serfs. I don't see any other motives. Nevertheless, this picture clearly reflects the essence of the current situation. I won't change anything. It will get much worse.

[Wind_FURY]

I'm sorry ser, but you are very very wrong, and I'd advice you to be very careful in carrying that kind of thinking with you.

Maybe he should read [GUIDE] All About Central Bank Digital Currency (CBDC)

A CBDC is a centrally programmable digital currency issued and controlled directly by the government itself. It's not like "mobile banking", it bypasses the banking system, and they should actually be made illegal. There should be a separation of Money and State.

CBDCs are from governments and central banks and I think they will be made legally at least in their nations. Their governments and central banks that create those CBDCs will accept their own CBDCs legally.

I guess you wanted to discuss that CBDCs will be considered as illegal at global scale. Like a CBDC in one nation will be considered as illegal in other nations or by IMF. Is it what you meant?

No, I literally mean that from a technical perspective - Direct programmability of a digital currency made by a centralized authority should be illegal. CBDC will be MORE tyrannical than the current, ALREADY, tyrannical financial system.

I believe that anyone involved in BitcoinTalk should spread more awareness about the challenges that CBDCs present in our financial freedom. Because it's obviously not just another form of "digital fiat".

[zasad@]

CBDC is a digital currency issued by a central bank to be used as an alternative legal means of payment from other perspectives. With one-sided CBDC, it can threaten financial privacy and financial freedom, and the central bank will have a back door and very easy direct access to your bank account, and the means to monitor every digital transaction that is carried out is no exception.

So, in implementing CBDC, I think it is necessary to pay attention to economic conditions, technological readiness, community conditions, and applicable legal provisions with the aim that the implementation can run effectively and efficiently and accommodate community needs.

I see the goal of launching the CBDC as destroying the entire global financial system. The main goal is to kill many small and middle banks that will not be able to compete due to the gradual restrictions with the introduction of CBDC. Only large banks will remain, and people will not replace how digital collars are put on them.

[coupable]

CBDC is a digital currency issued by a central bank to be used as an alternative legal means of payment from other perspectives. With one-sided CBDC, it can threaten financial privacy and financial freedom, and the central bank will have a back door and very easy direct access to your bank account, and the means to monitor every digital transaction that is carried out is no exception.

So, in implementing CBDC, I think it is necessary to pay attention to economic conditions, technological readiness, community conditions, and applicable legal provisions with the aim that the implementation can run effectively and efficiently and accommodate community needs.

I see the goal of launching the CBDC as destroying the entire global financial system. The main goal is to kill many small and middle banks that will not be able to compete due to the gradual restrictions with the introduction of CBDC. Only large banks will remain, and people will not replace how digital collars are put on them.

This is a good point when we think about it in the long term.  The adoption of these currencies individually will have an impact on the local currencies, and I think that this is what those countries are about to study.  Even the idea of ​​establishing a common currency within the framework of an alliance such as BRICS has encountered difficulties that prevent it from being realized.  The capitalist system suffers from crises that prevent it from developing easily with technological developments that can be used well.

[Dunamisx]

Maybe you can also learn more about why is the needs for decentralized digital currency and what government stand to achieve with their CBDC decision at last:

The US Congressman alerted for the need to place a ban over the use of the centralized bank digital currency (CBDC), Warren Davidson noted that CBDC is government new strategy to control finances and abuse the fairness in money distribution and utilization for their own benefits in other to have control over other people's financial asset.
https://twitter.com/WatcherGuru/status/1683193569014697984?t=A4jTS0JVpAIC_jYuoxqkLg&s=19

[DrBeer]

I'm gonna have to disappoint you a little bit. CBDC is the real evil, the evil that blockchain technology and the mega-popularity of cryptocurrencies have wrought. CBDC is not the digital equivalent of fiat, it's far worse. It's a solution that allows you to TOTALLY control and manage the flow of money. YOUR money.
You can read about the implementation of the Chinese version of CBDC, I'm sure other countries will take it for themselves and "armament" there is an interesting mechanism - blocking. Not the wallet. But tokens that are "marked" with different tags. For example - "believed to be a drug trafficker", or "engaged in anti-government activities".... CBDC is a centralized system, and the click of a national bank operator - and your coins - are not accepted by the blockchain, and everyone knows that the "marked coins" on the account - at any moment can be blocked.....

you might want to actually look at the chinese cbdc and not take some blog post opinion of it
the PBOC do not monitor the citizens money much like the US treasury does not monitor US FIAT of citizens
instead it delegates payment services(banks) to do the customer monitoring and registration and reporting.. much the same as the american fiat system of today

and before you refer me to many crap blog sites. ill inform you of many mis conceptions
a. china is not a one bank currency. they have many many payment services.
b. you dont need to register your life history and become a citizen to get an account.
c. the chinese government have not been "watching everything"

heres a trick for you to try. go to any travel agent/money exchange service people use for vacations and ask for some chinese yuan..
note that you do not have to become a chinese citizen and have biometrics and bloodtests and give social security details over to get yuan

my previous post is actually using the e-cny example. which is where commercial services like ali-pay, wepay, tencent and other who do the customer management side.

Everything sounds good, except for one thing - we talked about CBDC (national bank digital currency) and you give options for interacting with fiat funds.

I highly recommend to study the implementation of CBDC, and its functionality, and what is important - CONCEPTS. And immediately all questions will disappear. And it immediately becomes clear - this is a universal mechanism of total control, and control is total and all-round. What I mean ? This will be a total replacement of the fiat/non-cash yuan with a tokenized system close to blockchain technology but with a high level of centralized management. From monitoring ALL transactions to mechanisms for simple but complete blocking of funds of the "account holder"

[coupable]

Maybe you can also learn more about why is the needs for decentralized digital currency and what government stand to achieve with their CBDC decision at last:

The US Congressman alerted for the need to place a ban over the use of the centralized bank digital currency (CBDC), Warren Davidson noted that CBDC is government new strategy to control finances and abuse the fairness in money distribution and utilization for their own benefits in other to have control over other people's financial asset.

There are concerns that the lack of necessary legislation could lead to a wave of CBDCs that banks or financial institutions could be free to launch. The state alone cannot work on developing and launching this type of currency without entering into formulas and agreements with other financial institutions and defining the powers of each party.
In all analyzes and opinions, everyone raises the issue from the point of view of governments and legislators, due to the tacit conviction that users do not have the freedom of choice and therefore do not have the freedom to control their balances of those currencies since they are subject to the supervision of government control agencies. These currencies are the new face of fiat money and have nothing to do with the privacy or decentralization that characterizes cryptocurrencies.