Can CBDC users lose control of their money?

[Catenaccio]

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.

They can be free to launch their CBDCs at their nations but their CBDCs will be restrictedly used in their countries only. To be accepted globally, it will be more complicated from global, continential, union regulations and politics too.

I believe global organizations will not easily accept national CBDCs under big pressure from giant nations like the USA, China, ... and being used only nationwide will not be so good for CBDCs.

[fruktik]

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.

         We've already been given digital collars. At any time, they can block all accounts and cards at the click of a finger. If there is no cash on hand, then this is simply the end of the physical existence of a person.
         Digital money is able to tighten this noose much more strongly and dictate absolutely any conditions to people. All this and went for many years. The population needs to be controlled somehow, and financial instruments are one of the best ways.

[Negotiation]

At present CBDC has expanded various activities and financial service delivery process for the rapid inclusion of financial services to the mainstream population as well as the marginalized population and the backward people in the society which has been mentioned in various financial reports at home and abroad but it will be difficult for the poor population. Because they don't know much about digital currency. The regulation of the financial sector on a global scale is very complex, so people's understanding of it is also very limited. This is why it is now important to educate people about digital currency and provide clear information about the practical importance of digital currency.

[Inwestour]

They can be free to launch their CBDCs at their nations but their CBDCs will be restrictedly used in their countries only. To be accepted globally, it will be more complicated from global, continential, union regulations and politics too.

I believe global organizations will not easily accept national CBDCs under big pressure from giant nations like the USA, China, ... and being used only nationwide will not be so good for CBDCs.

Just like cash, CBDC will have a local meaning only within the country, but this will be enough for control and digital currencies will perform their functions. Can the central bank block your funds? I think yes, the main disadvantage will be that the bank will be able to have access to your funds, now, by the way, this can also be done if you keep money in the bank on deposit. I don’t know if a situation is possible when wallets will be created for CBDC, in which it will be possible to store CBDC without access to them by the state, and most likely even in this case they can be tracked and, if necessary, blocked.

[Unbunplease]

At present CBDC has expanded various activities and financial service delivery process for the rapid inclusion of financial services to the mainstream population as well as the marginalized population and the backward people in the society which has been mentioned in various financial reports at home and abroad but it will be difficult for the poor population. Because they don't know much about digital currency. The regulation of the financial sector on a global scale is very complex, so people's understanding of it is also very limited. This is why it is now important to educate people about digital currency and provide clear information about the practical importance of digital currency.

We're talking about CBDC, not cryptocurrencies. These are completely different things. CBDC is, in fact, not a cryptocurrency, but something managed by government agencies. In fact, it's much better to use cashless payments than CBDC, because CBDC is unequivocally bad.

[mvdheuvel1983]

CBDC doesn't give you control over your money. It is no different from an online bank where you do not have keys. They can freeze, unfreeze, spy on you at anytime, any day and anywhere as long as you're using their CBDC. Your life is basically under their control and they can do with it whatever pleases them.

[BRINIRHA]

CBDC doesn't give you control over your money. It is no different from an online bank where you do not have keys. They can freeze, unfreeze, spy on you at anytime, any day and anywhere as long as you're using their CBDC. Your life is basically under their control and they can do with it whatever pleases them.

We may feel constantly watched and indeed we will be continuously watched when we are fully using CBDC. Well even we will indeed lose full control of our own assets. Although at this point maybe CBDC is just an option for digital fiat. But if one day this is applied in totality then I might also think that freedom and privacy really don't exist anymore regarding our assets in digital fiat. But unfortunately I feel that people out there are not too aware of things like this. They will obey and accept the new system without much finding out. Maybe even more people are excited about CBDCs right now. Maybe it's the practicality and speed of transactions that fill their minds. So they forget about the importance of privacy. But even now people who keep all their money in the bank are of course under clear surveillance. But CBDC makes things much easier to monitor.

[Marvell1]

CBDC doesn't give you control over your money. It is no different from an online bank where you do not have keys. They can freeze, unfreeze, spy on you at anytime, any day and anywhere as long as you're using their CBDC. Your life is basically under their control and they can do with it whatever pleases them.

We may feel constantly watched and indeed we will be continuously watched when we are fully using CBDC. Well even we will indeed lose full control of our own assets. Although at this point maybe CBDC is just an option for digital fiat. But if one day this is applied in totality then I might also think that freedom and privacy really don't exist anymore regarding our assets in digital fiat. But unfortunately I feel that people out there are not too aware of things like this. They will obey and accept the new system without much finding out. Maybe even more people are excited about CBDCs right now. Maybe it's the practicality and speed of transactions that fill their minds. So they forget about the importance of privacy. But even now people who keep all their money in the bank are of course under clear surveillance. But CBDC makes things much easier to monitor.

Privacy is still a strange thing to many people, what people are more concerned about in this day and age is to make a lot of money and then brag to everyone that they are rich instead of trying to hide it. So it is not surprising that they will quickly adopt CBDC without any resistance.
Quite frankly, privacy has only become a concern for us in recent years, to be more precise, since the advent of bitcoin. Therefore, only bitcoin users know to truly value their privacy.
I also didn't like this from the very beginning when I heard about the concept of a government CBDC, but CBDC will be something we can't avoid, it's inevitable because the government knows its benefits to them.

[bangjoe]

CBDC certainly has the limits and control or supervision of government financial institutions, so if the CBDC comes from washing and or detected in the activities that are prohibited in the country, of course the government can block its CBDC, because the concept of CBDC is more scary than Fiat, in the article of Fiat We can still use it with a secret because there are no traces of anyone's hands, or traces of transactions.
It is quite possible that someone who has CBDC, they can lose its control.

But what is the power of someone who does not understand this financial concept, will always adopt it easily.

[sokani]

What do you think, is CBDC being developed for the benefit of people or will it be directed against them? After this article, the scales, in my opinion, swung even more towards the total regulation of the financial life of people.

CBDCs are just enhanced fiats, it's no doubt better than fiats and it would help to checkmate some the recurring issues in the financial sector. For example, there are no fake CBDCs so the issue of counterfeits would be put to bed, it would help to cut down the large budget or expenses needed to print cash and would also come handy in checkmating tax evasion. Aside the above mentioned point, I don't really see much it has to offer. CBDC is centralized, thus it's going to be used as a tool by the authorities to manipulate the masses. With CBDC, you are not in custody of your funds, the government can track, freeze or transfer your digital currency at any time.

[Alpha Marine]

The population needs to be controlled somehow, and financial instruments are one of the best ways.

Control is the sole reason they're launching the CBDC. They have seen that Bitcoin will make it very difficult for them to control the financial life of people so they created something else
What I find funny is that CBDC is just a centralized Bitcoin. It's funny because they criticize and fight Bitcoin with all they got only to create a copy for themselves.
There is absolutely no reason to trust CBDC over Bitcoin, no reason whatsoever.

[Unbunplease]

Control is the sole reason they're launching the CBDC. They have seen that Bitcoin will make it very difficult for them to control the financial life of people so they created something else
What I find funny is that CBDC is just a centralized Bitcoin. It's funny because they criticize and fight Bitcoin with all they got only to create a copy for themselves.
There is absolutely no reason to trust CBDC over Bitcoin, no reason whatsoever.

The main question is how to resist the introduction of CBDC?  Now they are doing it cautiously, but later they will force CBDC application, especially in budgetary spheres. And budgetary employees today make up more than half of the working population

[pixie85]

CBDCs are just enhanced fiats, it's no doubt better than fiats and it would help to checkmate some the recurring issues in the financial sector. For example, there are no fake CBDCs so the issue of counterfeits would be put to bed, it would help to cut down the large budget or expenses needed to print cash and would also come handy in checkmating tax evasion. Aside the above mentioned point, I don't really see much it has to offer. CBDC is centralized, thus it's going to be used as a tool by the authorities to manipulate the masses. With CBDC, you are not in custody of your funds, the government can track, freeze or transfer your digital currency at any time.

You say that CBDC is better than cash because it's cheap to make and helps prevent tax evasion... This is some strong left propaganda that I'm reading, worthy of an authoritarian socialist.

On one hand we go green, no more trees being cut and all that crap, except that money isn't made from paper... On the other hand we control the money flow, know what you buy, where and when. If you by any chance decide to go against us, you'll have your money taken away. No more protesting or you'll have to beg for food and even others won't be able to send you money because we'll block your personalized account. They'll have to buy food and give it to you.

CBDC is in serious breach of basic human rights to privacy and being able to support whatever parties and organizations they choose.

[Wind_FURY]

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.

What's bad for the people's freedom to transact actually increases the need for financial assets that are built with censorship-resistance and permissionlessness in mind to help the individual become more ungovernable and self-sovereign. We can't just accept tyranny to rule over the world, no?

If only there was such an asset invented.

[franky1]

What's bad for the people's freedom to transact actually increases the need for financial assets that are built with censorship-resistance and permissionlessness in mind to help the individual become more ungovernable and self-sovereign. We can't just accept tyranny to rule over the world, no?

If only there was such an asset invented.

just a shame when such people as yourself then want to tell people to lock up that self sovereign currency. to then go play with another network of middlemen that is the sandbox network design of most CBDC(blockstream were not paid hundreds of millions of dollars out of donated generosity.. it was a sponsored investment by the institutions to want to get a prototype they can use(research hyperledger-blockstream.. hyperledger-CBDC))

ill give you a few years to ponder that in a shower.. but this time clean your head and really rinse your head of all the stuff thats been put into it .. dont use your favourite branded shampoo, (emphasis on the sham.. and emphasis on the poo)

[Aanuoluwatofunmi]

CBDC doesn't give you control over your money. It is no different from an online bank where you do not have keys. They can freeze, unfreeze, spy on you at anytime, any day and anywhere as long as you're using their CBDC. Your life is basically under their control and they can do with it whatever pleases them.

CBDC is thesame thing as their fiat which they have dubbed to also appears in digital form and is not cryptocurrency, the same right government have over fiat notes they also possess on every user of CBDC, why then should someone waste time on them when there are many opportunities that lies with the adoption of bitcoin Which is a decentralized digital currency everyone wants to have for an investment and digital cryptocurrency to use for their payment and store of value.

[m2017]

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.

They can be free to launch their CBDCs at their nations but their CBDCs will be restrictedly used in their countries only. To be accepted globally, it will be more complicated from global, continential, union regulations and politics too.

I believe global organizations will not easily accept national CBDCs under big pressure from giant nations like the USA, China, ... and being used only nationwide will not be so good for CBDCs.

CBDC are created for internal control and, of course, will not be used for settlements between other countries. This is a replacement for national currencies. For example, it is impossible to pay with the Turkish lira anywhere in French Polynesia, because the laws of each country state that the only legal tender in the country is only the national currency. In Turkey, the lira, in Polynesia, the franc, and so on. That is, I assume that in each of the countries in the future there will be CBDC-TRY, CBDC-CFP and the like, which will be in use only in one particular country of their origin.

And if we talk about a single and global CBDC (it is impossible to predict whether there will be one single global CBDC at all), then this adoption should be delayed, because of:

To be accepted globally, it will be more complicated from global, continential, union regulations and politics too.

as you say. It will not be easy for countries to agree on this, and perhaps the result of this will be a digital dollar or euro, and maybe the yuan (or some other currency).

[Iroh]

CBDC is thesame thing as their fiat which they have dubbed to also appears in digital form and is not cryptocurrency, the same right government have over fiat notes they also possess on every user of CBDC, why then should someone waste time on them when there are many opportunities that lies with the adoption of bitcoin Which is a decentralized digital currency everyone wants to have for an investment and digital cryptocurrency to use for their payment and store of value.

I think having cold hard cash is far better than CBDCs. Admittedly, both are more or less the same but with CBDCs, you literally have very little to no control over your funds. The control you think you’ve got over your money is the one the government allows you to have. And even that could be revoked at any time as the government could decide at any time to disrupt, end or limit your purchasing power.
I wouldn’t fault anyone that’s seemingly “wasting time” on CBDCs. If the apex bank of any country in compliance with the government decides to implement CBDCs as a mode of payment, citizens of the country would just have to use it.

[BRINIRHA]

CBDC doesn't give you control over your money. It is no different from an online bank where you do not have keys. They can freeze, unfreeze, spy on you at anytime, any day and anywhere as long as you're using their CBDC. Your life is basically under their control and they can do with it whatever pleases them.

We may feel constantly watched and indeed we will be continuously watched when we are fully using CBDC. Well even we will indeed lose full control of our own assets. Although at this point maybe CBDC is just an option for digital fiat. But if one day this is applied in totality then I might also think that freedom and privacy really don't exist anymore regarding our assets in digital fiat. But unfortunately I feel that people out there are not too aware of things like this. They will obey and accept the new system without much finding out. Maybe even more people are excited about CBDCs right now. Maybe it's the practicality and speed of transactions that fill their minds. So they forget about the importance of privacy. But even now people who keep all their money in the bank are of course under clear surveillance. But CBDC makes things much easier to monitor.

Privacy is still a strange thing to many people, what people are more concerned about in this day and age is to make a lot of money and then brag to everyone that they are rich instead of trying to hide it. So it is not surprising that they will quickly adopt CBDC without any resistance.
Quite frankly, privacy has only become a concern for us in recent years, to be more precise, since the advent of bitcoin. Therefore, only bitcoin users know to truly value their privacy.
I also didn't like this from the very beginning when I heard about the concept of a government CBDC, but CBDC will be something we can't avoid, it's inevitable because the government knows its benefits to them.

So true. Even today's young people don't seem to care too much about privacy. In fact, they prefer to share their private lives on social media. So of course they also won't care about a system that actually exposes their own financial privacy. Because from the beginning they did not care about financial privacy. And we also probably won't be able to avoid not using CBDC in the future. Because it is possible that physical fiat will become increasingly rare and one day it may even be withdrawn from circulation. But for now CBDC is just another option. So we can still avoid it. But with Bitcoin we can still store our assets safely without having to worry about our privacy.

[Unbunplease]

I think having cold hard cash is far better than CBDCs. Admittedly, both are more or less the same but with CBDCs, you literally have very little to no control over your funds. The control you think you’ve got over your money is the one the government allows you to have. And even that could be revoked at any time as the government could decide at any time to disrupt, end or limit your purchasing power.
I wouldn’t fault anyone that’s seemingly “wasting time” on CBDCs. If the apex bank of any country in compliance with the government decides to implement CBDCs as a mode of payment, citizens of the country would just have to use it.

Even if we are mandated to use CBDC, there will still be cryptocurrency. If CEX is destroyed, there will still be DEX. Of course, things may become more complicated than they were in the early days of cryptocurrencies, but everything is surmountable if you approach the issue in the right way