Can CBDC users lose control of their money?

[Ozero]

As the title said, there is a high possibility that it is true, it seems that cbdc is no different from fiat that is controlled by the country's government, it just became digital. So for me that cbdc is just a joke to be honest. Although, it somehow helps in the adoption of cryptocurrency, that's all, of course, it's still under centralization.

This is where the cbdc will really fall in the regulation, I just don't know if there is anyone else here who has the same understanding as I think about that matter. Of course the government will take advantage of that happening.

CBDCs are likely to play a significant role in improving the efficiency of the state's banking system. This is, in fact, an improved system of state cashless payments, so CBDCs will be under the full control of the state. And this means that the government can at any time block citizens' access to their money in their virtual wallets, as this is usually done with non-cash money.
But CBDC needs to be taken seriously. In any case, they will create certain conveniences for both citizens and the government with their banking system.

[pawel7777]

CBDCs are likely to play a significant role in improving the efficiency of the state's banking system. This is, in fact, an improved system of state cashless payments, so CBDCs will be under the full control of the state. And this means that the government can at any time block citizens' access to their money in their virtual wallets, as this is usually done with non-cash money.
But CBDC needs to be taken seriously. In any case, they will create certain conveniences for both citizens and the government with their banking system.

It's not just about having a full insight of your transactions or the ability to block your funds. CBDC will make programmable money possible. The government will have the ability to set expiry dates on your funds, or impose limits on certain purchases (i.e. to fight climate change) or, coupled with face recognition technology, they could fine you for any offences automatically (similarly to what's already happening in China).

But that could backfire badly in many ways.

https://twitter.com/TimHinchliffe/status/1674105699897311253

[m2017]

As the title said, there is a high possibility that it is true, it seems that cbdc is no different from fiat that is controlled by the country's government, it just became digital. So for me that cbdc is just a joke to be honest. Although, it somehow helps in the adoption of cryptocurrency, that's all, of course, it's still under centralization.

This is where the cbdc will really fall in the regulation, I just don't know if there is anyone else here who has the same understanding as I think about that matter. Of course the government will take advantage of that happening.

CBDCs are likely to play a significant role in improving the efficiency of the state's banking system. This is, in fact, an improved system of state cashless payments, so CBDCs will be under the full control of the state. And this means that the government can at any time block citizens' access to their money in their virtual wallets, as this is usually done with non-cash money.
But CBDC needs to be taken seriously. In any case, they will create certain conveniences for both citizens and the government with their banking system.

Oh yeah. There is no doubt about this - they will create certain conveniences. For themselves, but will be served to the public under the pretext of their safety, comfort and other fictional nonsense.

CBDCs are likely to play a significant role in improving the efficiency of the state's banking system. This is, in fact, an improved system of state cashless payments, so CBDCs will be under the full control of the state. And this means that the government can at any time block citizens' access to their money in their virtual wallets, as this is usually done with non-cash money.
But CBDC needs to be taken seriously. In any case, they will create certain conveniences for both citizens and the government with their banking system.

It's not just about having a full insight of your transactions or the ability to block your funds. CBDC will make programmable money possible. The government will have the ability to set expiry dates on your funds, or impose limits on certain purchases (i.e. to fight climate change) or, coupled with face recognition technology, they could fine you for any offences automatically (similarly to what's already happening in China).

But that could backfire badly in many ways.

https://twitter.com/TimHinchliffe/status/1674105699897311253

The duration of funds (CBDC) can be limited for less prosaic reasons than to combat climate change: government grants (or other payments) that can only be spent on permitted purposes. It will not be possible to accumulate this money. Didn't have time to use before a certain period - the money is reset.

Due to such a mechanism, the state obtains an instrument of influence on the economy: it will be possible to stimulate the purchase / sale of goods and services in this way. What does the consumer get? So this is digital slavery, when he ceases to be the full owner of his money (wealth). If you can't control it, then it doesn't belong to you.

But don't despair, there are some glimpses in this direction. Implementation of CBDC system failed in Senegal and Ecuador. Probably the same fate awaits Nigeria, where the people are against CBDC.

[romero121]

CBDCs are likely to play a significant role in improving the efficiency of the state's banking system. This is, in fact, an improved system of state cashless payments, so CBDCs will be under the full control of the state. And this means that the government can at any time block citizens' access to their money in their virtual wallets, as this is usually done with non-cash money.
But CBDC needs to be taken seriously. In any case, they will create certain conveniences for both citizens and the government with their banking system.

It's not just about having a full insight of your transactions or the ability to block your funds. CBDC will make programmable money possible. The government will have the ability to set expiry dates on your funds, or impose limits on certain purchases (i.e. to fight climate change) or, coupled with face recognition technology, they could fine you for any offences automatically (similarly to what's already happening in China).

But that could backfire badly in many ways.

https://twitter.com/TimHinchliffe/status/1674105699897311253

As said these advancements will help with the administrative operations, but this doesn't favour the users much. Just a digital way of using fiat. Nothing much on it. As said there might be expiry and other features that could keep the things in order. However it is people's money under the hands of banking corporates. Now itself some country's have started to fine on violations and just deduct amount from the particular person's bank without their consent. This will be an advanced way of doing it.

[pawel7777]

The duration of funds (CBDC) can be limited for less prosaic reasons than to combat climate change: government grants (or other payments) that can only be spent on permitted purposes.

Good point. I'd imagine one of the first restrictions that we'll likely see is prohibition from purchasing certain types of goods (e.g. alcohol or tobacco) with the money received as child benefits. This could replace voucher-type benefits (such as food stamps) and there will unlikely be any massive backlash against it.
Then they'll be introducing more and more controversial restrictions (boiling the frog tactic) without any mass protests, as people will be getting used to it.

[Vaskiy]

CBDC users losing control of their money gets lowered than what we experience with the traditional banking system. Yesterday RBI(Reserve Bank of India) Governor have vouched for CBDC. He had stated the instant settlement and more secure cross border transactions as the key advantages. He had stated the high cost, low speed, lack of transparency as the challenges in the traditional banking system. With CBDC this will be made more effective and efficient. Over time people might get used to it and the usage of local currencies for cross border could help in shielding from global shocks.

[DooMAD]

I'd imagine one of the first restrictions that we'll likely see is prohibition from purchasing certain types of goods (e.g. alcohol or tobacco) with the money received as child benefits. This could replace voucher-type benefits (such as food stamps) and there will unlikely be any massive backlash against it.

Depends on locale, I'd say.  There'd 100% be riots in the UK if you stopped people buying booze.  

To quote British comedy series 'The IT Crowd':

When did the English start drinking like that? You people drink like you don't want to live.

And what the restrictions are placed on will change depending on what type of government gets elected.  So there's always the potential for someone to feel that their freedoms are under attack when they suddenly aren't able to buy something they've always bought unchallenged up to that point.