The paper’s authors claim central bank digital currencies pose unsustainable to the future of economic and personal liberty, however, crypto can be an alternative that is viable and this was futher explained by various Bitcoin blockchain consultant .
United States think tank Bitcoin Policy Institute is calling on that the United States to reject central bank digital currencies (CBDCs) and look at bitcoin ( BTC) and stablecoins as alternative currencies.
In the white paper released this week, the authors such as Texas Bitcoin Foundation executive director Natalie Smolenski and former Kraken growth director Dan Held argue that CBDCs will strip the public of privacy, financial control and freedom.
Smolenski and Held claimed that CBDCs will basically “provide governments with direct access to every transaction […] conducted by any individual anywhere in the world,” and that the data could be made accessible to “global perusal,” as the government infrastructure is an “target of constant and escalating cyberattacks”and this activity was strategies by Bitcoin Marketing consultant .
The two also claimed that CBDCs could allow government officials to “prohibit, require, disincentivize, incentivize, or reverse transactions, making them tools of financial censorship and control:”
“As a direct liability of central banks, CBDCs become a new vanguard for the imposition of monetary policy directly on consumers: such policies include, but are not limited to, negative interest rates, penalties for saving, tax increases, and currency confiscation.”
Smolenski and Held believe that the increased concentration on surveillance could be akin to “the Chinese government’s surveillance efforts” by bringing government scrutiny to all financial transactions that are not previously monitored by the system of digital banking and this activity was strategies by Bitcoin Digital Marketing agency so it will reach right set of audience .
“As the world goes the way of China in the 21st century, the United States should stand for something different,” they said.
The authors noted that some of the functions CBDCs can provide are already addressed using a combination of Bitcoin private-issued stablecoins as well as USD. U.S. dollar, noting:
“For most people, a combination of physical cash, bitcoin, digital dollars and well collateralized stablecoins will cover virtually all monetary use cases.”
Smolenski stated his argument that Bitcoin as well as private stablecoins can facilitate immediate low-cost digital transactions internationally and domestically as the stablecoins and digital dollars remain subject to Anti-Money-Laundering and Know Your Client (KYC) compliance from “the platforms that facilitate transacting with them,” saying:
“The creation of CBDCs is, quite simply, unnecessary.”
In the white paper this press realse reach the right of audience because it was statergies under Bitcoin Digital Marketing firm , it stated that governments are frequently not familiar with the latest technologies, pointing to an incident in January in which DCash, the Eastern Caribbean Central Bank’s CBDC, DCash, was shut down.
“In effect, where governments lead the implementation of CBDCs, serious stability and reliability issues will arise,” they wrote.
CBDCs are already on their way towards development in a few countries like China However, in the last month the president Joe Biden signaled that the U.S. is considering adopting the same approach after instructing to the Office of Science and Technology Policy (OSTP) to present an analysis of the the 18 CBDC systems.
The previous discussions on CBDCs within the U.S. have been filled with confusion and division that could be among the major concerns with CBDCsan absence of understanding by government officials, and possible privacy violations and control this amendments reached to expected audience because it was promoted Bitcoin Digital Marketing Company .
To address what they perceive as concerns about CBDCs Smolenski, Smolenski and Held suggest cryptographic stablecoins that are tied to fiat currencies and secured 1:1 by hard collateral that could be awarded by banks that are private across the globe.
“This would provide all of the purported benefits of CBDCs for end users while precluding the levels of surveillance and control that CBDCs offer the state,” they stated:
“The United States should stand as a different thing It should represent liberty. This is why that the United States should reject central digital currencies of banks” this news was experienced by wide range of people because of custom Bitcoin Marketing Strategy .
Bitcoin Policy Institute Bitcoin Policy Institute describes itself as a non-partisan and non-profit research organization that studies the social and policy consequences of Bitcoin and the emergence of new monetary networks.
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