{"id":109463,"date":"2023-02-06T17:23:12","date_gmt":"2023-02-06T17:23:12","guid":{"rendered":"https:\/\/yogaesoteric.net\/?p=109463"},"modified":"2023-02-06T17:23:12","modified_gmt":"2023-02-06T17:23:12","slug":"central-banks-will-begin-using-digital-currencies-soon-and-it-wont-matter-whether-people-are-ready-for-it","status":"publish","type":"post","link":"https:\/\/yogaesoteric.net\/en\/central-banks-will-begin-using-digital-currencies-soon-and-it-wont-matter-whether-people-are-ready-for-it\/","title":{"rendered":"Central banks will begin using digital currencies soon and it won\u2019t matter whether people are ready for it"},"content":{"rendered":"

A report<\/a> published recently says that whether or not countries are ready for digital currencies or even understand the concept behind them, central banks are going to begin using them soon either way, and there isn\u2019t much that can be done about it.<\/p>\n

\"\"<\/p>\n

The Wall Street Journal<\/em>\u2019s report touched on the issue of complexity, noting that digital currency is a \u201cgame-changing development [that] could have a profound impact on the banking system<\/em>\u201d despite the fact that \u201cfew people still understand it<\/em>.\u201d<\/p>\n

The outlet noted: \u201cCentral-bank digital currency doesn\u2019t exactly roll off the tongue. But you might want to get used to saying it. These so-called CBDCs, or digital versions of dollars, yuan, euros, yen or any other currency, are coming, say those who study them. And depending on how they are designed and rolled out, their impact on the banking system could be profound.<\/em>\u201d<\/p>\n

\u201cOne hundred and fourteen countries are exploring digital currencies, and their collective economies represent more than 95% of the world\u2019s GDP, according to the Atlantic Council\u2019s Central Bank Digital Currency tracker<\/em>,\u201d the WSJ<\/em> reported. \u201cSome countries, including China, India, Nigeria and the Bahamas, have already rolled out digital currencies. Others, like Sweden and Japan, are preparing for possible rollouts. The U.S. is studying the issue and has run trials of various technologies to enable a digital currency, although Fed chair Jerome Powell has indicated the U.S. central bank has no plans to create one, and won\u2019t do so without direction from Congress<\/em>.\u201d<\/p>\n

But obviously, the U.S. could be the outlier; the only advantage for us, perhaps, is the fact that, for now, the real dollar (not a digital buck) is the world\u2019s reserve currency. But this isn\u2019t likely to last.<\/p>\n

The WSJ<\/em> noted the fact that countries are sort of winging it at the time, developing digital currencies on their own without really coordinating the effort, making the situation even more dicey and confusing. \u201cGenerally, however, CBDCs can be roughly divided into two types: those designed for use by financial institutions and those designed for use by the general public<\/em>,\u201d the report said.<\/p>\n

The first type will be used for transfers between central and commercial banks, so that should be fairly easy to perform and to understand. After all, Americans have been \u2018digitally paid\u2019 \u2014 that is, pay electronically transferred from a company to an employee\u2019s bank, without cutting a paper check or handing the worker actual money, for decades now.<\/p>\n

However, \u201cthe second type of CBDC is a digital version of fiat money made available to the general public through accounts held by a central bank or a commercial bank<\/em>,\u201d the report continued. \u201cFrom the perspective of a regular person or business, this kind of CBDC isn\u2019t any different from the electronic money in their bank accounts today\u2014it\u2019s just a digital dollar.<\/em><\/p>\n

What makes these kinds of CBDCs special is that they are created, and held, in accounts that a central bank has direct access to. If another pandemic happened, for example, the Fed could just deposit stimulus \u2018checks\u2019 into every U.S. citizen\u2019s digital-currency account<\/em>,\u201d the report said.<\/p>\n

But here\u2019s where it gets tricky. In a constitutional republic, where the person, then the state, then the federal government share power (in that order), the federal government is the only entity with a central bank; states don\u2019t have them. And of course, the U.S. government is in charge of printing the money, as well as regulating it. So in a completely digital world where there is no hard currency (physical money, gold, silver, platinum, etc.), the central government literally controls all of the money at all times, and that is a scary proposition, given how tyrannically the Biden regime has behaved in regards to a former president, Donald Trump, and his supporters.<\/p>\n

What happens if there is a pro-MAGA demonstration in the future that the Dem-run deep state doesn\u2019t like? In an all-digital-currency world, the government could literally confiscate (or wipe out) their digital holdings.<\/p>\n

It\u2019s never a good idea to give the government complete control over anything \u2013 especially all of our money.<\/p>\n

 <\/p>\n

yogaesoteric
\nFebruary 6, 2023<\/strong><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

A report published recently says that whether or not countries are ready for digital currencies or even understand the concept behind them, central banks are going to begin using them soon either way, and there isn\u2019t much that can be done about it. The Wall Street Journal\u2019s report touched on the issue of complexity, noting […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[1188],"tags":[],"class_list":["post-109463","post","type-post","status-publish","format-standard","hentry","category-power-and-corruption-the-matrix-of-the-master-and-slave-3480-en"],"_links":{"self":[{"href":"https:\/\/yogaesoteric.net\/en\/wp-json\/wp\/v2\/posts\/109463","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/yogaesoteric.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/yogaesoteric.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/yogaesoteric.net\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/yogaesoteric.net\/en\/wp-json\/wp\/v2\/comments?post=109463"}],"version-history":[{"count":1,"href":"https:\/\/yogaesoteric.net\/en\/wp-json\/wp\/v2\/posts\/109463\/revisions"}],"predecessor-version":[{"id":109467,"href":"https:\/\/yogaesoteric.net\/en\/wp-json\/wp\/v2\/posts\/109463\/revisions\/109467"}],"wp:attachment":[{"href":"https:\/\/yogaesoteric.net\/en\/wp-json\/wp\/v2\/media?parent=109463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/yogaesoteric.net\/en\/wp-json\/wp\/v2\/categories?post=109463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/yogaesoteric.net\/en\/wp-json\/wp\/v2\/tags?post=109463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}