Home Altcoins News Governments Can decide How CBDCs Should Be Spent Using Programmable Technology

Governments Can decide How CBDCs Should Be Spent Using Programmable Technology

Governments Can decide How CBDCs Should Be Spend Using Programmable Technology

The Telegraph on June 21, 2021 pointed to how “The Bank of England called on its ministers to decide whether a Central Bank Digital Currency should be “programmable,” ultimately providing the issuer with a control on how it will be spent by the residents.

Thus, when there will be CBDCs some kind of programming might be in place to restrict people from spending on specific goods.  And, programming can also decide when.

While this can sound absurd, many believe that governments might want to exert such a control.  This just means “decentralized is powerful.”

Bernie’s Tweets Shared: This hasn’t gone away! The Bank of England has asked Government to confirm if they want digital currency to be programmable, so they can restrict what you buy & when. All linked to whether you comply with Government approved behaviors. Be vigilant.

Community Response:  The public need to be aware of this kind of approach by the government which is probable using CBDCs. Imagine being told by a shopkeeper that the government says you can’t buy something because you’ve had too much of it that week or you’ve went over your carbon footprint allowance that month. So, this approach does not sound to be in your best interest.

All the governments worldwide are like they are coming for every aspect of freedom you currently enjoy.

This for now looks like won’t work at all.  People will want to fight against it.

When was the last time you paid cash for something?  Don’t stress. This kind of idea with CBDCs will not work. If the CBDCs decide to do something like this, all that it can generate can be a barter or a black market.

Perhaps it will all come down to how the people will be allowed to pay for larger items such as mortgages and utility bills. It’s okay to have a barter system but if the person with all the silver or crypto can’t bank it and pay their own bills with it then it’s worthless. The government has control and if they bring in CBDCs they will want to have all kind of control.

“It’s still another 5 years away even though they have the technology ready now. The proletariat aren’t ready yet.”

For clarity, the proletariat is the social class of wage-earners, those members of a society whose only possession of significant economic value is their labour power. A member of such a class is a proletarian.

However, those looking at this story from UK, it just looks like it is not sustainable.  The UK CBDC will be forced out of the base layer BTC blockchain, when people wake up.

People prefer BITCOIN in the decentralized under their custody they like to be a legal tender in every country.

China is the blueprint for UK’s Digital currency idea. Plenty of other digital currencies, even China is having problems gaining acceptance with the digital Yuan as there are alternatives.

CBDCs are inevitable. And, It’s a huge step to greater authoritarianism across the globe. These kinds of stuff are just beginning.

 

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Julie J

Julie is a renowned crypto journalist with a passion for uncovering the latest trends in blockchain and cryptocurrency. With over a decade of experience, she has become a trusted voice in the industry, providing insightful analysis and in-depth reporting on groundbreaking developments. Julie's work has been featured in leading publications, solidifying her reputation as a leading expert in the field.

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