Watch Out For CBDCs! Can You Stop This Digital Dystopia?!
Published: 2024-09-15
Status:
Available
|
Analyzed
Published: 2024-09-15
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Definition of CBDCs provided.
"Central Bank digital currencies or cbdcs are well digital currencies that are created by a central bank"
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Distinction between wholesale CBDCs (for elites) and retail CBDCs (for the general public), with retail CBDCs highlighted as having more concerning attributes.
"there are technically two types of cbdc wholesale cbdcs which will be used by select individuals and institutions that is the elites and Retail cbdcs which will be used by everyone else that is us naturally it's the retail cbdcs that have the most terrifying attributes"
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Central Bank Digital Currencies (CBDCs) succeeding would lead to a significant loss of freedom.
"if they succeed they will take away more freedom than any foreign Force"
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Nigeria's eNaira CBDC saw very low adoption (6% even after crackdowns on cash), indicating public resistance.
"Retail cbdc adoption has been incredibly low take Nigeria for instance the initial adoption of its enira cbdc was only half a percent it subsequently Rose to 6% adoption but this required cracking down on cash which created serious social unrest and even with those restrictions it was still just 6%"
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Christine Lagarde admitted the digital Euro would be used for control.
"European Central Bank president Christine Lagarde admitted last spring on video that the digital Euro would be used for control"
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Central banks may be shifting focus from retail to wholesale CBDCs to facilitate international trade and align with BRICS countries, due to low retail adoption.
"it seems that other central banks noticed this and are starting to realize that it's better to focus on a wholesale cbdc particularly because it will help them bypass the need for the US dollar in international trade and bring them closer to the bricks countries"
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CBDCs are categorized into wholesale (for elites) and retail (for the general public).
"there are technically two types of cbdc wholesale cbdcs which will be used by select individuals and institutions that is the elites and Retail cbdcs which will be used by everyone else that is US"
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Donald Trump vowed to prevent CBDC rollout in the US if elected president.
"these latter include Donald Trump he promised to prevent cbdcs from being rolled out in the US if elected president"
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Nigeria's eNaira CBDC saw very low initial adoption (0.5%) and only reached 6% after government intervention, which caused social unrest.
"retail cbdc adoption has been incredibly low take Nigeria for instance the initial adoption of its enira cbdc was only half a percent it subsequently Rose to 6% adoption but this required cracking down on cash which created serious social unrest"
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Donald Trump pledged to prevent the rollout of CBDCs in the US if elected president.
"Donald Trump promised to prevent cbdcs from being rolled out in the US if elected president"
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The US House of Representatives passed a bipartisan bill to ban CBDCs in May.
"most notably with the bipartisan cbdc bill passed by the house back in May"
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The Fed's FedNow payment system could potentially evolve into a CBDC system, which appears to be the ultimate goal of its creators.
"the fed's FED now fast payment system which launched last summer could evolve to become a cbdc system and its creators seem to see that goal as the endgame"
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The Federal Reserve's FEDNow system is suggested to have the potential to evolve into a CBDC system, with its creators viewing this as the ultimate goal.
"the fed's FED now fast payment system which launched last summer could evolve to become a cbdc system and its creators seem to see that goal as the endgame"
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The Bahamas' Sand Dollar, the first CBDC, has seen limited adoption, less than 1%.
"the Bahamas sand dollar was technically the first cbdc to launch and like Nigeria's en Nira it has seen limited adoption less than 1% to be exact"
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USD-backed stablecoins, by being backed by US government debt, could actually increase the dominance of the US dollar.
"the fact that USD stable coins are backed by US Government debt actually means they would boost the usd's dominance"
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There's a concern that the rollout of CBDCs by central banks could lead to a significant loss of freedom.
"many central banks have been slowly rolling out cbdcs if they succeed they will take away more freedom than any foreign Force"
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Venezuela's Petro coin CBDC was phased out after six years.
"Venezuela which phased out its Petro coin cbdc after six years"
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The Bahamas' Sand Dollar, the first CBDC launched, has had limited adoption (less than 1%).
"the Bahamas sand dollar was technically the first cbdc to launch and like Nigeria's en Nira it has seen limited adoption less than 1% to be exact"
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Many central banks are shifting their focus from retail CBDCs to wholesale CBDCs.
"many central banks seem to be turning their focus away from retail cbdcs and towards wholesale cbdcs"
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Central banks, exemplified by the Federal Reserve's plans for FedNow, appear to intend to force commercial banks to integrate with CBDC systems.
"forcing commercial banks to support cbdcs is something that every Central Bank seems to be planning you'll recall that fed now is a precursor to a digital dollar well it looks like the FED wants to force every Commercial Bank to integrate fed now at some unspecified point in the future"
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The UAE conducted its first transfer on Embridge, a BRICS payment system, in January.
"the UAE completed its first transfer on embridge the bricks aforementioned payment system in January"
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Nigeria is considering creating a stablecoin as an alternative due to difficulties with its eNaira CBDC rollout.
"Nigeria which is wrestling with the roll out of its enira to the point that it's considering creating a stable coin instead"
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Turkey has applied to join BRICS and is developing its digital Lira CBDC to combat inflation.
"turkey has applied to join the brics alliance turkey has also been working on its digital ly cbdc to try and keep a lid on inflation"
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The UAE and Saudi Arabia are partners in the BRICS' Embridge payment system, with Saudi Arabia joining after its June launch.
"the UAE completed its first transfer on embridge the bricks aforementioned payment system in January embridge then launched in June with Saudi Arabia signing on as another partner to the project"
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Israel is reportedly planning to launch an interest-bearing retail CBDC.
"Israel is reportedly looking to roll out an interest bearing retail cbdc"
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Turkey is developing its digital Lira CBDC to control inflation; if inflation decreases, focus may shift to wholesale implementation.
"Turkey has also been working on its digital ly cbdc to try and keep a lid on inflation if inflation continues falling though turkey could focus on its wholesale implementation"
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Israel is delaying the rollout of its digital shekel until another Western nation launches its CBDC.
"Israel is waiting for another Western Nation to roll out its cbdc before the roll out of its own digital shekele"
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Israel is reportedly planning to launch an interest-bearing retail CBDC.
"Israel is reportedly looking to roll out an interest bearing retail cbdc"
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Iran has completed a pilot for its upcoming digital Rial CBDC.
"Iran is in the same boat as it recently completed a pilot for its upcoming digital real"
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Israel is delaying the launch of its digital shekel until another Western nation rolls out its CBDC.
"Israel is waiting for another Western Nation to roll out its cbdc before the roll out of its own digital shekele"
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Zimbabwe's ZIG, a gold-backed digital currency, was converted to physical currency and has maintained its value against the USD.
"Zimbabwe's gold-backed digital currency funnny enough the zig was turned into a physical currency back in April by June there were entire black markets of illegal Forex Trading with the zig well at least it's held its value and even gained against the USD"
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Iran has completed a pilot for its upcoming digital real CBDC.
"Iran is in the same boat as it recently completed a pilot for its upcoming digital real"
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Zimbabwe's gold-backed digital currency, the Zig, has been transformed into physical currency and has shown resilience, even appreciating against the USD despite black market trading.
"Zimbabwe's gold-backed digital currency funny enough the zig was turned into a physical currency back in April by June there were entire black markets of illegal Forex Trading with the zig well at least it's held its value and even gained against the USD"
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China has aggressively rolled out its digital yuan CBDC and completed a cross-border gold trade using it.
"China which has been aggressively rolling out its digital yuan cbdc in December it completed a crossborder gold trade using this cbdc"
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Kazakhstan used its own CBDC, the digital Tenge, to pay for a rail link to China.
"Kazakhstan paid for a rail link to China using its own cbdc not China's cbdc kazakhstan's cbdc the digital Tanger for those unaware"
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China's digital yuan has been used for cross-border gold trade, indicating its international application.
"China which has been aggressively rolling out its digital yuan cbdc in December it completed a crossborder gold trade using this cbdc"
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Kazakhstan utilized its own digital Tenge CBDC to pay for a rail link to China.
"Kazakhstan paid for a rail link to China using its own cbdc not China's cbdc kazakhstan's cbdc the digital Tanger for those unaware"
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Standard Chartered is participating in China's CBDC trials, following BNP Paribas' participation last year.
"British Bank Standard Chartered will participate in China's cbdc trials to refresh your memory French Bank BNP paribar joined China's cbdc trials last year"
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British (Standard Chartered) and French (BNP Paribas) banks are participating in China's CBDC trials, suggesting a potential shift in European alignment.
"British Bank Standard Chartered will participate in China's cbdc trials to refresh your memory French Bank BNP paribar joined China's cbdc trials last year"
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The creator of China's digital yuan is reportedly under investigation, and ordinary citizens who resist adopting it will be affected.
"China is reportedly investigating the creator of its digital Yuan as of April the next people to be affected will be us plebs who will refuse to use the cbdc even when forced to adopt it"
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Over 5 million Indians are currently using the digital rupee, with pilots ongoing since 2022.
"over 5 million Indians are using the digital rupee thanks to multiple Pilots spanning back to 2022"
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The creator of China's digital Yuan is reportedly under investigation as of April.
"China is reportedly investigating the creator of its digital Yuan as of April"
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Chinese workers are actively exchanging their digital Yuan earnings for physical currency.
"Chinese workers being paid in digital Yuan are exchanging it for actual money as quickly as they can"
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Crypto exchange Bybit has added support for India's digital rupee.
"crypto exchange bybit added support for India's digital rupee in July"
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The ECB claims the digital Euro will offer better privacy than current commercial bank digital currencies.
"the ecb claims that the digital Euro will have better privacy than the digital currencies currently issued by commercial Banks"
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Indian citizens appear comfortable with the digital rupee, with over 5 million users from pilots since 2022.
"it seems that Indian citizens are relatively comfortable with the digital rupee that's because over 5 million Indians are using the digital rupee thanks to multiple pilots spanning back to 2022"
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Privacy was the number one complaint from over 50,000 people who provided feedback to the Bank of England regarding its digital pound plans.
"over 50,000 people provided feedback to the bank of England about its digital pound plans can you guess what the number one complaint was that's right privacy"
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Crypto exchange Bybit added support for India's digital rupee in July.
"crypto exchange bybit added support for India's digital rupee in July"
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The Bank of England is focusing on wholesale CBDCs, possibly due to concerns about British banks adopting foreign CBDCs like the digital yuan.
"it's got word of the digital Yuan experiments being run by commercial Banks and chances are that the Boe isn't enthralled by the prospect of British Banks adopting a foreign cbdc"
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The primary concern raised by over 50,000 individuals providing feedback to the Bank of England regarding its digital pound plans was privacy.
"over 50,000 people provided feedback to the bank of England about its digital pound plans can you guess what the number one complaint was that's right privacy"
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The French central bank, Banque de France, is collaborating with the Hong Kong Monetary Authority on CBDCs.
"French Bank bank to France partnered with Hong Kong's monetary authority to work on cbdcs"
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The Bank of England may be shifting focus to wholesale CBDCs due to concerns about British banks adopting foreign CBDCs like the digital yuan.
"it's got word of the digital Yuan experiments being run by commercial Banks and chances are that the Boe isn't enthralled by the prospect of British Banks adopting a foreign cbdc"
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The BIS (Bank for International Settlements) suggests that most people would vote to print CBDCs for themselves if given the opportunity.
"the bis believes that most people would vote to print cbdcs to give to themselves if allowed to"
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The Bank of France has partnered with Hong Kong's Monetary Authority on CBDC development.
"French Bank bank to France partnered with Hong Kong's monetary authority to work on cbdcs"
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A future financial crisis could be triggered by a stablecoin issuer failing due to an external shock.
"it's possible that the next financial crisis will be caused by a stable coin issuer going under because of some external shock"
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The German Central Bank is collaborating with MIT on CBDC research.
"the German Central Bank is working on cbdcs with MIT the famous US University"
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Voting against politicians who support CBDC rollouts is considered the most effective measure to oppose them.
"the most effective measure will be to actively vote against politicians who are in favor of rolling them out"
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There's a conflict between governments/central banks pushing for CBDCs and asset managers/commercial banks favoring stablecoins.
"it looks like there's a tug of war between governments and central banks who want cbdcs and asset managers and Commercial Banks who want stable coins"
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Increased use of physical cash is recommended as its phasing out is a key part of the CBDC rollout process.
"you can take steps to try and use physical cash more often as phasing it out is a major part of the cbdc rollout process if we don't use it we'll lose it"
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A significant majority (94%) of central banks are actively developing some form of CBDC.
"94% of central banks are working on a cbdc of some kind"
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In cases where CBDCs are unavoidable, the best defense is to follow the example of populations in Nigeria and the Bahamas by not using them.
"the best we can do then is follow the example of the populations of places like Nigeria and the Bahamas and not use them"
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Indonesia intends to use CBDCs as a means to counter stablecoins and cryptocurrency.
"Indonesia have been explicit about their intentions of using cbdcs as a tool to combat stable coins and crypto more generally"
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The Bank for International Settlements (BIS) predicts that people would vote to print CBDCs for themselves if given the option.
"the bis believes that most people would vote to print cbdcs to give to themselves if allowed to"
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A future financial crisis could be triggered by a stablecoin issuer's collapse, potentially exacerbated by rising government debts, particularly in the US.
"it's possible that the next financial crisis will be caused by a stable coin issuer going under because of some external shock and it's possible that this external shock could be due to the exponential po Al Rising government debts especially in the US"
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Democratic voting on CBDC controls presents a dilemma: people might vote for governments that minimize controls, but also for those that enable excessive money printing.
"if a cbdc controls are determined by Democratic vote via a democratic government then this would be a double-edged sword on one hand most people would probably elect a government that minimizes cbdc controls on the other hand though they would probably vote for the one that prints the most"
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Actively using physical cash is recommended as its phasing out is a key part of CBDC rollout.
"you can take steps to try and use physical cash more often as phasing it out is a major part of the cbdc rollout process if we don't use it we'll lose it"
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If CBDCs are implemented, not using them is suggested as a last line of defense, following the example of Nigeria and the Bahamas.
"the best we can do then is follow the example of the populations of places like Nigeria and the Bahamas and not use them"
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