What is most glaring about the report is just how open the Central Bank is about valuing a CBDC for the ability to centralize power over the currency, and economy, around the government. Although the report still uses soft-sounding language to make the idea of effectively making the government the gatekeeper of every Canadian money not sound like a massive overstepping of power.
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It is important to note that outside of central bankers and politicians who see benefits in being able to consolidate financial power around the government, citizens have zero substantial incentives to use CBDCs, unless forced to or basically bribed to adopt them.
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In a paper published by Payments Canada back in 2021, they admit that a lot of the perceived negatives for Canadians’ privacy posed by Central Bank Digital Currency (CBDC) are seen as a positive by the Canadian government.
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Corbyn goes on to paint a compelling picture that, with or without this disastrous policy of money printing, the US dollar was close to reaching the end of its life cycle as a fiat currency anyway. Corbyn explains the ‘long term debt cycle’ here, and how the U.S. dollar was easily calculable to be reaching its fiat dollar twilight years in and around the year 2020. But when we reach the end of this cycle, what happens next?
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Can anyone really afford to wait 10 minutes, minimum, when buying coffee at Tim Hortin’s? The idea is ridiculous and although Bitcoin was built with the aim of replacing the fiat system until recently it was incapable of filling all the roles the fiat dollar system filled in society. That is, until the advent of the Lightning Network.
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While the new law doesn’t recognize Bitcoin as legal tender as it in nearby El Salvador and in the Central African Republic earlier this week, Panama did legally recognize Bitcoin and other ‘cryptos’ in a move to provide common-sense regulatory clarity for the fledgling industry.
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The Bank of Canada and Globe and Mail justify their argument using emotionally based ideological attacks disguised as logic. One of their key points boils down to the vilification of men, with the Bank of Canada stating that ownership of Bitcoin is “concentrated among young, educated men with high household income and low financial literacy…”
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The current trendy propagandist push against Bitcoin is that it is bad for the environment, an attack line perfect for an organization like the World Economic Forum. The reality is that Bitcoin mining can actually be good for the environment, but truth has never been a strong priority of the Green Movement.
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It almost goes without saying that some of these cryptocurrencies/NFTs are so unstable in value that The Bahamas government must obviously want payment in the most stable and secure cryptocurrency, which is Bitcoin.
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A great way to think of this new system is by comparing Canada and China. In China they have a Digital Yuan tied to a social credit system, in Canada, it could very well be a CBDC tied to your ESG score.
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A well written report. Thanks for your effort. It raises awareness.
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November 24, 2024
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