CBDC

$17.7 million was put towards this initiative, and despite there being a large portion of Canadians objecting to this move, the Liberals have alluded to their CBDC plans in the 2023 budget, but far quieter this time.

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One story that escaped most headlines last month was that the Federal Reserve, New York Branch started a 12-week CBDC (Central Bank Digital Currency) pilot project on Nov. 15th, 2022. This story is both significant and not that significant for a variety of reasons that need to be delved into. 

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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 should not be a surprise that so many socialist countries (like China) and world leaders are leading the charge toward the adoption of Central Bank Digital Currency (CBDC). By definition, a socialist wants to socialize the economy around the state, and one great way of doing that is having the central bank take over the backend of your citizens’ bank accounts.

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Smith doesn’t appear to be in favour of CBDCs per se, but she seems to not see the prospect of having the central bank control Canadian bank accounts as a particularly pressing issue, or at least not one she would fight back against.

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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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