Cardano founder explains how CBDC is a big threat to freedom
Charles Hoskinson noted that censorship at a very big level will be very easy for the governments with the help of CBDC.
The central bank digital currency (CBDC) is a concept of the digital form of the sovereign fiat currency. In the present time, more than 120 central banks are working on their CBDC, to modernise their traditional financial system. CBDC is a centralised blockchain technology, which means central banks will be able to control the flow of money anytime & for any reason.
On 25 May 2023, Cardano founder Charles Hoskinson appeared in a new video podcast and there he talked about CBDC & Cardano’s CIP 1694.
Hoskinson said that CIP 1694 will bring more decentralisation to the governance system of the Cardano blockchain.
Further, he initiated the discussion on CBDC and noted that it is a very big threat to financial freedom.
According to Hoskinson, any Government will be able to easily censor any person’s thoughts & speech with the help of CBDC. Furthermore, he explained that people may face restrictions over their use of money & in some cases, they will be able to use their money for certain products, under restrictions.
“I don’t want to live in a world where we’re heading. CBDCs are connected to bizarro mandates where if you piss off a decision-maker, your money just arbitrarily gets turned off. Or you’re told you can’t buy a certain product,” Hoskinson said.
The crypto entrepreneur noted that if any person will do something that the government doesn’t like, then, in that case that person will face censorship even if that person will be right at his place from everyone’s perspective.
On the Chinese Digital Yuan (e-CNY), Hoskinson said that centralised money is already in the hands of millions of people in China under the partnership with Tencent-like players.
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