RE: Your local Cryptocurrency
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@contentisking thank you so much for your great comment. I had no idea about akoin, but must have stumbled across him planing that a few months back in an article. I'm a pretty big Stellar sceptic to be honest, as well as one of the IMF and the World Bank that apparently works with Stellar. Ripple is also a part of the intraledger protocol and the iso 20022 standard that will be implemented for CBDC's. I think that is the Nesara Gesara plan? It doesn't invoke much trust if the WEF is talking about Feudalism in the same breath. After all many governments can be in favour of L2 solutions if they are the custodians and pay for keeping payment channels open and citizens don't really own anything self sovereignly, exchanging assets on something like strike. The question of a private key and ownership still arises in the midst of all the hype? I think here an option for a withdrawal to a wallet where you hold a private key transparently would be something i'd appreciate.
Well as far as I'm concerned with CBDC and government controlled digital coins would they really have to integrate it with everyone? But really would an elderly person know anything about cryptography. What I'm really saying is will they force this on it's citizens and how would they enforce this new monetary system. Quiet honestly It's really a topic to be discussed with the highest degree of due diligence. Peace and have a good one
Thank you for your reply. An elderly person wouldn't know much about cryptocurrencies, as much as a younger person knows very little about the end of the Brettonwoods system from 1971-1981, the oil shocks and the SAF. Specially the perennial inflation that caused an erosion of the value of money over time. It's interesting what a scarce decentralised digital asset can do to the US Dollar in a much shorter time, while most people ignore that the USD lost 97.60% of it's buying power relative to bitcoin in just 5 years.
Actually they don't enforce anything. Many people aren't aware of the ID tag labelled on their personhood. I don't even want to begin writing about potential biometrically-linked digital identity. Surely international EDI standards for cross border payment messaging that suddenly pop up when borderless cryptocurrencies already achieved the prospect of leveraging payments across borders? It could have little to do with control mechanisms if such a standard would flow down to financial institutions and then the corporates?(being ironic)After all the question is whether it affect their products which are consumers whi voluntarily to their bidding. Currently, electronic money we are accustomed to will just become digital. You Bank still remains the custodian and very few will ever question CBDC's. Most people don't like to take responsibility over their own private keys. They'd rather trust a third party. If you loose your card, the bank just gives you a new one? Depending on where you live, owning decentralised digital assets might be deemed illegal, their exchange prohibited by law, while other countries will allow for certain grey areas for their use. The topic in discussion is also censorship. As you mentioned it surely deserves a dedicated post on phase 3 after the nixon shock 1971 with a mention of quantitive easing, the credit crunch etc. just babbling on here, but thanks again for commenting buddy.