And now the day has come when the word “money” no longer evokes associations with the jingling of coins or the rustling of bills. Instead, we get something called CBDC (Central Bank Digital Currency) - digital money from central banks. It sounds like something out of a science fiction movie, but it is a reality that is already knocking on the door.
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What is this anyway?
CBDC is essentially a government-owned cryptocurrency, just without your favorite decentralization. Imagine Bitcoin, but under the full control of a state that now sees you buying Nutella or, God forbid, donating to something "suspicious."
Many countries are already testing these digital currencies, promising convenience and transparency. But we know that this is just another way to gain control over us, right?
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Arguments for (illusion of care)
1. Transparency: No suspicious transactions! And if there are, they will instantly find you by IP.
2. Fight corruption: Bribes in envelopes will become antiques. Unless you want to send them as NFTs.
3. Speed: Transfers will be instant — you won't even have time to think about how your payment has already been verified by 25 government agencies.
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Arguments against (or why it looks like a dystopia)
1. Total control: Imagine your payment doesn't go through because your account has been blocked. Why? You liked the wrong post!
2. The end of privacy: Your financial history will become available to both the minister and "hacker Vasya."
3. Manipulations: Lowering interest rates, freezing funds, and limiting purchases. And all of this is for the good of the economy, of course.
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Ukrainian context: when to wait?
Ukraine is not far behind either: the NBU is considering launching an e-hryvnia. And while it sounds promising, many are already wincing at the thought that every transaction will be under a microscope.
What does this mean for us? Essentially, a CBDC can:
Make it easier to donate to the army (until they are recognized as "illegal").
Increase transparency (you know, who loves transparency too? Big Brother).
Destroy the cache: Forget about stashing under the mattress.
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What to expect in the world?
China has already introduced a digital yuan, Europe is testing a digital euro, and the US is still considering whether to create a "digital dollar." The world is moving towards a cashless global economy, but are we ready to trust financial freedom to the state?
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CBDC vs Cryptocurrency
Cryptocurrency gives freedom, CBDC gives control. It’s like comparing an uncensored internet to its Chinese counterpart. And while crypto enthusiasts defend their right to anonymity, governments promise that their digital project will be better than Bitcoin. Spoiler: it won’t be.
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So what to do?
The main thing to remember is that any digital project of the state is first and foremost a tool of control. If we can balance transparency and freedom, perhaps CBDC will become the evolution of money. And if not? Well, then it’s better to keep some Bitcoin just in case.
The world changes, but one thing remains the same: freedom is always worth more than any convenience.
