You wanted the government to stay out of your life? Well, now they want to join in on the most intimate category: your money.
Every major globalist institution from the IMF to the BIS to the WEF is hosting panels and discussions, publishing studies, and running pilot programs and tech labs on how to roll out central bank digital currencies.
In the past decade, 25% of the global adult population has joined the financial service spectrum and can now send and receive payments. With this, a total of 76% of adults worldwide are connected in some shape or form to finance.
This is too important of a subject to be left alone because it is estimated that including emerging markets in the global economy would add nearly $15tn in GDP, a vast amount no matter how you look at it.
There’s no doubt that the unbanked, undocumented, and the demographics that have no smartphones but want and demand progress should enjoy life and its benefits just like you and I do.
The barriers and obstacles to getting included are now being lowered.
Poverty is a tragedy, and some financial service companies prey on the weak with insane interest rates, exorbitant intermediary fees, and aggressive minimum account balances that cripple the poor before they even get started.
The globalist central bankers believe they’ve got to be part of the solution by providing you with their version of safety, liquidity, integrity, and legal tender status in exchange for getting access to your e-wallet.
Many millions (if not billions) are suspicious and untrusting of governments and digital products in general.
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This will be an uphill battle but regardless if central banks, commercial banks, or FinTech giants win, the world is moving towards digital currencies, and we need to prepare:
- Cash: don’t wait with this. Make sure you’ve got some banknotes of various major currencies stacked
- Precious metals: you should preferably have between 6 and 12 months’ worth of living expenses converted from fiat currencies to gold and silver.
- Digital literacy: protesting CBDCs won’t make them go away
I strongly suggest you become a pioneer in fully understanding CBDCs and seeing through their weaknesses and advantages.
The first use of them in developing markets will come quickly. In the developed world, I think it will start with smart contracts and programmable money that could only be used for specific purposes.
Food stamps, for example, would not exist. Instead, a person would receive their allowance in the form of a CBDC that can only be spent on certain food items.
The next wave will be international remittances, whereby immigrants living in a first-world country would probably choose to send funds home using a CBDC because of quick, reliable, and cheap transfers to avoid the FinTech vultures that currently get a 6% cut.
They’ll slowly create more uses once central banks see how their new digital units are used, but the privacy features will deter many and they’ll have to really prove that the risks to human rights are addressed and minimized/solved altogether.
Many people, including myself, will never completely give up cash without that happening.
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