‘CBDCs Are A Threat To Human Freedom : Former Google Software Engineer
A former Google software engineer & expert claimed that CBDC is not a better option to adopt because CBDC results in huge problems for people.
Boyapati, a former Google software engineer and also author of “The Bullish Case for Bitcoin – Central Bank Digital Currencies (CBDCs)“. Boypati is a Economist expert also, so he shared his point of view on Bitcoin technology based concept “CBDC” adoption. He shared about it in his recent tweet.
According to Boyapati, To adopt CBDCs system in the financial infrastructure of the current situation, we can’t bring a better experience among the people. Because there are many points where CBDC doesn’t suit perfectly.
The first thing is the centralisation. According to Boypati, CBDC will be authorized by the government authorities but there is one main problem, that is, privacy. Government authorities can track and see how much money a person has and also this will reduce the interest of the money. So decrease in the interest of the wealth will make the people forced indirectly to spend their money.
So through the use of CBDC, people will face the problem of privacy of their money & the government will try to control the fund collection of their citizens easily.
“Imagine a society with no cash and only digital money where every single financial transaction can be tracked by a central government”
According to Boyapati, Traditional fiat systems are already better. On one side, fiat based banking systems & cash options are not much better to give ease to store the value of money but still they are better at their level in comparison to CBDC. Because fiat Cash gives freedom to the people to remain anonymous with their funds and no one can control the money of fund holders.
At the end of the argument of the Boyapati clearly said that Bitcoin and CBDC both are based on Blockchain but CBDC is stealing the two fundamental rights of Bitcoin as a Digital asset. These two rights are “freedom from debasement; and freedom from confiscation.
Indirectly he said that Bitcoin is Better concept to provide freedom for the people but CBDCs are totally opposite of it.
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