An activist says CBDCs may be a bad idea: Joe Rogan podcast


Charles Hoskinson shared a podcast of  Joe Rogan on Central Bank Digital Currency (CBDCs) on Twitter and hinted that he believes that CBDCs are really bad ideas. 

Central Bank Digital Currency (CBDCs) discussion and development works are continuously going on among more than 80% of the Central Banks of the world. China is currently leading this race of CBDCs based currency, or digital Yuan or we may say e-CNY. And also some Central Banks are in the pilot phase with some better outcomes. 

Recently Cardano founder Charles Hoskinson shared a link of a YouTube tube video, which was a Joe Rogan podcast with Maajid Nawaz, an activist and a guest on popular American commentator Joe Rogan’s podcast. The whole podcast was based on the negative movement of the world’ top dominant economy based Central Banks toward the negative intentions of government agencies to use CBDCs. 

Nawaz noted the initiative of 7 powerful IMF economics organizations G7′ on the collaborative work to develop Central Bank Digital Currency (CBDCs). He mainly noted that CBDC issued by the Bank Of England will be restricted to use in some sectors, where the government will not allow to use.

Nawaz pointed out that this proposed ideology of CBDC is much similar to the Chinese social Media credit system, which remains restricted in multiple places. 

So this activist noted that government agencies are in fear that they may lose control on cash and also it will go toward weak hand use cases. And in this situation, Government agencies are trying to control the money used through CBDCs issuance, where they will have full control of the customers of CBDCs. 

Earlier, last week, Minnesota Congressman Tom Emmers and Senator Ted Cruz raised their voices against the negative effects or things that can take place with the issuance of CBDC (digital Dollar). 

Ted Cruz tweeted

“The U.S. is not ‘behind China on crypto.’ CBDCs are not crypto – they’re a government surveillance tool. Crypto creates freedom, it doesn’t destroy it.”

Read also: Crypto responsible for corruption proceeds or avoid capital controls