The Threat to Financial Privacy, An Update | The Gold Standard 2309

https://www.midasgoldgroup.com/

We continue our discussion about government plans to move all of us to a Central Bank Digital Currency, or CBDC, and the tremendous threat it poses to our financial privacy.

CBDC is a digital currency issued and backed by a country’s central bank. Many central banks around the world are developing it as a way to modernize the financial system and provide greater financial inclusion.

However, CBDC spells the end to our financial privacy. Unlike traditional cash transactions, which are anonymous, CBDC transactions would be recorded on a centralized ledger, giving central banks unprecedented insight into people’s financial lives. Once everyone is in the system, governments will have complete control over how you spend your money and what you spend it on. We’ll be trapped. We can cite several examples that are straight out of a terrible science-fiction novel, where the government’s lust for power and ultimate control continues unchecked.

We discuss the challenges and dangers of this new technology and the ethical considerations of balancing financial innovation with individual privacy rights. Ultimately, getting all of us into a CBDC system is about control. Once the Fed gets everyone into the CBDC system, they can control every aspect of your life since this type of currency would be programmable by them. They could prevent you from buying something or force you to use the currency within a specific geographic area. If they want to keep you from traveling, they can program the currency so that it won’t purchase gasoline, or buy an airplane ticket.

“World Reserve Currency” is a reference currency for international trade and financial transactions, and it is often considered a safe-haven asset in times of economic uncertainty. That used to be the US dollar, but many countries have begun to seek other safe-haven assets. The US dollar remaining the world’s reserve currency is unlikely. The emergence of digital currencies could well be the final nail in the coffin.

The timeline for the nationwide implementation of CBDCs varies from country to country. It largely depends on the individual country’s level of technological infrastructure, regulatory framework, and political will. Some countries, such as China and Sweden, are already testing or implementing their own CBDCs, while others are still in the exploration phase.

It’s worth noting that implementing a CBDC is a complex process involving not just technological considerations but also economic, legal, and social factors. Central banks must carefully weigh the benefits and risks of CBDCs, including their potential impact on financial stability, monetary policy, and privacy.

In the United States, for example, the Federal Reserve has been exploring the possibility of a CBDC and has conducted research on the topic but has not yet made a firm commitment to implementation. In February 2021, Federal Reserve Chair Jerome Powell stated that the Fed was “far from making a decision” on whether to issue a CBDC and that it was “more important to get it right than to be first.”

Overall, it’s difficult to predict when a nationwide implementation of CBDCs will occur, as it will depend on various factors unique to each country. However, as central banks continue to explore the potential benefits and risks of CBDCs, we will likely see more widespread implementation of these digital currencies in the coming years.

Valcambi is one of the world’s most well-known and reputable gold refineries. The 1-oz Valcambi Gold Bar is among today’s most popular and sought-after gold products. Ken and Dave discuss some qualities that make Valcambi’s one-ounce gold bars unique and attractive to people looking to diversify their investment portfolio with precious metals.

The 1-oz Valcambi gold bar is an iconic and highly sought-after gold product with a reputation for quality, purity, and investment value. Whether you are a seasoned investor or a newcomer to the world of gold, a 1-oz Valcambi gold bar is an excellent addition to any investment portfolio.

Valcambi was founded in 1961 as Valori & Cambi by Swiss entrepreneurs who wanted to establish a world-class gold refinery. The company quickly became known for its commitment to quality and innovation. In 1968 it became one of the first refiners to produce 999.9 fine gold products, a standard recognized as the benchmark for purity in the industry. Valcambi remains faithful to its founding principles of quality and innovation, and is one of the most respected and trusted names in the precious metals industry.
________________________________________________________________________________________________

Gold IRA: https://www.midasgoldgroup.com/gold-ira/
Invest in Gold: https://www.midasgoldgroup.com/buy-gold/
Guide to Owning Bullion & Coins: https://www.midasgoldgroup.com/bullion-guide/
Read the latest precious metals news: https://www.midasgoldgroup.com/news/