According to the Atlantic Council’s CBDC Tracker, 105 countries are considering adopting a “central bank digital currency” (CBDC), a digital currency that a central bank would control. The United States, for example, is considering a “FedCoin” CBDC.
Author, rapper and speaker Zuby is against the idea. “It’s a very dangerous technology,” he said. “These technologies can be used to enslave people.”
He pointed to the fact that a CBDC can be used to limit people’s purchases and punish those with dissenting political views.
Zuby spoke with Kitco Senior Anchor and Editor-in-Chief Michelle Makori at the FreedomFest 2022 conference in Las Vegas.
CBDC and tyranny
Zuby, who has a degree in computer science from Oxford University, was gloomy about the prospect of CBDCs, which he called a type of programmable “token.”
“With a CBDC, there is a potential that [the central bank] might limit it to certain types of purchases,” he explained. “If you behave in a way that they don’t want, they could stop this token from working for [you].”
He argued that a CBDC could be linked to a social credit system, like the one that exists in China.
“Under the current system, people can be fined,” he said. “There can be seizures of assets and things like that for people who don’t pay taxes… [With CBDCs], that would mean that you have a currency, and that you cannot spend it in a store, or that you are not allowed to use it to buy a plane ticket… So, there is no There is no limit to what a potentially authoritarian or even tyrannical government could control, limit and monitor your behavior. They would also have a complete record of all your purchases.
Zuby explained that “people don’t want [CBDCs]. Nobody asked for any of that… This idea that we live in truly democratic systems and countries, truly liberal countries, is a facade.
Bitcoin as antithesis
Zuby said people should resist tyranny through “civil disobedience” and “peaceful protest,” as well as assets like “Bitcoin,” which he called the “polar opposite” of a CBDC.
“One of the fundamental elements of the libertarian philosophy and Bitcoin is the decentralization of power,” he explained. “Decentralized currency fits perfectly with libertarian ideals, rather than letting governments or central banks control everything…Anything that takes power away from the state and puts it back in the hands of the individual is consistent with libertarianism. ”
He pointed to the danger of trusting bank accounts that the government can seize, as happened to Freedom Convoy protesters in Canada.
Bitcoin requires a person to keep their private key, which Zuby says encourages “personal responsibility” and “responsibility.”
“When people talk about libertarian or even conservative ideals, the emphasis is always on liberty and liberty,” he remarked. “But an essential part of it, which can be lost, is also the responsibility and accountability aspect. I think bitcoin helps teach responsibility.
For more on Zuby’s music career and his views on cancel culture, watch the
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