#FinancialAutonomy

[unpluggedfinancial]

Why People Oppose CBDCs and the Laws Enacted to Fight Them

Central Bank Digital Currencies (CBDCs) have become a hot topic in the world of finance. These digital currencies, issued by central banks, promise to revolutionize the way we transact. However, they also face significant opposition. This article explores the reasons behind the opposition to CBDCs and the legislative actions taken against them.

What are CBDCs?

CBDCs are digital versions of a country’s fiat currency, issued and regulated by the central bank. Unlike decentralized cryptocurrencies such as Bitcoin, CBDCs are controlled by the government. Countries like China and the Bahamas have already launched their versions of CBDCs, while many others, including the United States, are exploring their potential.

Reasons for Opposition

Privacy Concerns

One of the primary concerns about CBDCs is the potential for government surveillance. Unlike cash transactions, which are anonymous, digital transactions can be tracked. This could allow governments to monitor individuals’ spending habits and financial activities closely. For instance, a government could potentially know what you buy, when you buy it, and where you buy it. This level of surveillance is unsettling for many who value their financial privacy.

Control and Censorship

CBDCs could also give governments unprecedented control over personal finances. They could, for example, freeze accounts or limit what individuals can spend their money on. This level of control raises concerns about potential misuse of power. Imagine a scenario where political dissenters find their access to funds restricted because of their opposition to the government.

Economic Freedom

Opponents of CBDCs argue that they could erode financial autonomy. Decentralized cryptocurrencies like Bitcoin offer an alternative to the traditional financial system, promoting financial freedom and independence. In contrast, CBDCs are seen as a tool for reinforcing governmental control over the economy.

Security Risks

Digital currencies are susceptible to cyber-attacks and fraud. The infrastructure supporting CBDCs would need to be highly secure to prevent hacking and protect users’ funds. Any vulnerabilities in the system could have severe consequences, including financial losses and disruptions in the economy.

Laws and Regulations Against CBDCs

Opposition to CBDCs has led to the introduction of various laws aimed at restricting or prohibiting their use. Several states in the US have taken significant steps in this direction.

State-Level Legislation

South Dakota: Recently passed a law prohibiting the state from accepting CBDCs as payment and blocking participation in CBDC trials.

Indiana, Florida, and Alabama: Between April and June 2023, these states passed laws excluding CBDCs from the definition of money under the Uniform Commercial Code, potentially discouraging business usage.

Oklahoma: Passed a law preventing the state from participating in CBDC trials or using CBDCs.

Federal-Level Legislation

CBDC Anti-Surveillance State Act: In September 2023, the House Financial Services Committee voted in favor of this act, which would prohibit the Federal Reserve from issuing a CBDC directly to individuals or using it for monetary policy. This bill still needs to pass the full House and Senate.

Political Stances: Former President Donald Trump has vowed to block a CBDC if he becomes President again.

Impact of Opposition

The opposition to CBDCs has significant implications for their adoption and implementation. State-level laws and proposed federal bills create substantial hurdles, signaling strong resistance to their rollout. Concerns about financial privacy and government overreach play a crucial role in shaping public opinion and legislative action. If the opposition successfully limits or prevents the rollout of CBDCs, it could influence global approaches to digital currencies.

Conclusion

The debate over CBDCs is far from over. While they promise to modernize the financial system, the concerns about privacy, control, economic freedom, and security cannot be ignored. The laws and regulations against CBDCs reflect a broader political and societal debate about the future of money and financial autonomy. As this debate continues, it is essential to stay informed and engaged with developments in digital currencies.

Call to Action

What are your thoughts on CBDCs? Do you support their implementation, or do you have concerns about their impact? Share your opinions in the comments section below.

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[thecryptonewshub]

Trump Organization Lawsuit Sheds Light on the Growing Debanking Crisis

How the Trump Org Lawsuit Unveils a Deeper Debanking Crisis and What It Means for Financial Freedom The ongoing debanking crisis, a growing issue that has taken center stage in financial discussions, has reached a new height with the Trump Organization’s recent lawsuit against Capital One. This lawsuit, filed in Miami-Dade County, claims the bank unjustly closed over 300 accounts belonging to the Trump Organization in 2021. The action has raised concerns about the increasing trend of financial institutions severing ties with individuals and businesses without clear cause, a phenomenon now widely regarded as part of a broader debanking crisis.

Caitlin Long, the creator of Custodia Bank, has spoken out against the risks posed by such banking practices, particularly for crypto entrepreneurs and politically marginalised groups. Her comments are part of a growing narrative among business executives, particularly in the cryptocurrency sector, about the significance of access to banking services in a contemporary economy. Also Read :    why-u-s-crypto-capital-status-requires-more-than-bitcoin-reserves-and-stockpiles/ The Trump Organization's legal struggle reveals a potentially far-reaching concern that affects more than one corporation. It calls into question the underlying causes of the debanking crisis, as well as the wider financial repercussions of such acts. In an age where financial institutions are under increasing pressure from regulatory authorities and political agendas, many firms and individuals' freedom to obtain banking services is jeopardised. This action is about more than just one corporation; it is about the loss of financial liberty and the risks connected with increased political meddling in financial services. Experts such as Nic Carter, a partner at Castle Island Ventures, have drawn parallels between the current situation and "Operation Choke Point 2.0," a clandestine regulatory campaign that has resulted in the closure of different financial services considered politically unacceptable. Custodia's Caitlin Long has long cautioned that such activities might destabilise the entire financial environment, particularly in emerging sectors such as cryptocurrencies. Crypto executives have stated that banks are increasingly targeting companies involved in bitcoin, fintech, and other developing financial technology. The danger is that financial services may be used to restrict specific industries or political movements, so undermining economic progress and innovation. The lawsuit filed by the Trump Organisation serves as a clear reminder of the dangers of unrestrained debanking. It is more than just a company issue; it is a society worry that affects many people and industries. As more incidents of debanking emerge, policymakers and regulators face increased pressure to address these activities and guarantee that the financial system remains open, fair, and accessible to all. To summarise, the Trump Organization's lawsuit against Capital One marks a watershed point in the ongoing debanking issue. It emphasises the need of maintaining financial access and autonomy in an increasingly polarised and controlled society. As the lawsuit progresses, it may serve as a catalyst for larger changes in the way financial institutions interact with businesses and individuals. The conclusion could mark a watershed moment in the fight for financial freedom in the face of increased regulatory and political intrusion. Read the full article

[yourownbank]

The idea of “Becoming Your Own Bank” sounds like something out of a Finance Experts dream—but “Your Own bank book” introduces the concept as a practical, achievable strategy. This book delves into a financial strategy called the infinite banking Concept (IBC), a system that utilizes a specially structured whole life insurance policy to create your very own banking system. In a world where traditional banking leaves little room for individual Financial Autonomy, the vision empowers people to take control of their personal finances, maximize liquidity, and avoid relying on external Financial Institutions.

[impactng]

Delta Lawmakers Seek Senate Support For Implementation Of Financial Autonomy

Members of the Delta State House of Assembly has cried to the Senate President, Senator Ahmad Lawan to intervene on the issue of financial autonomy of the State Assembly. The House of Assembly members were led by the speaker , Hon. Sheriff Oborowheri who went to to seek the support of the leadership of the Senate in the implementation of financial autonomy. f Hon. Oborowheri while speaking said they Assembly members were at the National Assembly to seek the support of the leadership of the Senate in the implementation of financial autonomy for the State Assembly in accordance with the 1999 constitution as amended. Read Also:Voicemail Charges: Pantami Orders Network Providers To Deactivate Voicemail Charges He called on the National Assembly leadership to intervene by asking the President to issue an Executive Order mandating the implementation of the provision. Responding, His Excellency, Distinguished Senator Ahmad Lawan thanked the Speakers for the visit and said this is the first of its kind. Lawan said the visit should be often and regular so that the National Assembly and the State Houses of Assembly can engage more frequently especially on issues that concerns both of them. Dr Ahmad Lawan said the need for the collaboration is important as the National Assembly will soon constitute a Constitution review committee where it will be needing the input of the State legislators. On the issue of financial autonomy, Dr Ahmad Lawan said the leadership of the National Assembly will intervene on the issue by interfacing with the governors. Reacting to the lawmakers request, he said there is no need for an Executive Order because financial autonomy for state legislators is a constitutional provision which supercedes an Executive Order   Read the full article