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The Diminishing Freedom To Transact
We’re subtly losing a privilege we rarely acknowledge: the freedom to transact.
Imagine a world where governments could freeze your money for social control.
This isn’t a dystopian novel; it’s becoming a reality as digital payments and surveillance advancements allow governments to manipulate economic activities.
Take the Canadian government, for example, that last year declared a state of emergency and ordered banks to freeze anti-lockdown protesters’ assets.
Central bank digital currencies (CBDCs), currently under development worldwide, will have the power to freeze or seize funds.
This programmable money could potentially enable the state to restrict you from using your national currency altogether.
Although some central banks deny wanting this level of control, the fact remains that CBDCs have the potential to provide it.
The surveillance and control that come with CBDCs are being justified under the guise of fighting tax evasion, money laundering, and other illicit activities.
Commercial banks may resist this government intrusion into personal banking, fearing lost revenues.
But, if the words of central bankers are any indication, users of CBDCs can expect restricted funds, routine surveillance, and arbitrary rules built into the currency.
For example, Brazil’s central bank has revealed a pilot CBDC that can freeze user balances and even pause the entire currency.
The future of transactions doesn’t have to be so grim. We can choose to protect the right to transact, a right we’ve enjoyed since ancient times.
Transactions should not be subjected to arbitrary, centralized control.
Instead, we must embrace and utilize cryptocurrencies to counteract this potential financial surveillance.
As the Canadian government learned the hard way, it’s extremely difficult to freeze self-custodied Bitcoin wallet funds.
Cryptocurrency, in essence, safeguards our right to transact. Read more here.
Florida House of Representatives amends the state law to exclude CBDCs.
Governments are pushing for more centralization, surveillance, and control through CBDCs.
CBDCs: A leap into the future or privacy nightmare?
Digital yuan takes flight: China’s CBDC strategy for tourism.
Zucoins vs. CBDCs: Upholding Transactional Liberty
Zucoins and its Splitchain network embody the essence of decentralization, an aspect critical in safeguarding transactional freedom.
As the world grapples with the prospect of Central Bank Digital Currencies (CBDCs) and the potential for state intervention, Zucoins could negate this risk.
Unlike CBDCs, Zucoins, operating on the Splitchain network, lack the built-in ability to freeze or confiscate funds from a central source of control.
This absence of this kind of control ensures users retain their right to transact.
By sticking to its truth-based network, Zucoins can mirror the principles of early cryptocurrency pioneers, ensuring the power remains decentralized and with the users.
Where surveillance and control come as a packaged deal with CBDCs, Zucoins offers an oasis of privacy and autonomy.
The end goal of the Splitchain network, where transaction data is negotiated and encrypted by the transacting peers, is to ensure a secure, swift process free from single-entity control.
The user-centric approach of Zucoins and Splitchain is a robust response to the programmable money model of CBDCs, where state-imposed rules and surveillance could become an everyday affair.
The article points to cryptocurrency adoption as a practical route to counteract financial surveillance.
Zucoins and Splitchain can lead the way by demonstrating how a cryptocurrency platform can foster a balance between decentralization and compatibility, without compromising on the principles of autonomy and financial freedom.
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All the best,
Peter & Rob
MyZucoins
Disclaimer: Of course, this is not advice, financial or otherwise. It’s also important to consider the risks and challenges associated with any potential benefits.