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More governments could push central bank digital currencies in wake of Silicon Valley bank collapse

More governments could push central bank digital currencies in wake of Silicon Valley bank collapse

Governments are planning to push digital currencies from central financial institutions, and the collapse of Silicon Valley Bank may have also given them their best shot at introducing this nightmarish surveillance technology.

The increased concern of financial institution managements and the developing demands for control of additional authority to stop any other Silicon Valley Bank-style parties have created a house for governments to stretch and the current central bank digital currencies or CBDC as a solution. Get ready for these talking points to turn out to be exceptional as governments step up their efforts to push CBDC. After days [1] The failure of Silicon Valley Bank was described as the “first social media-fueled bank in history” and fears about “social media disinformation” began to heat up.

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Politicians were quick to echo similar talking points. [2] US House Financial Services Chairman Patrick McHenry described it as “the first banking powered by Twitter”. During an emergency conference call with senior federal government officials, [3] Senator Mark Kelly asked whether officials were reaching out to tech platforms to monitor “disinformation” and “bad actors” and asked about the possibility of censoring social media posts to prevent a bank run.

Governments are likely to capitalize on and amplify these fears of social media banks as they push new regulations and proposals in the wake of the Silicon Valley Bank collapse. And they are likely to position CBDCs as the solution. Watch for suggestions from officials that CBDCs are “safe” and immune to social media bank manipulation. While these promises may calm citizens’ fear of bank drafts, that fear will be replaced by something much worse for those who accept CBDC programmable money that allows the government to dictate when, where, or if citizens can spend their money. your money

When Silicon Valley Bank collapsed, the prospect of a widespread financial contagion event was raised. The companies said yes [4] not being able to pay the staff, major online platforms [5] delayed payments to vendorsand other companies [6] revealed that they held a significant portion of their cash in Silicon Valley Bank.

Although the US government stepped in to guarantee Silicon Valley Bank’s customer deposits it appears to have avoided much of the wider financial collateral damage that President Joe Biden has already done. [7] pledged to “reduce the risks of this happening again”.

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Prepare for governments to capitalize on the fear of financial instability and use this narrative to push for new rules and regulations that will supposedly provide financial stability. They will likely blame banks for creating financial explosions, insist that governments need more control over the financial system, and present CBDCs as the tool that will bring financial stability.

Those who fall into this fantasy will be locked into a system that is not stable. Instead of bringing financial stability, CBDCs will force citizens into a constant state of financial uncertainty where they never know when the rules about how they can spend their money will change or how significant the changes will be.

Many governments have already done so [8] cited making direct payments to citizens as one of the main use cases for a CBDC, according to a research and analysis pdf file called Money and Payments: The US Dollar in the Age of Digital Transformation. If more banks fail, expect governments to increasingly focus on CBDCs as a solution for affected customers. We should be wary of governments urging citizens to download CBDC wallet apps in times of financial uncertainty. They will probably claim that this is a more efficient or effective way for customers to have instant access to their deposits in the event of bank failures.

While CBDCs may offer some short-term comfort in times of economic turbulence, citizens who choose CBDCs will sacrifice their freedom and privacy in the long term. Once entered into this system, they will lose their ability to transact anonymously and [9] they will only be allowed to spend their CBDCs on government-approved purchases.

During the last major crisis, the Covid pandemic, governments took advantage of the uncertainty and fear of the virus to push dystopian surveillance technology such as contact tracing, vaccine passports and digital identification. Expect them to use the same playbook when pushing CBDC.

Governments are likely to use talking points that exploit people’s fear of losing money in times of economic turbulence and use false promises of security and stability to lure citizens into a CBDC system.

Governments have already made it clear that they plan to deprive users of their financial freedom and privacy [10] imposing CBDC spending limits and controls and removal of anonymity. historical-economic recovery/

Written by Lionel Eddy, a freelance current affairs writer and activist from London, UK, who has campaigned against mandatory vaccination as well as the COVID-19 regulations. Eddy has also campaigned against the deployment of 5G masts in the UK, citing radiation and health hazards.

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