US Senate against CBDC

American senators opposed the CBDC. 

A group of American senators opposed the central bank’s development and presented the CBDC Anti-Surveillance State Act. The Act provides a complete ban on the development of what senators called «government-controlled programmable money». Donald Trump spoke out against «state money» earlier.

The senators' action clearly showed the ideological division of American elites. 

In the United States, the term "democracy" has almost a sacral meaning. However, as it turns out, everyone puts their own meaning into this word.

The CBDC has nothing to do with the cryptocurrency proposed by Satoshi Nakamoto. Instead of decentralization and anonymity, total control and lack of privacy are proposed. Financial authorities will be able to see all the transactions, and will be able to monitor the actions of all users. The only thing CBDC will take from the functionality of the "classic" cryptocurrency is the absence of the need to have an account in a private bank.

The CBDC issue proved to be fundamental to the perception of democratic principles. Traditionally, interference by the State in private life has been seen as extremely negative by society. However, the world is changing, and it is now important for some of the elites to gain access to each person’s private space. Actually, such access already exists - almost all gadgets connected to the Internet collect information about private life. The CBDC is designed to finally record a complete waiver of privacy. 

Conservative elites strongly disagree. It is difficult to say how the confrontation will end - too serious resources are being deployed on both sides. 

Similar CBDCs are being developed in Russia and China, and there is little discussion there.

#CBDCOpposition #PrivacyMatters #DemocracyDebate #CBDCvsCryptocurrency #SurveillanceStateAct