James Rickards and the Argument Against CBDCs

Azeez Mustapha

Updated:

UNLOCK DAILY FOREX SIGNALS

Select a Plan

£40

 1-month subscription

Select

£30

 3-month subscription

Select

£21.5

 6-month subscription

Select

£399

 lifetime subscription

Select

£50

 Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored

Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.


Inflation continues to eat deep into the value of the dollar. Compared to last year, there’s only a handful of items you can purchase with a $100 bill.

Despite this obvious setback, your government-issued bill has one critical advantage over the central bank digital currency (CBDC); you can use it in any purchase while maintaining your privacy.

American economist and investment banker James G. Rickards has been one of the most vocal critics of CBDCs, faulting their lack of privacy. Rickards recently explained what he believes to be the biggest difference between the current monetary system and CBDCs, noting:

“CBDCs make it much easier to impose negative interest rates, confiscations, and account freezes on some or all account holders. This can be used for simple policy purposes or as a tool of the total surveillance state.”

Rickards Differentiates Between Cryptocurrency and CBDC

Drawing distinctions between CBDCs and cryptocurrency, the veteran investor explained: “CBDCs are not cryptocurrencies. The CBDCs are digital in form, are recorded on a ledger (maintained by a central bank or Finance Ministry), and the message traffic is encrypted. Still, the resemblance to cryptos ends there.”

He also noted that central bank-issued digital currency ledgers are not built on the blockchain, adding that they do not “embrace the decentralized issuance model hailed by the crypto crowd.” Instead, CBDCs are centralized tools and will be tightly monitored and controlled by their issuing central bank. Rickards also faulted the narrative that these digital assets are novel innovations, arguing:

“CBDCs are not new currencies. They are the same currencies you already know (dollars, yuan, euros, yen, sterling) in a new form, using new payment channels.”

Rickards cited China as an example of what could be following the mass adoption of a CBDC. He explained that with this digital currency, Chinese authorities have frozen the funds of protesters, to the tune of about $178 million, also turning their “health code” red. Without a green code, citizens cannot access public transport or go to public spaces, essentially cutting them at the knees.

Rickards worries that this could be the fate of the world if CBDCs are allowed to gather significant degrees of adoption by the public. To him, CBDCs are a threat and cannot be trusted in the hands of governments.

 

You can purchase Lucky Block here. Buy LBlock

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *