full image - Repost: Well, folks, I guess it's official now: President Biden calls for the eventual creation of a CBDC in an Executive Order signed today, March 9 2022 (from Reddit.com, Well, folks, I guess it's official now: President Biden calls for the eventual creation of a CBDC in an Executive Order signed today, March 9 2022)
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Most of us on this sub are skeptical if not downright negative, on the supposed benefits/advantages of a CBDC, right? It was signed today, google: Executive Order on Ensuring Responsible Development of Digital AssetsHow will they sell the general public on the idea? Promising a universal basic income, $1000 cbdcs every month, or something like that. You can already see how popular that would be with the masses.Of course, if the powers-that-be can literally *turn off* your money whenever they feel....Now, how might the existence of a CBDC affect Monero?In Section 7C it states and I'm quoting verbatim "The action plan shall address the role of law enforcement and measures to increase financial services providers’ compliance with AML/CFT obligations related to digital asset activities."What that tells me is that there will, eventually, be an outright ban on any/all cryptos which don't adhere to strict KYC/AML. In other words, all transactions must be traceable and attachable to a real-life person or entity. Wallet addresses forwarded to the IRS to auto-calculate your tax liability is also totally conceivable. (Right now, at least in the US, the IRS just *trusts* everyone to accurately report their cost-basis. Those days are numbered.)The great irony is that Bitcoin holdings will be permitted because it's transparency makes it amenable to this kind of regulation. And all the maxis will happily discard their principles and sign on if it means they can keep their gainzz, lmfaoSo where does that leave xmr? I've believed for a while now that monero will be like what the pirate bay is today. Operating in legal grey area, constantly attacked, yet accessible anywhere with an internet connection, resilient, and addressing a real need. A true grass-roots anti-establishment force!TLDR: I'm more bullish on privacy and Monero than ever!
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