CBDCs are like cryptocurrencies but better!
People with average or zero knowledges about cryptocurrencies would fall for the funny quote above, But here is why CBDC coin is a tool for slavery only.
CBDC stands for central bank digital currency, where banks try to issue their own coin to compete with the mass adoption of the cryptocurrencies and same time maintain their profitability and power among individuals.
BTC came in response to the 2008 financial crisis, whereas, CBDS came in response to the mass adoption of cryptocurrencies.
CBDCs Vs Cryptocurrencies
For starters, CBDCs are not cryptocurrencies. This is because, CBDCs are centralized, permissioned, private, and closed source. With no Jibrish, CBDCs are digital coins that are controlled by the central bank where you must provide detailed personal informations in order to use them, You as well central bank would see your transactions, and only the central bank knows how its CDBC actually works.
By contrast, cryptocurrencies are decentralized, permissionless, public, and open source, In simple terms, cryptocurrencies are not controlled by anyone, you don’t have to provide personal information to use crypto, and All transactions can be viewed by anyone in real-time, and anyone can check the source code to see how a cryptocurrency actually works.
Crypto maximizes freedom, and CBDC maximizes control.
A CBDC would allow the central bank to block transactions, freeze accounts, alter account balances and put limits on account holding, Just to mention a few that the Bank of international settlements or BIS, Swiss National Bank, Bank of England, and Board of Governors Federal Reserve System have reported black on white all the features a CBDC would have in their recent report.