Skip to comments.Central Banks Looking at Creating Their Own Cryptocurrencies
Posted on 11/25/2018 10:14:28 PM PST by Tilting
The IMF has recommended that all Central banks should issue their own cryptocurrencies. Indeed, they are looking at using Block Chain to keep track of taxes and to enforce negative interest rates with cryptocurrencies which would allow them to impose negative interest rates whenever necessary. With adopting cryptocurrencies that governments would control, we will come one step closer to losing all our freedom. Central banks could enforce negative interest rates with cryptocurrencies and thus people would find their accounts just garnished. This technology is also causing those in hunt of tax revenues to lick their lips.
The issuance of digital currencies would allow central banks to remain in control of the money supply far more so than they are today. Sweden is moving forward and there we see that the use of cash is rapidly disappearing. Cryptocurrency technology would allow also the taxman to just cometh and take whatever he desires in the midst of the economic crisis we face. The Central Banks would be able to maintain greater control over the creation of money through the process of leverage (bank lending).
While policymakers in Canada have already researched the idea. The IMF head Christine Lagarde called on central banks to focus on issuing digital currencies. All of this attention is being applied as the fear of rising interest rates in the marketplace is really beyond the control of central banks. It is true that central banks can control the short-term rates, but long-term rates are established by the free market. This is why the Federal Reserves was buying in 30-years bonds hopefully to impact the long-term rates which the Fed cannot directly control.
They’re just following Chinas lead in implementing govt issued cash cards that can be tracked , and punish the masses. Venezuelas followin right behind them.
Nothing to see here.
And they will miss the only thing worthwhile about crypto, the fact that the supply is fixed and it cannot be inflated.
A cryto-dollar or crypto-euro that is merely an online fiat currency will be nearly meaningless to the people using cryto now.
me too! send money to 867V309crypto.com.
I’ll get back to you.
I guess the Founding Fathers were right: without a good moral compass there is no technology that can keep us headed in the right direction.
As to the possibility of keeping a public record of all transactions, it's an excellent idea, but you could accomplish exactly the same purpose by attaching a unique serial number to every Dollar (or Euro, or Yen) in circulation.
Speaking personally, if I have to choose between the currency of a sovereign country that has enforceable contracts or the currency of private entrepreneurs, I'd rather deal with a country.
We have no government armed with power capable of contending with human passions unbridled by morality and religion . . . Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other. - John Adams (first Vice President and second President)
Somehow the founding fathers already knew the flaws of mankind.
Cryptocurrency is just the next layer in fiat currencies, like Federal Reserve Notes which are backed by a nothing but a hot air promise.
A true currency is backed by precious metals.
I use to think like that but precious metal fluctuate and are not stable. What if you have a gold strike like in California? A sudden influx of gold in the market causes problems. Then there is always governments trying to set the price which never works.
Local currency is best measured with a country’s overall economic value (GDP?) and political stability.
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