they fucked up the useless unbacked by anything fiat currency system by orgy money printing ,
and now they are trying to introduce CBDC which can do 10 times more damage......
fuck all govts
Very few people understand what central bank digital currency (CBDC) is or its significance. Some in the past even think it is based on blockchain like bitcoin; it is not. All fiat money in the banks are already digital - just entries in the banks computers. So what's new with this CBDC.
Central bank digital currency is just another ledger for money, separate from the usual money you have in the banks. In China, if you have a D-yuan account in your mobile phone app, you need to transfer money into D-yuan before you may use them. Why would anyone care to use D-yuan? Because the government would force you to. Then all D-Yuan transactions are all in one central digital ledger - just one single computer file. All your D-yuan transactions details are known to the government.
How can the SG government implement D-SGD? MAS just create a new file to record all D_SGD accounts.
1) ask dumbs to use it by transferring money to their mobile D_SGD.
2) regulations - all civil service pays would only be in D_SGD.
3) Control of foreign exchange transactions. All banks buying/selling SGD must first go through D_SGD. In this manner, we can trace all inflow/outflow of current accounts and trade defitcit/surplus.
4) All stock transactions in SGX must use D-SGD.
CBDC currency does not mean the usual fiat banking system is no more needed - it is still needed. The usual fiat banks like OCBC, DBS, etc are needed in order to "print" money out of thin air.
Best regards,
Chan Rasjid,
"Einstein's E=mc2 Invalid"
http://www.emc2fails.com
