According to the Atlantic Council’s CBDC Tracker, 105 countries are exploring adoption of a ‘Central Bank Digital Currency’ (CBDC), a digital money that a central bank would control. The United States, for example, is considering a ‘FedCoin’ CBDC.
Author, rapper, and public speaker Zuby is against the idea. “This is a very dangerous technology,” he said. “These technologies can be used to enslave people.”
He pointed to the fact that a CBDC can be used to limit people’s purchases and punish those with dissenting political views.
Zuby spoke with Kitco’s Lead Anchor and Editor-in-Chief, Michelle Makori, at the FreedomFest 2022 conference in Las Vegas.
CBDCs and tyranny
Zuby, who holds a computer science degree from the University of Oxford, was grim about the prospect of CBDCs, which he called a type of programmable “token.”
“With a CBDC, there is a potential that [the central bank] could limit it to certain types of purchases,” he explained. “If you behave in a way they don’t want you to, they could stop that token from working for [you].”
He argued that a CBDC could be linked to a social credit system, such as the one that exists in China.
“In the current system, people can be found,” he said. “There can be asset seizures and things like that for people who don’t pay taxes… [With CBDCs], it would mean that you have a currency, and you can’t go and spend it in a shop, or you’re not allowed to use it to buy a plane ticket… So, there’s no limit to how a potentially authoritarian or even tyrannical government could control and limit and monitor your behavior. They’d also have a complete record of all of your purchases.”
Zuby explained that “People don’t want [CBDCs]. Nobody asked for any of this… This notion that we live in truly democratic systems and countries, of truly liberal countries, is a façade.”
Bitcoin as an antithesis
Zuby said that people should resist tyranny through “civil disobedience” and “peaceful protest,” as well as through assets like “Bitcoin,” which he called the “polar opposite” of a CBDC.
“One of the core things with libertarian philosophy and Bitcoin is decentralization of power,” he explained. “Decentralized money completely fits with libertarian ideals, rather than having governments or central banks controlling everything… Anything that takes power away from the state and puts it back in the hands of the individual is in line with libertarianism.”
He pointed to the danger of putting one’s trust in bank accounts that the government can sixteen, as happened to Freedom Convoy protesters in Canada.
Bitcoin requires a person to guard their private key, which Zuby said encourages “personal responsibility” and “accountability.”
“When people talk about libertarian or even conservative ideals, the focus is always on liberty and freedom,” he remarked. “But a core part of it, which can be lost, is also the responsibility and accountability aspect. I think Bitcoin helps to teach responsibility.”
To find out about Zuby’s music career and his views on cancel culture, watch the
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