This video discusses why government / state-backed digital currencies are a terrible idea for consumers and why they acheive nothing other than government surveilance.
Governments have increasingly considered creating their own cryptocurrencies / digital currencies. This has been clear in China with a digital yuan. Canada has also been mooting it, albeit with greater privacy protections. The United States will presumably follow suit with a digital dollar.
I discuss the pros and cons of digital currencies. There are major issues with government digital currencies:
1. These do NOT address the inflation concern that has caused people to flock to bitcoin et al
2. These can be a monumental surveilance exercise that undermines citizens' privacy
I also highlight that part of the reason for digital currencies is a power grab, which is ultimately bad for citizens.
The only possible advantage of a digital currency is possibly that it might slow transaction times/costs for some.currency conversions (maybe).
Time stamps:
* 0:00 Introduction
* 0:49 What are state-backed digital currencies
* 3:17 Inflation concerns
* 4:39 Privacy concerns
* 9:53 Why are governments talking about digital currencies
* 11:47 Could there be any advantages of digital currencies?
* 12:46 Concluding thoughts
#Crypto #Cryptocurrency
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