Post
Topic
Board Bitcoin Discussion
Re: When federal digital currencies become a reality, how will that affect bitcoin?
by
Pmalek
on 21/06/2021, 12:36:09 UTC
There will be absolutely no freedom with spending habits being traced. This would be good for the government that is interested in stopping money laundering but it'll also introduce a new level of technological privacy invasion. When the "Fed Coin" becomes a reality, I don't think most people would trust it very much.
Our privacies are already being invaded for years and most people don't care or dare to do anything about it.

Trust has nothing to do with it. The digital yuan is happening whether we like it or not. The government isn't going to market it as a privacy-invading party controlled asset, they will talk about its ease of use, speed of transactions, benefits compared to physical money, maybe offer some cashback and unique deals. That will be enough for the majority to adopt it and use it. Those who oppose it will be a minority. Take a look at the Uyghurs or bitcoin miners if you want to know how China treats its minorities.