Quote from: slapper on June 21, 2023, 08:09:17 PM

Quote from: Abiky on June 20, 2023, 02:30:26 AM

Quote from: BenCodie on June 18, 2023, 05:58:51 AM

In most western countries, branches, atms and so on have started to decline in their availability instead of expanding like the past. When this transition is complete, the only way you will be able to contact a bank is digitally or by the phone. Cash won't be available from them, and cash will probably only be able to be traded in with the limited access points available or by established facilities, or encouraged to be spent/deposited as soon as possible.

Governments are going to accelerate the process if they want to have full control of the economy. Their main excuse would be to eliminate (or at least reduce) money laundering, tax evasion, and other illegal activities by phasing out paper money for good. But we all know there are other intentions behind this. Many say Internet access would be an issue for mainstream adoption of CBDCs, but satellites already provide the solution. Governments can spend on the necessary infrastructure to include even poor people in the system.

With crypto becoming popular each day, banks will rush in the development of CBDCs to avoid being left behind in the dust. Once paper money is gone, we'll have no way to achieve financial privacy other than using a privacy-oriented cryptocurrency such as Zcash or Monero. Who knows if paper money is phased out faster than we've previously imagined? Just my thoughts Grin

Undeniably, your perspective on the erosion of traditional banking in the face of rising digital currencies has noteworthy merits. However, the implications for personal liberty and privacy should not be downplayed. The proposed transition away from physical money, seen as an anti-illicit tactic by governments, elicits concerns about financial scrutiny and dominance.

CBDC could indeed upend conventional banking but could also grant governments unprecedented financial oversight, infringing upon privacy. Privacy-centric cryptocurrencies might offer a respite but not without their risks, including security and regulation.

Moreover, the belief in a smooth transition to a cashless society may gloss over socio-economic inequities within and across nations.

Both of you are very much on the money with your opinions. The fact is that we don't have a crystal ball so we can't be sure if it will play out in a way where people can still survive tyranny or if it will be a dystopian chain of events that forcefully effects freedoms.

I think that that if Monero and Zcash, as well as other privacy protocols, don't sell out and maintain the integrity of their systems, then regulation shouldn't matter too much. Security is in the hands of developers as well, but to an extent also in the hands of the user.

I just hope that when the transition is toward its completion, that people can still work their way around the forceful use of CBDCs and have a way to maintain privacy legally.