The Dark Side Of CBDC Explained
Valuetainment
Valuetainment Episodes
4.8 • 1.7K Ratings
🗓️ 20 April 2023
⏱️ 8 minutes
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Summary
Do you feel okay being tracked? In this episode, Patrick Bet-David talks about the dark side of CBCD and what you should consider before buying into this concept. FaceTime or Ask Patrick any questions on https://minnect.com/ Recommended video: Banking Crisis In America - How It Affects YOU: https://youtu.be/cnDkVRJsyPQ Subscribe to our channel: http://bit.ly/2aPEwD4 To reach the Valuetainment team, you can email: info@valuetainment.com
Transcript
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| 0:00.0 | Everybody's talking about CBC central bank digital currency. Some are saying it's a great idea. |
| 0:05.3 | You know, my question is in that similar vein, what would make a well-designed CBC system that helps |
| 0:15.5 | overcome some of these existing issues that we have seen with banks and with just the delivery |
| 0:22.8 | of stimulus checks? Some are saying it's a horrible idea. Are you interested in giving these |
| 0:27.4 | economic central planners more power over our economy, more power over your daily life and your |
| 0:35.7 | economic activity? And I answer that question, HE double hockey sticks. No. Who's right? |
| 0:43.2 | All right, so if you give value from this video, give it a thumbs up and subscribe to the channel. |
| 0:46.2 | Let's get right into it. What is CBC? The easiest way to explain it is think about Bitcoin, |
| 0:50.2 | right? It's a decentralized currency that's used, but it's decentralized. No one's regulating it. |
| 0:56.5 | No one knows who owns it. Now imagine if a Bitcoin currency is created, but it's controlled and |
| 1:03.4 | regulated by the government. That's CBDC. So how much momentum are they creating with the sole |
| 1:10.0 | concept of CBDC? Who's forward? Who's against it? According to Atlantic Council, that organ |
| 1:14.4 | may 2020, only 35 countries were considering a CBDC. Today, 114 countries are exploring CBDC |
| 1:21.6 | equal to 95% of the global GDP. Currently, 60 countries are in the advanced phases of exploring |
| 1:28.8 | their own CBDC. While in the last two years, 11 countries have already launched their own currency |
| 1:34.6 | into full operations. We're talking Nigeria, Bahamas, Angola, Dominica, Granada, St. Lucia, |
| 1:40.4 | Monserat, St. Vincent, St. Kids, Nevis, and most recently Jamaican. Obviously, these are all small |
| 1:46.0 | countries that don't have high GDPs, but G7 economies have now entered a development stage of CBDC, |
| 1:51.5 | and China's pilot is said to be rolled out to most of the country sometime this year. And I'll |
| 1:57.3 | talk about that. 18 of the G20 countries are now in the advanced stages of CBDC development, |
| 2:01.8 | and nearly every G20 country has invested a significant amount of time and resources into these |
| 2:07.1 | projects over the past six months. So obviously, we're far along. This isn't something that they're |
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