The Web3 Version of Slack

TL;DR

• The U.S. House passed a bill that seeks to ban CBDCs (aka centralized gov. owned crypto that can be ‘switched off’)…now it just needs to get through the Senate.

Full Story

You know those recurring nightmares we all have?

The one where all your friends and family are stuck inside of a burning building, while no one is heeding your calls to help you help them?

No? Just us. Weird.

Well, we feel a similar sort of panic when we think about Central Bank Digital Currencies (CBDCs).

If you’re unfamiliar with the idea of CBDCs, the basic gist is this:

It’s a government owned/issued US dollar stablecoin.

Which, on the surface, sounds harmless — but it opens the door for some pretty dystopian concepts to weasel their way into our reality.

The largest and most concerning being:

A centralized programmable money would allow the government to essentially ‘switch your money off’ (not to mention track every cent you earn/spend without needing to serve your bank a warrant).

We’re not saying they would, just that they could — and that’s scary enough on its own.

The good news is:

Congress is fighting it! In fact the U.S. House just passed a bill that seeks to ban CBDCs all together.

Now, it still needs to make it through the Senate, which is a taller task by comparison — but it’s worth celebrating regardless.

Cause it finally feels like someone (congress) is acknowledging the burning building that’s filled with our friends and family (CBDCs).

Read More: www.web3daily.co