Friday, August 12, 2022
HomeOpinionCBDCs are worse than bank accounts, according to Adam Back

CBDCs are worse than bank accounts, according to Adam Back

Adam Back, CEO of Blockstream, said that CBDCs are worse than the current monetary system and underlines the importance of Bitcoin.

Adam Back, a Bitcoin “OG”

Adam Back is CEO of Blockstream, a company that collaborates with the development of Bitcoin and related solutions, such as the Lightning Network, for example.

The CEO has been involved with Bitcoin since its inception, being a well-known member of the Cypherpunk email list that spawned the whitepaper, and has always been very active in the discussions, decisions, and developments that made Bitcoin is today.

Adam Back was one of the great leaders during the “Fork Wars”, when the creation of Bitcoin Cash took place, and one of the most enthusiastic against increasing the size of the blocks, arguing that it could harm the decentralization of the net. Back personally spoke with several major miners to further validate the Bitcoin Core network, led by Blockstream.

CBDC is worse than what we have today

With the growing interest in central bank digital currencies (CBDCs), many countries have mobilized through their monetary authorities, partnering with banks, fintechs, and even cryptocurrency projects to build this new form of money.

China, South Korea, Japan and India have been leading this movement, with pilot projects already fully operational or in the testing phase, moving ever closer to official launch.

The UK, US and Mexico are at an even earlier stage, in the research and development phase of centralized digital currencies.

But is this “solution” really positive for people?

According to Adam Back, CBDCs are worse than what we have today, in our current system where cash is controlled by central banks and digital money is already dominated by corporate cartels from banks, fintechs and governments around the world.

“Stablecoins > CDBC. in fact CDBCs are systems of control, worse than bank accounts, certainly worse than paper cash, worse than stable coins, and much worse than #bitcoin.”

The apolitical characteristic of Bitcoin stands out, since it is a decentralized currency, not subject to the control or arbitrary will of governments.

With the existence of a centralized digital currency, the tracking, surveillance and control of user funds (you and me) is just a button away from the politicians who change every four years in our electoral system.

With the implementation of this technology, these politicians can more easily enforce their decisions, leaving little or no way for people to protect themselves from authoritarian or tyrannical actions. Political enemies would be easily neutralized through money.

CBDC is worse than what we have today and that is why the adoption of decentralized, self-sovereign, unauthorized money is of paramount importance for the years to come.

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