• Japan is ready to launch its first digital yen in April after two years of trials.
• Central banks around the world are developing their own CBDCs.
• CBDCs must be used to serve citizens, not enslave them, as they could be used to build a social credit system.
Japan’s Digital Yen
As Japan and the rest of the world’s central banks begin to move into CBDCs (Central Bank Digital Currencies), the Bank of Japan is set to launch its first digital yen in April 2021. This will be done through a pilot program, with the aim of testing technical feasibility and utilising private business’ skills and insights for a possible implementation.
CBDCs Around The World
The idea of CBDCs has gained traction over 100 countries, all aiming to use them as an alternative form of currency that is safer and more legitimate than most cryptocurrencies on the market today. However, it is essential that these currencies serve citizens instead of enslaving them as they could potentially be used for controversial elements like social credit systems.
Canada’s Truckers Protest
Recent events have shown just how far governments will go in order to control dissenters; during Canada’s trucker protest, even those who donated money had their bank accounts frozen. With CBDCs this could easily become much easier if authorities decided to flip a switch and shut off access from people’s money completely.
Citizens Must Be Protected
It is important that citizens are protected against any potential misuse or abuse of power when it comes to using CBDCs by governments or financial institutions alike; people should not have their rights taken away simply because they voiced an opinion or supported something different from what was expected from them.
In conclusion, while it may seem attractive for central banks around the world to develop their own digital currencies, it is essential that such initiatives are implemented only with caution and care so as not to take away people’s rights or damage their finances unnecessarily. It is also important that these initiatives are created with a purpose – serving citizens, not controlling them – in mind so that everyone can benefit from them equally without fear of repercussions for expressing themselves freely or supporting causes they believe in wholeheartedly.