{"id":19923,"date":"2023-04-16T20:57:21","date_gmt":"2023-04-16T20:57:21","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bis-project-sparks-controversy-among-critics-lynette-zang-warns-of-dangers-of-cbdcs-featured-bitcoin-news\/"},"modified":"2023-04-16T20:57:21","modified_gmt":"2023-04-16T20:57:21","slug":"bis-project-sparks-controversy-among-critics-lynette-zang-warns-of-dangers-of-cbdcs-featured-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bis-project-sparks-controversy-among-critics-lynette-zang-warns-of-dangers-of-cbdcs-featured-bitcoin-news\/","title":{"rendered":"BIS Project Sparks Controversy Among Critics; Lynette Zang Warns of Dangers of CBDCs \u2013 Featured Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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During the weekend, discussions about central bank digital currencies, or CBDCs, trended on social media as many people believe the idea will result in increased financial surveillance and a totalitarian monetary system. In a recent interview, Lynette Zang, the chief market analyst at ITM Trading, warned that CBDCs will \u201ctake the world into a full surveillance economy that can be controlled directly by the central bank.\u201d<\/strong><\/p>\n

\u2018Convincing You to Support a Controlled CBDC Has Begun\u2019<\/h2>\n

In the past week, discussions about CBDCs have trended on social media<\/a>, and commentary shows that people are highly skeptical about central bank cryptocurrency assets. Opposition has come from well-known influencers and politicians worldwide. Former Congress member and 2020 U.S. presidential candidate Tulsi Gabbard recently criticized the idea in the United States.<\/p>\n

\u201c[The] Biden [administration] aims to implement a central bank digital currency (CBDC) to bring about a cashless society, allowing them to track everything we purchase [and] control our money,\u201d Gabbard opined<\/a>. \u201c[The] gov\u2019s \u2018Fednow\u2019 system is needed [as the] first step to achieve their dream of [a] cashless society. This needs to be stopped at its inception, or it will be too late,\u201d she added.<\/p>\n

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Spotted in London by a member of the team. <\/p>\n

We say no #CBDC<\/a> because we want our financial privacy. pic.twitter.com\/nn8nOKq0ya<\/a><\/p>\n

\u2014 Coin Bureau (@coinbureau) April 16, 2023<\/a><\/p>\n<\/blockquote>\n

The U.S. central bank\u2019s Fednow program has sparked much debate<\/a> in recent times, and just recently, the Federal Reserve asserted<\/a> that the project was not a digital currency, CBDC, or cash replacement. Other discussions have centered around the Bank for International Settlements\u2019 (BIS) CBDC pilot, Project Icebreaker<\/a>. BIS recently released a video<\/a> about the project, and people have commented on the organization\u2019s statements. \u201cConvincing you to support a controlled Central Bank Digital Currency has begun,\u201d tweeted<\/a> podcaster James Miller.<\/p>\n

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Why CBDC are a totalitarian dream pic.twitter.com\/KsbZ6cFxLF<\/a><\/p>\n

\u2014 Jon Najarian (@jonnajarian) April 16, 2023<\/a><\/p>\n<\/blockquote>\n

Natalie Smolenski, senior fellow at the nonpartisan, nonprofit organization the Bitcoin Policy Institute<\/a>, also criticized the Project Icebreaker video. \u201cLiterally all of the benefits of this CBDC interoperability project (BIS \u2018Project Icebreaker\u2019) can already be realized by the bitcoin Lightning Network,\u201d Smolenski wrote<\/a>. \u201cCBDCs are completely unnecessary. There is no problem that they solve. They\u2019re just re-inserting Central Banks into functions where they\u2019ve already been made obsolete.\u201d According to the Atlantic Council\u2019s CBDC Tracker<\/a>, 114 countries are working on CBDCs, and 11 countries have fully launched implementations.<\/p>\n

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Your property and privacy depend on the total rejection of all CBDC schemes.<\/p>\n

\u2014 Libertarian Party (@LPNational) April 7, 2023<\/a><\/p>\n<\/blockquote>\n

CBDCs Will Usher in a \u2018Full Surveillance Economy,\u2019 Says Market Analyst Lynette Zang<\/h2>\n

Lynette Zang, the chief market analyst at ITM Trading, has warned about the dangers of CBDCs in a recent video with Michelle Makori, the lead anchor at Kitco News. This is not the first time Zang has been critical of CBDCs; she spoke<\/a> to Makori about the subject in a video published last February. In her most recent discussion, Zang talked about the collapse of Silvergate Bank, Silicon Valley Bank, and Signature Bank and claimed that the failures were \u201cby design.\u201d Zang believes that a CBDC will usher in a totalitarian monetary system that will become the economy\u2019s new norm.<\/p>\n

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US TREASURY SECRETARY YELLEN: THERE ARE IMPORTANT ADVANTAGES AND DISADVANTAGES TO A CBDC THAT MUST BE CAREFULLY CONSIDERED BEFORE MOVING, BUT IT MAY BE SOMETHING THAT IS IN THE FUTURE FOR AMERICANS.<\/p>\n

\u2014 Breaking Market News (@financialjuice) April 15, 2023<\/a><\/p>\n<\/blockquote>\n

\u201cThey need a big enough crisis so that people will agree to this next iteration, the CBDCs,\u201d Zang explained to Makori in her latest interview<\/a>. \u201cIt also takes the world into a full surveillance economy that can be controlled directly by the central bank, if all of your wealth is held inside the system.\u201d Zang believes with CBDCs negative rates will be imposed on people\u2019s bank accounts and individuals\u2019 principal will be threatened. \u201cCentral bank digital currencies are really about control, and also about the ability to take away principal,\u201d Zang said. \u201cNegative rates attack your principal\u2026 When they come out with a CBDC, it doesn\u2019t mean that this crisis is over. It\u2019s just the next phase of it.\u201d<\/p>\n

Not everyone opposes the concept of CBDCs, and in a recent opinion editorial, the Keynesian economist Paul Krugman criticized<\/a> Florida governor Ron DeSantis\u2019s recent opposition<\/a> to a central bank digital currency. Krugman referred to the hostility as resistance against \u201cwoke money\u201d and claimed that DeSantis may be motivated by \u201cgeneral paranoia.\u201d On Twitter, Krugman also opined<\/a> that the dissent toward CBDCs may be \u201ctied in with a broader push by monetary conspiracy theory types\u201d and claimed the theories have been a \u201cright-wing thing for a while.\u201d<\/p>\n

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\nTags in this story
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Atlantic Council<\/a>, BIS<\/a>, Bitcoin Policy Institute<\/a>, cash replacement<\/a>, Cashless Society<\/a>, CBDCs<\/a>, Central Banks<\/a>, commentary<\/a>, conspiracy theory<\/a>, controversy<\/a>, Decentralized<\/a>, Digital Currency<\/a>, Federal Reserve<\/a>, Fednow<\/a>, financial system<\/a>, Florida Governor<\/a>, government control<\/a>, ITM Trading<\/a>, James Miller<\/a>, Keynesian economist<\/a>, Kitco News<\/a>, lightning network<\/a>, Lynette Zang<\/a>, Michelle Makori<\/a>, Monetary System<\/a>, Natalie Smolenski<\/a>, negative rates<\/a>, nonpartisan<\/a>, Nonprofit<\/a>, Organization<\/a>, Paul Krugman<\/a>, political influencers<\/a>, Project Icebreaker<\/a>, Ron DeSantis<\/a>, senior fellow<\/a>, Signature Bank<\/a>, Silicon Valley Bank<\/a>, Social Media<\/a>, surveillance economy<\/a>, totalitarianism<\/a>, Woke Money<\/a><\/div>\n<\/div>\n

What are your thoughts on the rise of CBDCs and the potential for a cashless society? Do you agree with the criticisms leveled by some individuals? Share your views in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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