On one hand, we see the possibility of the technology to empower people with more freedom and security. On the other hand, we are aware that once appropriated by the authorities or the ruling elites, it will be powerful to facilitate the growth of crony capitalism.

Universal Basic Income (UBI)

The utopian idea of universal basic income — which has been with humanity for at least half a millenia — can become real with digital currency.

Due to the crisis caused by COVID-19, millions of people have lost all or part of their income.

To support them, governments have been giving out money to victims.

Is it possible to make this practice permanent?

And if so, why will we need state digital currencies? 

What is wrong with the idea of UBI?

How will the crypto technologies help?

CBDCs Can Facilitate Crony Capitalism

Once the “authorities” and “ruling elites” understand the power to be (with them):

… the emergence of CBDCs will facilitate the growth of crony capitalism. … if successful, central banks will be able to play favorites without the need for intermediaries.

“If a central bank really wanted to do this, the amount of opacity that they can create for themselves while at the same time, strip mining everybody else’s privacy is ridiculous, so that they could do pretty much whatever they want.”

Further reading: https://cointelegraph.com/news/decred-co-founder-cbdcs-can-facilitate-crony-capitalism

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