An interesting comment from WSJ site.
Governments are trying to kill existing cryptos because they want to create their own.
China already announced it. So have other countries. Yellen and other one worlders want to replace the dollar with the global SDR.
The problem for governments is that they don’t have complete control of your financial life if you use existing cryptos (or even cash, for that matter). The major reason cryptos were invented was for civil liberties reasons. Governments hate it.
If the governments have their own crypto(s) and control them, bureaucrats can just hit a button and lock up your bank and investment accounts, deduct what they deem owed as taxes or penalties, or just take what they want as in eminent domain and civil asset forfeiture.
You will not own anything, really. You will just be borrowing money from the government while they allow you to do so. Inheritance disallowed? Your children get nothing.
The concept of government cryptos is truly chilling.
I agree. It becomes the “cachless society” that prophesy hounds have been talking about for decades.
And even if you deal with real money, there is always this:
https://reason.com/2021/05/10/the-fbi-seized-heirlooms-coins-and-cash-from-hundreds-of-safe-deposit-boxes-in-beverly-hills-despite-knowing-some-belonged-to-honest-citizens/
To quote a certain teenager, “HOW DARE YOU?!”
Not one “crypto” speculator/investor thinks that Central Bank digital fiat would be worth anything except as an on/off ramp.
The ability to expire, track, withdraw, or inflate CBDC is anathema to the objective of cryptos and the blockchain.