Governments all over the world are gearing up to release their Centralized Digital Currency. This seems like a victory for crypto as a form of mass adoption. But is it? Here is what a digital currency does for governments.
Every dollar in existence isn’t accounted for. Digital currency changes this. Basically, once a full conversion occurs, the government will be able to track every transaction on the ledger they are using.
Let's say you go to McDonald's on Pinky Toes Road in Atlanta at 2:00 AM and spend $5.38. All of that can be potentially tracked with this new digital currency.
Every doctor you visit. Every vacation you take. Every purchase you make can now be tracked, all thanks to blockchain.
Let’s hope they keep certain elements of decentralization as they are. However, with Cash App, we can currently see that once your account surpasses $600, it will trigger tax reporting.
We screamed for a financial revolution, but the gatekeepers are still largely in control.
EVERYTHING will be tracked, in real time, by the government!
Written by: Eric White