Ep #13 Bitcoin, CBDCs, and a Dystopian Future, with Chris Plow

Welcome to the season one finale of the How To Die Happy podcast! In this episode, ⁠Chris Plow⁠, Bitcoin and cryptocurrency coach, joins hosts Martin O'Toole and Julia Malcolmson to discuss the current state of the crypto market, the nature of Central Bank Digital Currencies, and the power of Bitcoin. But don't worry; we also have a festive treat for you.

As we approach the end of the year, the conversation turns to the inevitable death of fiat currency. Central Bank Digital Currencies, or CBDCs, are at the forefront of this new financial landscape. CBDCs are digital cash issued by central banks and pegged to the value of the country's fiat currency. Over 80 countries are currently in various stages of development and implementation of CBDCs, and nine countries and territories have already launched their own CBDCs, including The Bahamas, Nigeria, and St. Kitts and Nevis.

But what is a CBDC exactly? It's essentially digital cash that is not anonymous and can be programmed. This programmability raises some privacy concerns but also allows for new features that were not previously possible with traditional money. CBDCs enable central banks to control and monitor transactions to a greater extent than conventional cash. They could disincentivise saving money by putting a cap on cash balances and charging negative interest rates on balances over the cap. They could also program CBDCs to only be spendable at certain retailers, during specific periods, and/or only by specific individuals.

Can CBDCs be trusted? Given what we've just shared, that's a valid question. While CBDCs have been touted as a means to fight fraud and enable greater financial stability, there are concerns about the potential abuse of power that could come with this new financial system. The programmability of digital cash gives central banks (privately-owned businesses) the power to monitor and censor transactions, which could threaten personal liberty and freedom.

So, what can we do as individuals? It's unlikely we can prevent the adoption and implementation of CBDCs, but we can educate ourselves and be well-prepared for this new global financial system. As CBDCs become more prevalent, staying informed and aware of the potential risks and benefits of this new form of digital cash is essential. The ISO 20022 standard, which will be used by central banks and financial institutions in the cross-border and international money movement, will begin in November 2022.

But let's remember the festive cheer! While this episode features a profound turn towards predictions of a dystopian future, it's bookended with holiday spirit. It's a Christ-opian discussion that will leave you both informed and entertained. Thanks to Martin's dad (Mike) for reading 'Twas The Night Before Christmas.

We hope you enjoy this episode and wish you a very merry Christmas wherever you are in the world. Remember to subscribe to the How To Die Happy podcast and stay tuned for season two!