Key Points:
- Elon Musk dismissed rumors of a plot using Central Bank Digital Currencies (CBDCs), implying that the result would be determined by market forces.
- All of the G7 nations were recently found to be in the process of developing a centralized digital currency, indicating a concerted effort in this direction.
- Musk did not answer when asked about FTX being a ploy to bring about greater centralization of money. Instead, he said, “almost all money is digital already.”
Elon Musk dismissed rumors of a plot using Central Bank Digital Currencies (CBDCs), implying that the result would be determined by market forces.
The Twitter and Tesla CEO specifically responded, “I don’t think they know what they are talking about,” when asked if he had any reservations about the proposed CBDC.
11 initiatives have already been launched, 17 are in the pilot stage, and 72 are still in the research and development stage, according to the Atlantic Council’s CBDC tracker.
All of the G7 nations were recently found to be in the process of developing a centralized digital currency, indicating a concerted effort in this direction.
The Digital Dollar Project, a charity advocating a U.S. CBDC, updated its whitepaper on January 18 and urged the government of the United States to create a regulatory framework for digital currencies “regardless of whether it decides to deploy a digital dollar.”
The opposition to CBDCs has grown stronger as development ambitions have. In a recent article, Wall Street Silver quoted a tweet by former congressman Justin Amash in which he advocated for the separation of the two concepts of money and state and referred to the digital dollar as “one of the most hazardous innovations in history.”
James Melville, a political writer, went as far as to assert that the adoption of digital currencies is inevitable. If so, it would follow that public hearings and claims that “no decision has been made” are just for show.
“Central Bank Digital Currencies: It’s not a conspiracy theory. It’s an agenda.“
Musk hints at people’s power
Musk did not answer when asked about FTX being a ploy to bring about greater centralization of money. Instead, he said, “almost all money is digital already.”
Laughing, he described the monetary system as “rickety mainframes running ancient COBOL” while doing everything in batch mode.
“The fiat monetary system for practical purposes consists of a series of heterogeneous mainframes running antiquated COBOL. That’s the money system, by the way. It’s kind of embarrassing.”
On the matter of conspiracy, Musk said he thinks CBDCs are irrelevant in that people will use whatever accrues value and overlook that which does not.
“Whether banks create their own cryptocurrency, I think, is somewhat irrelevant. People will use the cryptocurrencies that they think will accrue value over time, and not use the ones that don’t.”
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