Thread by @xrpwhitefox87

#CBDCs Discussion, Privacy and protection for the individuals in a growingly connected digital finance world.

There has been an increase in discussion from the average person on the implications a #CBDC will have on their daily lives. We are seeing it discussed on @joerogan and with that comes mass market attention.

The biggest point of concern seems to be a big brother approach from a Country in their #CBDCs code or implementation. I believe this fear is over stated and based on the fact that E-cny was the first in the market.

This is the most authoritarian implementation of a #CBDCs possible. This was by design of course and comes from the fact that the central bank of a country is issuing the currency and controlling the majority of it's data flow.

This falls under the "Unilateral CBDC" theoretical mode presented by the @IMF in a recent paper. Even Chinas approach requires the help of private company parties to handle all of the functions of a #CBDCs

#Canada current usage of emergency powers to restrict the averages persons to fund show the need for a new financial model. Even western countries with good intentions can and will cause long term harm.

President Obama weaponized the #SWIFT system in order to sanction countries during his time in office. Removing a country from the international markets through the restrictions of access to payment rails impacts the average person more than the government.

This type of system weaponization has lead to the increased distrust of western governments over the last decade. Any $USD #CBDC should highlight the most positive aspects of what the #USA represents.

@giancarloMKTS did any amazing interview with @ThinkingCrypto1 months ago were he highlights this very idea. People around the world look to the dollar for hope and stability. How then can a #CBDCs of all things return this ?

The simple answer is by using a synthetic #CBDCs. The theoretical description of this is a tokenized version of the currency that is held in a 1 to 1 ratio with the physical currency. @circlepay's #USDC is a great example of this.

#USDC is multi chain, so if one of the L1's ever goes down, then the markets have redundancy. It allows people in more unstable economies to hold their savings or travel money in $USD and provides an increased market for the @federalreserve printing press

@Bitstamp has $USD built on the #XRPL that can be accessed via the mon custodial wallet #Xumm. I don't believe this can be "Frozen" like your bank. The #XRPL was built by @JoelKatz and team with this type of tokenization in mind.

In fact it is so easy to create a tokenized fiat alternative on the #XRPL that @ShortTheFOMO and @WietseWind had an entire discussion about the 3 different "E-cny". that has been tokenized and is trading on the #XRPL.

We even have @Ripple working with The Republic of Palau to build out a USD pegged #CBDC for domestic use. I could continue to list suitable synthetic #CBDCs examples that already exist.

The more important part is that we can have a conversation about what type of financial future we want to create. #Fintech is on the verge of creating a more financially inclusive future. We as individuals must do everything possible to ensure this.

Representatives like @RepTomEmmer and @WarrenDavidson, along with up coming candidates @AarikaRhodes have already been working in this direction.

How can you help, Follow @JohnEDeaton1 and use the tools he has created at @CryptoLawUS to let you Rep's know this matters to you. It was created as part of #XRP armies fight for attention but it is now clear we must band together.

Also let the @SECGov know why they should approve @Grayscale Spot ETF for #BTC.

https://twitter.com/Grayscale/status/1496112240818327557

This may all feel disjointed but the point is if we want to ensure the freedom of the $USD #CBDC, we must be willing to engage our representatives and tell them what is important to us.

The future is multichain, in order to ensure our freedoms and that the future gets better not worse, this approach must be applied to #CBDC's. #XRP #XLM #HBAR #QUANT #ETH #TRONICS #SOLO #ADA all already have Stable coins on them, there is no reason why these can't be the #CBDCs