Bitcoin vs. Canada's looming CBDC
Canada's Central Bank Digital Currency implementation plan: banker legalese translated into pleb
Inspired by Mark Jeftovik’s recent article GoFundMe just proved Bitcoin’s use case, I began reading the Bank of Canada’s Contingency Planning for a Central Bank Digital Currency whitepaper, on its proposed CBDC. Skimming this whitepaper, published nearly two years ago already, I was stunned by the numerous, and deeply troubling, examples of doublespeak therein.
In response, I felt compelled to attempt a translation of its banker legalese for the plebs, but more importantly, for the multitudes of hapless debt-slaves and no-bitcoiners. Most of us are utterly uncomprehending of our fiat bondage, which is only set to intensify as the growing CBDC threat continues to coalesce.
This whitepaper is merely a Canadian example of the global modern undertaking, pushed by major world leaders, towards The Great Reset — coming soon to a bank near you.
**The following italicized excerpts are direct quotes from the above mentioned whitepaper. Best effort has been made to keep original structure of quotes; however for readability’s sake, omissions are indicated by ellipsis ‘…’ and additions by brackets ‘[]’, according to tradition.**
Executive summary
How Canadians use money and make payments is changing in response to new technologies and more demanding expectations from consumers and businesses.
→Now that Bitcoin offers alternatives to the general monetary screwery, perpetuated by our banks, people are abandoning our sinking fiat ship.
People expect money to be safe and available to everyone. In addition, payments are increasingly expected to be fast, efficient and flexible…new alternative digital currencies are being created, with characteristics quite different from those of conventional money…[We must] improve the speed, reliability, accessibility and end-user experience of our payment systems.
→Bitcoin has exposed our fiat as sadly lacking these desirable qualities.
The Bank of Canada is responsible for preserving the value of money.
→We’re the ones responsible for the perpetual inflation of money.
[Despite] the steady decline in the use of cash…[We must] ensure bank notes remain available to Canadians who want to use them…[nonetheless we’re] building, as a contingency, the capability to issue a cash-like central bank digital currency (CBDC) to the public, should the need ever arise.
→We’re phasing out physical cash.
The Bank currently has no plans to launch a CBDC. Rather, the Bank will build the capacity to issue a general purpose, cash-like CBDC should the need to implement one arise. Because it will take several years to build this capacity, the Bank cannot wait until the need is evident before launching preparatory work. Preparing in advance is critical.
→It’s definitely already in the works.
A CBDC could become beneficial or even necessary, if:
the use of bank notes were to continue to decline to a point where Canadians no longer had the option of using them for a wide range of transactions; or
one or more alternative digital currencies…were to become widely used as an alternative to the Canadian dollar as a method of payment, store of value and unit of account.
→We’re slowly moving Canadians from cash towards a CBDC and will speed up this transition as Bitcoin adoption grows.
The second scenario in particular would constitute a significant challenge to Canada’s monetary sovereignty—our ability to control monetary policy and provide services as lender of last resort.
→We’re scared shitless of losing our ability to manipulate the economy by endlessly printing money.
If the Bank were to issue a CBDC, there would be wide-reaching implications for the economy, the financial system and the Bank’s operations. Such a decision would therefore be made only after considering alternative policies for achieving our public policy objectives.
→When we issue a CBDC, we’ll achieve god-like power over everything financial; but don’t worry, first we’ll try to think up even more authoritarian alternatives.
It would also require careful management of the associated risks, notably:
potentially adversely affecting the stability of deposit funding for banks or increasing the risk of a bank run; or
becoming a vehicle for financial abuses, such as money laundering and terrorist financing.
→But how can we mitigate the risk to ourselves, if everyone runs to the bank in a panic to withdraw ‘their’ money only to find out there’s not nearly enough to go around? But how can we maintain the public illusion of personal ownership of money, while also gaining total control over how they may spend it? Simple: we just label all who defy us as criminal or terrorist and lock them away.
A decision to launch a CBDC would require the full support and approval of the Government of Canada and acceptance by the Canadian public.
→We’ve already got the governmental go ahead, now we just have to coerce the public.
The design choices made in building a CBDC would be crucial to achieving policy goals while minimizing risks.
→It is crucial we design the CBDC to maximize our central power while minimizing our personal risk.
Key steps in building capabilities for a CBDC include:
monitoring and assessing developments in the payment sector;
engaging external stakeholders to identify further policy objectives and obtain legal authority to issue a CBDC;
communicating openly with the public and stakeholders to solicit input and raise awareness; and
increasing technical research, in collaboration with partners from the private and public (e.g., other Canadian agencies and foreign central banks) sectors, to select and test an appropriate technology.
→Key steps in our diabolical plan include:
mass surveilling the payments sector
engaging our deep-state handlers for even more diabolical objectives and passing laws to protect our own asses
lie to the public to quash unsolicited input and spread propaganda
pour public funds into R&D, in collaboration with domestic secret agencies, global corporations, and foreign central banks, and select unsuspecting developing nations to use as guinea pigs
Conspiracy?
If this all sounds conspiratorial or unrealistic to you, please carefully consider the recent coordinated acts of the Canadian government, institutions, and banks to censor and seize millions of dollars in peaceful protestor’s crowd funds over multiple organizations and financial accounts.
Against this type of conspiratorial financial censorship at the highest level of governance, Bitcoin—uncensorable, decentralized, inclusive money—is our only defense.