GOVERNMENT OWNED BLOCKCHAIN (CBDC).

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Governments are gradually beginning to impose restrictions on actions that harm their upcoming CBDCs. If true, this is really terrifying. CBDCs come in two varieties: wholesale CBDCs and retail CBDCs. Select people and organizations will utilize wholesale CBDCs, whereas everyone will use retail CBDCs. It implies that there will be two different digital money systems—one for people in positions of authority in the government and large corporations, and another for the general public.

With CBDC, banks will have complete control over your money. What you can buy, when you can buy it, and how much money you can save will be completely under the authority of the central banks. Because the ability of banks to freeze people's bank accounts is no longer a newsworthy development, I understand that you might be asking how this system differs from the current financial system. Even the banks in Canada stopped the protesters' accounts in February of this year. The existing financial system is still decentralized, which makes a difference. For instance, there are various banks and payment methods; if one bank starts to restrict your payment method, you can switch to a different bank.

Since the central bank will be in charge of everything in the CBDC system, there won't be any competitors. Although it is not in fact, the central bank is independent of the government in theory, and I believe the implementation of CBDC will cause the two to converge. If this were to occur, it would mean that the government would have complete control over your asset. You will believe you own your asset until the government decides it is appropriate to turn your ownership off with the simple click of a button. All assets will be tokens on the government's own blockchain.

Although it may seem absurd, the money in your bank account technically does not belong to you. The same is true of many other assets you have with third parties, including the coins you have in a cryptocurrency exchange. Owning your possessions and choosing when to spend them is the genuine definition of financial independence. When the CBDCs are established, the benefits of financial independence will become clear, and this will undoubtedly result in a significant adoption of cryptocurrency.