When the peer-to-peer decentralized cryptocurrency, bitcoin, experienced its ascension, governments and central banks warned about the dangers of fraud, scams, and other illicit activities in the world of virtual currencies. But the angst politicians and bureaucrats felt vanished almost instantly, turning them into bobby-soxers of e-cash over the possibility of cross-border control, from surveillance to taxation. The establishment is now embracing the digital currency technology – but is it to facilitate innovation or as another method of enslavement. Crypto was perhaps a liberty-oriented dream, but now it appears that it is a statist-driven nightmare of imprisoning the world.
Forget it, Jake. It’s statism.
ECB’s Gotta Hunch on You
The European Central Bank (ECB) could soon digitize the euro. ECB head Christine Lagarde revealed that she has a “hunch" that the eurozone could soon adopt an electronic currency within two to four years, allowing the euro to join a myriad of other nations in either installing a digital currency or in the beginning stages manufacturing one.
“My hunch is that it will come,” Lagarde recently stated during a virtual panel discussion hosted by the ECB. “If it’s cheaper, faster, more secure for the users then we should explore it. If it’s going to contribute to a better monetary sovereignty, a better autonomy for the euro area, I think we should explore it.”
The ECB is ostensibly in the infancy period of going all-in on an e-euro. The central...