Interesting twitter thread.
Any move to a Central Bank Digital Currency (CBDC) requires removal of crypto currencies. That is the Rubicon moment: if they kill the cryptos, CBDC comes next.
3 questions arise:
i) What justification would they use?
ii) How would they do it?
iii) What would be the time interval between killing crypto & CBDC?
The justification is, of course, urgent action on climate change: massive & instant carbon reduction from shutting down digital miners is a big win from COP26. They can also cite consumer protection benefits too!
The how is actually quite easy: they announce they're going to kill the cryptos & peeps will be able to claim limited compensation. Everybody sells, value collapses, compo amounts to, what, 5% of pre-announcement value, if that? Govts say, there you go, we said they were risky
As to timing, I think they'll use COP26 for the international agreement to shut down the cryptos. Govts set up parallel structures for the compo from the kill-date, probably 31 December
Finally, the clue to all this is in what they deny: Rishi has denied using Britcoin to replace cash. Not to replace nongovernmental currencies.
Jules
@j_preparedmind
@disclosetv
