Greetings to my fellow Canadians who value their future and the financial future of our nation. Today, I bring forward a proposal to ban CBDC from Canada. Though it may not be an easy task, I believe that if enough of us raise our voices about it, we can shape a better future for ourselves. The government may try to convince you that CBDC is the way to go, but in reality, it will lead to the digitalization of all our money, which could ultimately result in greater government control. While this may not be evident now, it will have repercussions in the future. For instance, China has already implemented CBDC with an expiration date  and limits on how much money one can have. We must not overlook the potential impacts of CBDC on our freedoms and must stand together to oppose it. Failure to do so will have serious consequences, and we must take action now to prevent it.

Sources for the expiration date for the Yuan:

1. https://www.msn.com/en-us/money/news/%E2%80%9Cdigital-currency-yuan-comes-with-an-expiry-date-spend-or-it-will-vanish%E2%80%9D/vi-AA12ze8O
2. https://www.crypto-news-flash.com/cbdcs-have-an-expiry-date-where-you-have-to-spend-your-money-focus-on-bitcoin-and-stellar-lumens/
3. https://www.linkedin.com/pulse/national-digital-currency-chinadcep-expiration-date-ram-rastogi/

Sources for limitation on how much you can have:

1. https://www.reuters.com/markets/currencies/consumers-face-20000-pound-limit-digital-pound-bank-england-says-2023-02-07/#:~:text=LONDON%2C%20Feb%207%20(Reuters),Jon%20Cunliffe%20said%20on%20Tuesday
2. https://ca.style.yahoo.com/britons-initially-limited-20-000-170507711.html

Look at what can happen in Canada and sign this petition today! 

What is CBDC? 

CBDC stands for Central Bank Digital Currency. It is a digital form of a government-issued currency that is not tied to a physical commodity. It is issued and regulated by a nation's central bank, whose role is to support financial services for a nation's government and its commercial-banking system, set monetary policy, and issue currency. In the United States, for example, Federal Reserve notes are the only type of central bank money available to the general public, but the Federal Reserve is also currently exploring the possibility of issuing a digital version of the US dollar. CBDCs have the potential to significantly impact payments and monetary policy implementation, among other areas.

Why should we ban CBDC?

There are several reasons why some individuals and politicians have proposed banning digital currencies. First, some argue that the rise of digital currencies threatens the power and control of central banks and governments over monetary policy. Central bank digital currencies (CBDCs) have been criticized as an attempt by governments to exert even more control over money, which could lead to harmful levels of control.[1] Second, some politicians have expressed concerns that digital currencies, particularly those issued by the Federal Reserve, could lead to increased surveillance and a loss of financial privacy.[2] Finally, some governments want to control digital currencies to encourage economic and social activity, but this centralized power over money could also be used to restrict economic activity and personal freedoms.[3]

Sources:

1. Forbes. "Central Bank Digital Currencies Are About Control – They Should Be Stopped." https://www.forbes.com/sites/norbertmichel/2022/04/12/central-bank-digital-currencies-are-about-control--they-should-be-stopped/ ↩ ↩2
2. Business Insider. "Ron DeSantis Proposes Ban of Fed Digital Currency on Surveillance Fears."https://markets.businessinsider.com/news/currencies/ron-desantis-ban-fed-digital-currency-surveillance-fears-cbdc-crypto-2023-3 ↩ ↩2
3. Reason. "Governments Want To Control Crypto So They Can Control Us." https://reason.com/2021/10/11/governments-want-to-control-crypto-so-they-can-control-us/ ↩

10 potential drawbacks or concerns about Central Bank Digital Currencies (CBDCs):

1. Privacy concerns: CBDCs could potentially pose a threat to privacy, as every transaction would be recorded on a distributed ledger, creating a permanent record of all financial transactions.
2. Centralization: CBDCs could potentially be highly centralized, which could give central banks and governments greater control over the financial system and potentially limit financial freedom.
3. Systemic risk: CBDCs could potentially increase systemic risk, as they would be built on a new and untested technology that could be vulnerable to cyber attacks, system failures, or other disruptions.
4. Technical challenges: CBDCs could potentially face significant technical challenges in terms of scalability, security, and interoperability with other financial systems.
5. Disruption of traditional banking models: CBDCs could potentially disrupt traditional banking models, leading to job losses and potentially destabilizing the financial system.
6. Manipulation: CBDCs could be easily manipulated by central banks, leading to inflation or deflation, and making it difficult for individuals to save or plan for the future.
7. Regulated Transactions: Governments could use CBDCs to enforce restrictions on certain types of transactions, such as purchases of cigarettes, alcohol or other regulated products.
8. Limitation: CBDCs could disintermediate banks by depriving them of their deposit base, central banks have imposed caps on CBDC holdings.
9. Inequality: CBDCs could potentially exacerbate inequality, as they could be more accessible to wealthier individuals who have access to technology and financial education.
10. Control: CBDCs could result in heightened levels of control that central banks and governments exert on the economy and people's financial transactions. Financial regulators are already concerned about losing control over the money supply due to the increasing adoption of Bitcoin and other cryptocurrencies

Still not convinced? What if the people we entrusted with power become insatiable for more?

If the government controls Central Bank Digital Currencies (CBDCs), there are concerns that it could lead to increased control over the population's financial transactions and even financial exclusion of individuals or groups with the press of a button. According to the Cato Institute, in a fully implemented CBDC system, governments could financially exclude individuals or entire groups of people with the press of a button, leaving them with nothing.[1] Forbes also notes that CBDCs are mainly the government's attempt to protect its privileged position and exert more control over money, and there is no limit to the level of control that the government can exert with CBDCs.[2] Therefore, if the government controls CBDCs, it raises concerns about the loss of financial freedom and increased government control over individuals' financial lives.

Sources:

1. https://www.cato.org/study/risks-of-cbdcs
2. https://www.forbes.com/sites/norbertmichel/2022/04/12/central-bank-digital-currencies-are-about-control--they-should-be-stopped/

The more people who sign this petition the more recognition we will get!