The real reason Circle is now building it's own L1 for USDC is incredibly obvious to anyone who was paying attention to what was in the Genius Act.
Backdoor CBDC = USDC
A CBDC needs it's own L1 to ensure maximum control.
Eventually you will see cash being phased out.
You will only be allowed to use USDC if you have ze proper papers.
It doesn't fucking matter if your digital ID is protected by a zero knowledge proof or not, it's still a digital ID.
The Trump administration will use illegal immigration as an excuse to get this CBDC off the ground, they have to frame it correctly so that their anti-CBDC base supports it. Illegal immigrants rely on the cash economy, they don't have bank accounts, and can't KYC. By switching from cash to USDC they can exclude illegal immigrants from the financial system entirely, something Trump's base will support.
That's how it starts. Then they will say we need to track transactions to prevent money from flowing to drug cartels which have been designated terrorists by the Federal Government. Every single dollar based transaction you make will be tracked, traced, and approved or denied by the Federal Government. They will say this is necessary to stop fentanyl.
Everything will be taxed. You will be paying income tax on that $100 you made on a garage sale. All incoming transactions will be automatically taxed as income unless you prove otherwise. Any suspicious transactions or transaction behavior will get your account flagged and potentially frozen.
It is absolutely essential that circular grey market economies are set up NOW using monero, bitcoin, and bitcoin backed decentralized stablecoins. These systems need to be strong and in place before cash is phased out.
It's probably time to stop using USDC. Accept BTC and XMR for goods and services, spend BTC and XMR for goods and services. This is how we can resist tyranny.
#CBDC #Bitcoin #Monero #Privacy $BTC $XMR
https://image.nostr.build/b0296ca850af1af5ef2e0a5ef9dcd1156485502aba6a0b394f2a5216341146b7.jpg https://image.nostr.build/b0296ca850af1af5ef2e0a5ef9dcd1156485502aba6a0b394f2a5216341146b7.jpg
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