Why Are Banks Closing Bullion Dealers Accounts ?

A Interesting report on banks closing the accounts of small business gold and silver coin dealers.
Why you should use cash, possess gold and silver and avoid the coming introduction of Central Bank Digital Currencies ( CBDC )Show more

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Concerns and Challenges with CBDCs:

Privacy Concerns: The use of CBDCs could raise concerns about privacy, as transactions can be tracked and monitored more easily compared to physical cash. Striking a balance between privacy and regulatory needs is a challenge.

Cybersecurity Risks: CBDCs rely on digital technology, making them vulnerable to cyberattacks. Ensuring robust cybersecurity measures is crucial to prevent theft and disruption.

Impact on Commercial Banks: CBDCs may compete with commercial bank deposits, potentially leading to disintermediation and changes in the banking industry.

Cross-Border Challenges: The interoperability of CBDCs across borders is a complex issue that needs to be addressed to ensure smooth international transactions.

Implementation Costs: Developing and maintaining a CBDC infrastructure can be costly for central banks, and these costs may be passed on to taxpayers.

User Adoption: Encouraging users to switch from physical cash or other digital payment methods to CBDCs may be challenging and require significant education and outreach efforts.

In summary, whether CBDCs are considered "good" depends on how well they are designed, implemented, and regulated. They have the potential to offer several benefits, but they also pose challenges that need to be carefully addressed. The success of CBDCs will depend on how effectively they strike a balance between innovation, security, privacy, and financial stability. Personally I don't trust the governments to have any real balance

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