The Mark Moss Show Nov 9, 2022

you just tune in, thank you. Uh. If you don't tune in on a regular basis, you should because I talked about a lot of information. So make sure if you're if you're not driving, pull out your phone, put a calendar reminder for this date, this time, this channel, and make sure to tune in with me each and every week. And if you miss any of them, don't worry. I got your back. You can check it out on

the podcast. Just search the Mark Maas Show on your favorite podcast player UM or you can find me on YouTube. Just on the Market Disruptors YouTube channel you'll find um you can watch me and listen to me at the same time. But I want to talk about today how the world is changing really really rapidly, um, and it's about to change even faster because of the technology. As I said, this battle over technology, and the battle over

technology that I'm talking about is over money. Um. The entire well, I don't want to say the entire world. A lot of the world has been transformed through technology and specifically through software. You've heard the term probably software is eating the world. And so we saw entire libraries of books become digitized, and now we can all we can have all those books and are in the palm of our hand on our phone. And we saw I mean,

we saw music be digitized, movies be digitized. I mean think about you know, I don't know, two years ago, if you wanted to hear Mozart or Beethoven, you'd have to hire like a hundred per person orchestra to come play Beethoven or Mozart for you. And then technology made it where I could us into Beethoven or Mozart on a record, and then an eight track, and then a cassette and then a c D and today it's just digital,

just digital, just streams on my phone. I took a hundred person orchestra and now it streams on my phone. So so we digitized libraries, entire libraries, entire books, you know, books, book libraries are on my phone. Entire orchestras are now on my phone. Of course we saw that happen with pictures, with videos, with music. It all happened. But the last piece, I think one of the biggest last pieces is money is our financial system, which of course, uh, bitcoin and

cryptocurrencies are here disrupting all of that. The governments want to roll out their own central Bank Digital currencies or c B dcs, that's the acronym central Bank Digital currencies, And so that is the battle. Who gets to digitize money, who gets to say what money is? So when we started to digitize music and movies, if you guys are old enough to remember this, it was a battle. It was a battle for the ages a matter of fact, the movie studios, the record labels, they fought at tooth

and nail. Lawsuits were flying left and right. If you guys remember the early days of like Napster, we could like download movies and music, and they shut that down. They're trying to put people in jail, in prison. I mean, it was, it was, it was, It was wild it was a wild time to live through. Um. But of course they lost. They lost because there's a quote, I forget who says it, but a standing army is no

match for a good idea whose time has come. And so when you have an idea, when when there's something that's a thousand times better, you just can't stop it. There's just no amount of laws, no amount of rules regulations are going to stop it. Um. If we look back in the fifteen hundreds, there was the Protestant Reformation.

What really led to the Protestant Reformation was technology. So seventy years before or the Protestant Reformation, a brand new technology came out that that was revolutionary changed the world. And that technology, it came out seven years before the

Project Information, was something known as the Guttenberg printing Press. Now, before that all books had to be hand written transcribed, and so as you might imagine, there were not a lot of books because who wants nobody even wants to read a book today, much less imagine trying to transcribe it letter by letter by letter, and of course you wouldn't want to do that. Now, the Bible was the most translated book thousands and thousands and thousands of copies.

UM were creative the Bible, and it was all transcribed perfectly. UM. As a side note, UH, well we'll get into that. But the the Gutenberg printing press, the first book that they started printing, which was of course the Bible, which was of course the most widespread book of the time, and not just by a little bit by uh, an astronomical figure. I don't have the data in front of me. UM. But happened is that technology then started mass producing Bible, so we got even more of them and started to

spread that information. But the government at that time, the political structure of the political hierarchy that we had at that time was UM, the church and state and so UM. In about a thousand, eleven hundred a d UM, the church started to rise up after the Dark Ages. They tried to start putting all the pieces back together. Society had broken down really bad, and the church organized the people and they did all the public service goods and they fixed the bridges, they fixed the roads, they made

clean water drinking systems. The church was amazing. They took care of the poor. They did the best. But over several hundreds of years they got very corrupted, and they used their position between the church and the state, the government to basically impose their will. They were able to hang onto that monopoly because they were the arbiters of truth.

Sound familiar. They told the people what the what the Bible said, and that the only way to get to Heaven, to get to God was if you do what I say, which is all kinds of crazy, insane things that they had to do chivalry, you know, they had to walk on one foot for a week to show whatever right.

It was insane. But what happened is that that that that piece of technology, the printing press, disseminated the information, decentralized the information, and once people got to the information this, wait a minute, you guys have been lying to us. What you're telling us is not true. We can read it for ourselves now. And anybody that got that book knew that they were being lied to by their government, and they started talking about it. Hey, wait a minute,

what you're saying isn't true. What you're saying isn't true. And they were labeled heretics. Anybody that was labeled heretics or talking heresy was killed. They're put to death. But it didn't matter, the truth was too powerful. A standing army was no match for a good idea of time has come and so the truth won out, and more and more people talked, talked about it spread the information didn't matter how many people they killed, it was too much.

And so the TECHNOLOGYOK over And that's kind of where we're at today. So back to the money. So let's go back to this. So in sixteen nine four, a few hundred years ago, we had the first central bank. That's really where the central bank got started. Now we could debate this, you can go back to however far back in history you want to go. But really I believe this was the first central bank. There was a great book written on it by I believe Murray Rothbard

called The Mysteries of Central Banking. Highly recommend you read it. You could find it for free on mesas dot org, m my scs dot org. And it really talks about the creation of the central bank, the Bank of England, and then it kind of goes through this history of it. A great, great book. But anyway, so Bank of England was the first bank central bank to issue what was known as bank notes instead of coins. So before that, like the goldsmiths were the were the bankers, because they

were the ones that actually minted the coins. They made the coins, they made the money. But the Bank of England was the first bank to issue bank notes or basically fiat currency or basically worthless paper currency. And and the way this got it started is amazing. And I want to tell you this quick little stories you can understand the insanity of this. And so um gold had been money for five thousand years. Obviously went from a barter system into like a gold system. We had coins,

which was the point I was making. We had these these gold coins. But what happened is is that if you can't get more coins, you don't have more money. Of Course, we under we we know, I'm sure you know by now the Roman Empire had to debase their currency. Instead of silver, it was sover so they had ten percent more money. Then it went to more solver more money, and eventually over two years they went to no silver.

So that's that's debasing, that's what they called that. And what happened is we fast forward to the late six hundreds and England is at war with France, and it's the war that change changed everything. Similar to how we're in a war today that is also going to change everything. I'm gonna draw these parallels for you. You don't want to miss this, uh, this that I have coming up.

If you're just tuning in, you're listening to the Mark Moah Show talking about the Decentralized Revolution, talking about right now the battle of technology over money, and of course it always happens at a time of war, which is like we're at right now. So I'm gonna cover all this and more. You don't want to miss this. It's gonna be amazing. I'll be back with that and more in a minute. Don't go away, all right, Welcome back.

If you're just tuning in, you're listening to the Mark Moa Show, we're talking about the decentralized Revolution, and I'm going through a little history lesson right now. I'm telling you how it's always technology that changes the world. It's been technology that's changed money before, um and how it really changes at a time of war. That's kind of where we're at. So um, here we are, late sixteen hundreds, we're in England. England's at war with France. Now, one

thing about war is it takes a lot of money. Now, Up until this point, wars didn't have but a whole lot because if I was going to go to war, it was gonna cost me a lot of money. Do I have that much money? Do I want to spend that money? If I lose the war, then I'm broke. If I win the war, I might still be broke. And so wars happened less frequently, and they lasted very short periods of time until when everything changed. And so what happened is France, England and France were in war.

England needed more money. They needed more money to go to war. Now what would happen If you've watched any of these old movies like Robin Hood or any other movies, you know that the kings would have to borrow money from the rich people in the country. And so UM England was out there talking to all the rich people saying, hey, would you get would you loan us? Loan the kingdom money? Would you loan the Kingdom money? Loan US money so

we can keep going to war. And a group of a group of people came to the bank the Kingdom, the government UM in England at the time, and they said, hey, we have an idea for you let me let me float this idea for you. How about we'll give you as my money as you want. We'll give you unlimited amount of money. And of course, uh, the kingdoms like, well, that sounds great, we'd like an unlimited amount of money. What what do we get? What do we give you

for for that? In exchange, they said, well, here's the deal. Um, we're gonna give you as much money as you want. But here's here's the situation. We're going to create our own bank called the Bank of England. Sounds very official, right, We're gonna sort of like the Federal Reserve of the United States. We're gonna create the Bank of England. And um, what we're gonna do is we're going to create our own money. It's not gonna be gold or gold coins.

We're gonna we're gonna create this these new paper, this paper money. But what you're gonna do is you're gonna tell everybody in the country that our money is the new money. Everyone's supposed to use. It's legal tender and they have to use it. And as long as you do that, then we'll give you as much of it as you want. And so they did. So we had the creation of the Bank of England, they issued the

bank notes, and that highlights the insanity. Now today, fast forward a few hundred years, we have central banks all over the world. We have obviously in the United States we have the Federal Reserve. It sounds very federal. Of course they're not federal and they don't have any reserves, as we like to say. And all these other countries have um central banks. In Europe they have the European Central Bank UM. In England they have still have the Bank of England is still there. In Japan is the

Bank of Japan, etcetera. And then above the central banks we have the Bank, the Central Bank of Central Banks, which is the b i S the Bank of International Settlements. Now the central banks today supposedly third job is to maintain price stability. Maintained price stability. So when the price of homes double in a decade, is that a stable price? I mean they doubled. When the price of my gas alene to fill up my car went up by fifty

is that stable? Now that's the United States. We have a good about three billion people in the world, so about half a little little less than half the people in the world today live under more than double digit inflation. You've got places like in in Turkey where it's eighty percent. That means if you had a hundred thousand dollars in your bank account today, in a year from now, it buys you about twenty dollars worth of goods. Is that

stable prices? Certainly not. So. If I was going to rank central banks on their ability to have price stability, I would give them a big f a big failing, which, of course why the Federal Reserve of the United States is scrambling trying to quote maintain confidence. Hey, no, hey, look, we have this under control. We're gonna fix this. We're gonna fix this. That's why Jerome Pale, the Federal Reservice, says he's committed committed to bringing inflation back down. It's

too high. It's an eight percent. Their goal is only two Their goal is only still two percent of your wealth per year. They're still in way too much. Um. Now, if you understand the creation of the Central Bank and how insane it was, you understand that their goal is price stability, which they don't do. Now, let's talk about technology, the battle over technology. So we've already seen money become digitized. I I hear all the time people are like, oh,

I would never buy this bitcoin, bitcoins digital. I only want real, tangible things I can hold in my hand. Well over of all financial transactions are already done digitally. I use a debit card, I use a credit card, I use a wire transfer. You know, people put money into my bank acount through my my payment system. Like, we don't really handle that much money now, I get it. There's still some old people who are like, still deal

on a cash basis, but it's very rare now. In other countries it's obviously more more more used, more widely used. But in the United States, most of the West Western world, developed world, it's it's all digital. But it's still different, all right. So the battle is how do we move money into the digital age, just like we did with music, movies, books, etcetera. And so of course we have bitcoin. Bitcoin was created, um.

As a matter of fact, the white paper, which was the very first paper that came out explaining what bitcoin was going to be, what it was all about, came out on Halloween. So just uh, we're about a week, not even a week, a few days after Halloween here week after Halloween, Um, it came out on Halloween in two thousand eight, and then January third, two thousand nine,

Bitcoin was released to the world. Now, in the very first line of codes, Toshi Nakamoto put a message in there that said, um, the chancellors are on the brink of a second bailout. So basically that tells us that bitcoin was created as a as a reaction, as a solution to the central bankers printing way too much money in creating this crazy price inflation. It was creative for that. It was created so that we had a way us humans people to be able to transact just like cash,

but in a digital age. And this is the key piece that we're going to hear. Just like cash, What does that mean? Well, cash, you already know what it is. It's paper paper in your wallet, right And if I have this hundred dollar bill in my hand, you know I have the huntred dollar bill. It's my hundred dollar bill. There, it's my hundred dollar bill. If I hand it to you, then you have that hundred dollar bill. Nobody's in the

middle of that. I don't need to go take this hunt dollar bill, go give it to this bank, and then you have to go get it from the bank with your idea and that no, I just hand the huntre dollar ability you. There's nobody in the middle. It's peer to peer. There's no counterparty risk, and nobody needs to know about that. If I want to give it to you, nobody needs to know. But that's between me and you. Privacy, that's cash. Now it's happened is as we've moved into the digital age, we started to lose

a lot of that. So now if I want to pay you with Venmo, then Moo hooks to my credit card, my credit card hooks to my bank, and then my bank talks to your bank, which then your bank talks to your credit card, and then your credit card talks to your Veno. It's like six people in the middle of that, all taking a piece, all taking a cut, all potentially censoring us if we want. Like PayPal came out and said they're gonna take out of your account

if you say anything bad online. Now they then they retracted that, Oh no, no, we didn't mean to say that. We didn't mean to say it, And now they've come back out and put it back. So they did they didn't mean for you to find out about it, and it's there, but who's who is PayPal to determine what I say and don't say online and whether I can spend my money right in a cash environment, that would never happen. I have my cash, I can go to the bank, I can pull my cash out. I can

come stuff it under my mattress if I want. But they don't want that. Now, Bitcoin was created to be a form of digital cash, but the central banks don't want that. The central banks want us to use a central bank digital currency. This is the battle, and this

is what I'm explaining to you. I want to give you some quotes directly from Jerome Pale, the ahead of the Federal Reserve in the United States Central Bank, and I'm want to give you some quotes directly from Augustine Carston's who's the head of the central Bank of Central Banks, which is the b I S. And then I want to talk to you about what central banks are already using this um there's a couple in the world already doing it. And then we're going to contrast that against

cryptocurrencies and central bank digital currencies. This is all information you need to know because this is the battle of your life that's coming for you. Without the freedom of payments is no freedom. We're back with that more in a minute. Don't go away, all right, welcome back. You are listening to the Mark Masha if you're just tuning in.

We're talking about the decentralized revolution each and every week, of course, and right now today we are talking about the battle of all battles, and that is the battle over money. We went through the history of the central banks. I talked about. The interesting peace was that the first central bank, the Bank of England, happened during the time of war. And again here we are a time of war again, and the time of war now we're in all kinds of wars. We're in a war on poverty.

We're in a war on drugs. We're in a war on obesity. We're in a war with Ukraine, who were in an economic war. We're in a war with China. Trade wars. I mean, we're in wars all over the place. And of course, to fight these wars, climate war whatever. To fight these wars, we needed a lot more money, just like England needed to fight their war against France. We did a lot more money. And so the central banks are creating more and more money, and that that

comes back to the problem. Now we have this bitcoin, we have cryptocurrencies now, which are the people's money. It's our ability to have something that we can transact with. And as I said, bitcoin was created as this digital cash. Now it's important to understand digital cash for a minute because you need to kind of understand how this works. The thing with digital cash is that, as I said, right, it's peer to peer. So nobody needs to know about this,

but they don't want that. As a matter of fact, let's hear it directly from Augustine Carston. He is the head of the b i S, the central bank above central banks. Let's see what he has to say right here, aren't our analysis on CBDC particople are for the use of general to the general use. We tend to establish the equival lince with cash and there is a huge difference there. For example, in cash, we don't know, for example, who's using a one bill today. We don't know who

is using the one thousand vestl bill today. M hmm. So there's a huge difference with central bank digital currencies they want to push and cash. He said, So for example, we don't know who's using a hunt it all our bill today or a thousand pascol bill today. Yeah, and you shouldn't need to. You never have in the whole history of the entire world. This is a new thing. Look, you get this piece right here. This is a new thing for all of history, all of recorded history, five thousand,

six thousand years of recorded history. Mankind humans have traded. We're born as capitalists. Little kids are in preschool trading sandwiches for chips, people are in prison trading cigarettes for whatever. Right, like, we all trade as human beings. That's natural for us. So we traded chickens for pigs, or for cows for goats, or corn for whatever it was. Then we started using media exchange was the money. Gold became money for five

thousand years. Then we had cash. It's only been really probably the last twenty five years or so, probably really just since the Patriot Act, the day we lost more freedom than any day and history in two thousand one. That really the government's want to know every single doll hunt it dollar as August and Carson said, we don't know who has a hunt dollar bill. Yeah, you don't, and you shouldn't. You don't need to. We in all of history, We've never never needed to, We've never had to.

And now that's a problem for them, they say, But they it's a problem, and it's it's it's rich coming from a banker. And the reason why is because what it shows is this guy, he's literally at the very top of the ORG chart. It's the guy running the central bank of all central banks. It shows that he doesn't understand what economics or money is. Now I'm not a trained economic economist, but he obviously doesn't. And the reason why he doesn't is because he's saying, we don't

know who's using it. That's the whole point of money. That's the whole point all right now, pre money. Imagine if you're like in this little small town and I run like the general store, and you have your farm down in the street or whatever, right that me us being this little town, I run the general store. I know you, we live in a small town together. I've known your parents, I know your kids, we all go to the same church, etcetera, etcetera. And so I know you,

and so I extend you credit. And probably the guy that runs that general store says, oh yeah, Jim owes me this much, and Bob owes me this much, and Sally owes me there's this much, And I keep a ledger who owes me money because there's trust there. I know who you are, I know where you live. I know that you have the ability to pay me back, and so I extend you credit, money or cash gets rid of the need of that. Now, if you come into my general store and you want a bag of

whatever of corn, I don't need to know you. You're gonna give me cash. You're gonna pay me for that right now. I don't need to know who you are. If I'm extending you credit, of course I need to know who you are. But if you're gonna pay me right now, I don't need to know who you are. I don't even know where you live. I don't even know who your parents are, don't even know anything. You give me the money, I give you the bag of corn. That's the way economies work. That's the purpose of money.

But no, well that's a problem. We don't know it. Now. Let's hear what he has to say. Let's play the next part of the clip on what central bank digital currencies will fix in this problem. More scenario. If keep your friends in with the CBDC is the central bank will have absolute control. Let me pause that right there, Well, the central bank will have absolute control. Let me let me just restate that again. The central bank will have

absolute control. Let's see what he's gonna say about that on the rules and regulations that will determine the use of that expression of central branch liability. So the central bank will have absolute control of the rules and regulations of how you can use it, or he said express it how you can use your own money. They'll have absolute control and the rules and regulations. Let's see the rest and also we will have the technology to enforce that.

Those are those two issues are extremely important, and those issues are extremely important. That those two issues, what were the two issues? That they will have absolute control over how you can use your money, and that's the point number one and point number two. They will have the technology to enforce it. Those are the two most important things. So the first clip was we don't know who has hundred dollar bills or a thousand pascol bills or how

they're using them as they shouldn't. But with central bank, digital currencies will have absolute control and we'll have the technology to enforce it. Now, you know, he's the top of the heap. As I said, he's the head of

the central bank. About central banks, what about in the United States, Because the United States would never do something like that, like we get it, right, we get it like China, you know, China, the CCP, the you know, Chinese Communist Party, their communist of course they have the social credit score system. Of course China would roll that out right. Um, but what about the Land of the Free. Let's hear from J. Powell, the head of the Central Bank,

the Federal Reserve. Let's dode he has to say. As a matter of fact, I'm gonna save that clip. We're gonna come back to that clip in a minute, because I really want the time to kind of break this down because, as I said, right the Home of the Free, we should be a little bit different. Hey, but don't worry, I'm a h I want I want you to understand the differences of central bank digital currencies versus cryptocurrencies versus cash.

It's important because this is the battle that we're heading into right now, and you need to know what is at stake here. And then I want to show you. I'm gonna give a couple examples of where it's already being used in other countries and what it looks like. They're all right, so let's listen to the Market mo Show if you're just tune in, talking about the decentralized revolution, talking about the way the world changes as we look

at through the lens of politics, finance, and technology. We're talking about the technology of money, central bank digital currencies versus bitcoin. I'll be back with more in a minute. Don't miss this. I'll be back all right, welcome back. You are listening to the Mark Moa Show if you're just tuning in, and uh, if you're just tuning in where you been, don't miss out. Make sure you make sure you put a calendar reminder to hang out with me each and every time, each and every week on

this channel. Um. Now we're talking about the battle, the battle for the ages, and of course we're talking about the battle over money and the battle that's being a friend of over money by technologies. We're talking about central

bank digital currencies versus bitcoin versus cash. We just heard from the Center the head of the Central Bank of the Central Banks, the head of the b I, s Augustin Carson, and what he had to say and if that didn't scare you, I don't know what will unless you're one of those people who thinks that the government should just control every single breath that you take. Um, which in that case, I don't know what you're thinking,

but we won't go into that conversation right now. But now, as I was saying like this, you know this could happen in China, in the communist China, but could it happen in the Land of the Free. Let's hear from the head of the Federal Reserve, J. Powell what he has to say about central bank digital currencies. Let's play that clip. If we were to pursue a CBDC, it

would at a minimum have the following four characteristics. First is, so he says, if if we were to pursue a CBDC, now we know that the Biden administration or I should say not the administration. Well, I guess it is administration. We know Biden signed an executive order. Um, I don't think Biden knows what he's signing, so I'll probably say that the Biden administration. However, the Biden administration put forward an executive order. So an executive order is basically I'm

the king. I'm the czar on the dictator, and you do what I say because I say so. So it doesn't go through a democratically elected process. There's no vote on this, none of that. But he put through an executive order that basically is mandating the government to um work on a central bank digital currency. And so they are now, um, I guess your own palace says if because um, there's a lot of law makers in the

United States pushing back on this. As you might imagine, as I said, it is supposed to be the land of the free. You're not supposed to have absolute total control, as a Dustin Carson said, You're not supposed to have absolute total control over what I can do with my own money. But uh so, anyway, a lot of a lot of politicians are pushing back. So maybe that's why he says, if let's hear the rest part the rest of what he said here intermediated. Second is private privacy protected, intermediated.

So he was saying there's gonna be four four different pieces to that, so that they are a minimum have the following four characteristics. First is intermediated, Second is private privacy protected. The third is identity verified. So it would not be anonymous, it would not be an anonymous bearer instrument. And fourth is transferable or interoperable. So so we're we would be looking to balance privacy protection with identity verification, which is which has to be done of course in

today's traditional banking system. Wow, let's break that down a little bit. So it needs to be intermediated. Okay, So remember cash is not intermediated. Cash is peer to peer. If I want to buy something from you, I hand you the hundred dollar bill. That's it. There's nobody in the middle, no third party, no counterparty. Is not intermediated, he says. It needs to be intermediate, meaning the fourth the bank, the central bank has to be in the

middle of you and I are transaction. Now. Of course when you when they are in between us, then they know everything because they have to approve or deny it. Right, Cash, If I want to come over to your house and buy something out of your garage and I hand you money, nobody needs to know that now. Um, Now, look, we have laws against certain things. If I'm coming over to buy drugs with cash, of course we have laws. Of course, that's breaking the law. But it's not cash that's the problem.

We have a law already to break to protect that. Now the second part is he said, uh, second out of four is it needs to be privacy protected. But then the third point, so second was privacy protected. Third is identity verified, not anonymous. So if it's not anonymous like cash, is, how does it protect my privacy? Yeah,

that's a mental gymnastics. Well the answer is, um, the answer is, well, it's uh, it's it's it's not private from us, right, so we you know, the government and everybody that works for the government, which is about half of the people in the world or half of the people in the in the country today, So you know us and our partners and our banks and our regulators and the FBI and everybody else. We we all see it. But somehow it's privacy protected. I love that. That's rich.

So uh, like cash, like Augustin Carson, they don't know who has on it our bill, but this is uh, they'll don't know. And then they want to balance privacy and identific verification. How do they balance set? It's not the same, all right, So, um, we already have this in play in China and now it's also in play in Nigeria. Now in China, as again, it's it's a it's a it's a commonest country. Of course, it's in

play in China. But what's interesting is even in China, where they control and regulate everything, we're seeing the transition to cential digital currency is very very slow. As a matter of fact, it's way slower than they want. And what they want they get their four centers a matter of fact, says transaction volume and the e c n Y has only increased by fourteen per cent in the last year, So very very slow, especially especially for technology adoption.

And so why why is it so small? Well, because people don't want to use it. That's why. To put it into um different stand different metrics, there's only been about a hundred billion dollars worth of one used versus in China they use ten cents, we Chat pay or Aunt groups all I pay for everything, and those have processed a hundred and eighteen trillion one so a hunter billion versu eighteen joy a drop in the bucket. But a better example that I have seen that I really

liked is over in Nigeria. So in Nigeria it's important, it's an important example. And the reason why is because what happened is in the United States, we got the Internet very quickly because we had phone lines everywhere, and then eventually we had phone inner wired internet, and then we got to wireless internet like our phones. But in places like Africa, they leap frogged us, went straight to

mobile devices, straight to wireless internet. And so there are much more uh, much more likely to adopt cryptocurrencies or central digital currencies than the United States. UM. And that's exactly what happened. And so in UM in Nigeria they have the digital currency UH called the e Nyara and um it says that e n I era regulate the digital currency plan falters. It falls as the Nigerians are

defiant on cryptocurrency. Less than zero point five percent of Nigerians are using the digital currency, so zero point five percent are using it UM. The regulators across the world are scrutinizing every move because they want to know what's going to happen there and how do we get more

people to use it. And now they're offering UM. So they're trying to go into like the rickshaws, into like the taxi industry, and they're offering a five percent discount to drivers and passengers of people who will use this. They're trying anything they can. They're subsidizing those rides to get people to use it, but so far it's only attracted one out of every two d people in the

continent's most populous country. It says that the central banks focus on the digital currencies, creating confusion among many Nigerians who felt to see the difference between the government backed in and cryptocurrencies. Um the heavy promotion of just as they're also cracking down on cryptocurrencies has them be fuddled. It says, they don't understand what what's the difference here.

I thought the government said cryptocurrency is bad, but now you want us to use this cryptocurrency, and so that's why the results have been very very disappointing. As they say. I like this part here though, says Um. Here's the reason why virtual currencies have lurard residents of Africa's top oil producer as a hedge against inflation and currency depreciation. So people have gone to cryptocurrencies as a hedge against

inflation and depreciation. But the e ni ara is is a proxy for the same money, and the people have distrust on it. So they're like, why would we use a digital version of the same bad currency that we already have that has all of the bad attributes in it, and it's even worse. So it's a is here that nire does not address any of these basic use cases.

It doesn't address any of the problems that with the money um and it's even worse because now you want to have total control over what we can spend on our money, and that's the battle that's abouttle we're at. CBDCs will fix nothing. They will do nothing to uh to to fix the high inflation or the debasement that we're facing. They will only be more oppressive. Hopefully that makes sense. Hopefully understand the difference of the CBDCs versus

cash versus bitcoin. You're listening to the Mark Moa show talking about the decentralized revolution and the battle over money, and thanks for listening.