CBCC independence threat put under microscope at Oslo conference

Central Bank Digital Currencies (CBCCs) are of great concern to the public. He made this clear at the Oslo Freedom Forum held last week. While the danger of governments abusing their power is a concern for many people, it is especially true for those fighting for freedom from authoritarian regimes.

If you don't know, the Oslo Freedom Forum is an annual meeting organized by the Human Rights Foundation in Oslo, Norway. It is a time for human rights activists to share experiences in authoritarian regimes and also share calls for a brighter future.

I spent the first two days educating people about what was going on in the CBCC world with the help of a class organized by the Human Rights Foundation.

Time and time again, I have heard the same response from activists, government officials, and citizens. “I didn't know my country would do this,” they said. It's also sad to see how removed the crowd is.

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In the context of the Oslo Freedom Forum, it is easy to understand why people are concerned with these developments. From Russia to Nicaragua, governments have repeatedly turned to the financial system to tame dissent. Check out the experiences of Carlos Chamorro, Jimmy Lai and Alessi Navalny.

A year ago, the Nicaraguan government declared Carlos Chamorro stateless and a traitor. His pension, house and all his possessions were confiscated. What was the crime? Chamorro opposed the dictatorship of Daniel Ortega and created a news organization that could be trusted to expose the regime.

Jimmy is facing a life sentence in Hong Kong on similar charges. Like Chamorro, Lai did not hesitate to criticize those in power and created a newspaper to help spread calls for democracy. In response to Ley and other pro-democracy protests, the Hong Kong government has frozen financial accounts and seized assets to silence the opposition.

Finally, in Russia, Alexei Navalny died in a Russian labor camp this year. Navalny founded an anti-corruption foundation and regularly criticized Vladimir Putin's regime. The Anti-Corruption Foundation's chief financial officer, Anna Chekhovych, explained that the company's accounts had been frozen without any charges being filed. To make matters worse, the government monitors both the workers and those associated with them.

With this context established, it's easy to understand why many people think so. Governments around the world use the financial system as a means of control and the addition of CBCCs provides an opportunity to greatly expand existing powers.

When it was time to take the stage on day three, I sat down to explain both concerns and chat with Charlene Fadirepo and Roger Huang – authors of The Bitcoin Leap and The World Mao Lies Bitcoin respectively. ?

As Fadirepo and Huang chart the rollout of CBDCs in Nigeria and China, one trend quickly emerges: government inefficiency. Fadirepo revealed how he was “stuck” when Nigeria's CBCC hit the shelves and gained a less than stellar reputation with the public. The official app has been temporarily pulled from the stores due to several issues. “You're effectively asking central banks to become technology companies, and in China, that's where you've really seen the biggest failure,” Huang added.

However, the bright side of this story may be the government's incompetence.

Huang warned of the danger of governments trying to compensate for incompetence with force. As he explained, “the Chinese Communist Party derives its legitimacy from its ability to rule the Chinese people.” However, reports emerged that even Chinese government officials did not support the program. Faced with an embarrassing situation, the Chinese government may introduce more drastic measures in the future.

In Nigeria, more drastic measures have already been implemented as the government deals with cash shortages. Faced with a CBDC adoption rate of 0.5 percent, the government has created a lack of funding that has pushed some Nigerians into CBDCs. The then Governor of the Central Bank of Nigeria, Godwin Imfile, hailed the measures as a success. But as Fadirepo said, “It was the last straw.” [for many Nigerians.]”

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However, these stories are just the beginning. If the proliferation of CBDCs continues, much more is at stake—especially for those fighting for human rights.

Nobel Peace Prize winner Liu Xiaobo once said: “If our rice bowls were still in the hands of the Communist Party…people like us should have kept our mouths shut.” In other words, as Huang explained during the panel, “If they were controlling my income, there would be no way for me to protest.” Huang added, “A world where central banks and governments control people's incomes [and] The ability for people's money to become obsolete is a world of control that Liu Xiaobo fears will happen.

As Seth told Privacy during the interview, “One of the conversations around CBCCs here is [Oslo Freedom Forum is that] Protests, movements, and protests will become more difficult if governments completely and simply control their citizens' money.

The Oslo Freedom Forum is a humbling experience. Even though Paul Rusesabagina saved over 1000 lives in Rwanda and survived kidnappings, where he is no more than an ordinary person, it is reasonable to ask what kind of impact he can have. However, pushing back can be easier said than done.

Most people don't know what “CBDC” means, let alone the dangers at hand. So in the mission to fight back, one of the most important things that can be done today is to let people know that we really have something to fight for.

This article is not intended for general information purposes and should not be construed as legal or investment advice. The views, ideas and opinions expressed herein are solely those of the author and do not necessarily represent the views and opinions of Cointelegraph.