This is why CBDCs are dangerous, “a horrible idea”, says lawyer – Irina Heaver


(Kitco News) – A central bank digital currency (CBDC) continues to be hotly debated in many countries around the world. “It’s a horrible idea for citizens, while it’s a wonderful idea from the perspective of governments because they want control. This has been evident over the past couple of years, with all the unconstitutional lockdowns and pandemic measures that have been put in place,” said Irina Heaver, general partner at Ikigai Ventures. “For example, it is legal for the government to say that you cannot buy food today, because you decided not to submit to certain totalitarian rules that we put in place yesterday.

Heaver, who is also a lawyer, spoke with Kitco News anchor David Lin about the legal and moral implications of CBDCs on the sidelines of the Paris Blockchain Week Summit. Ikigai Ventures is a Europe-based global venture capital firm investing in blockchain, gaming, mobilization, artificial intelligence and cutting-edge technologies.

Even though it’s legal for governments to track and tell their citizens how to spend their money, Heaver said whether it’s morally correct is a different story altogether. “What the government says is legal, is legal. In the 1930s, it was legal for Germany to inflict all kinds of horrible nightmares on the Jewish people.”

Heaver noted that it is constitutional for governments to issue CBDCs. “Each country has its own constitution. The constitution or other legal acts of that jurisdiction grants governments the power to issue currency. And these powers can be extended so that currency is issued in coins, notes or coins. digital,” she said. . “So theoretically it’s constitutional, but is it morally correct for the government to prevent you from buying food for your children for activities that the government put in place yesterday?”

“We see over 50 armed conflicts taking place right now in 2022. Is that legal or moral? My answer is no. But it still happens. The reality of what is legal and moral is quite different,” added Heaver.

Heaver explained why she is so bullish on gold and Bitcoin. “In 2008, during the global financial crisis, I read everything I could find on gold, economics and inflation hedges. I became a big gold bug,” she revealed. “I started saving my gold earnings because I understood what governments were doing to our savings and bank accounts. And from there the leap to Bitcoin, digital gold, was very short. The principles are the same for gold and Bitcoin, scarcity and the fact that both are inflation hedges.”

“You can draw the conclusion that Bitcoin is digital gold because you store gold outside of the financial system, in your vault somewhere. It’s the same with Bitcoin, you have to store it properly and having the technical know-how to make sure you’re not hacked. There’s no third-party risk. The bitcoin is yours and no one can take it away from you,” Heaver continued.

Heaver said silver is another long-term investment she likes. “Why not have part of your savings in gold, silver and bitcoin? I ask why invest in one rather than the other? Why not own all of these assets?” she says.

To learn more about the legal and moral implications of central bank digital currencies, please watch the full video above.

Follow David Lin on Twitter: @davidlin_TV

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