Andrew Tate criticizes 'Central Bank Digital Currency' as a tool to control citizens, Internet says 'the world is screwed'

2023-10-21 18:17

After Andrew Tate revised the CBDC acronym to fit his viewpoint, many users shared their views on the matter

BUCHAREST, ROMANIA: Andrew Tate, the self-proclaimed controversial social media figure, has recently shared his perspective on CBDC, which stands for Central Bank Digital Currency, on the platform 'X.'

Tate's opinions on governmental initiatives have often sparked controversy and faced criticism from his detractors.

In the past, Andrew Tate has been known for his critique of governments, which he often refers to as "the Matrix," from his standpoint on their influence over the general populace.

What does CBDC stand for in Andrew Tate's point of view?

Lately, Tate has redirected his attention to CBDC, which stands for Central Bank Digital Currency. The term is explained by the Board of Governors of the Federal Reserve System as representing a digital version of central bank money that is accessible to the general public.

This central bank money includes physical currency issued by the Federal Reserve and digital balances held by commercial banks at the Federal Reserve in the United States.

While Americans have primarily been using digital forms of currency such as bank account balances and payment apps, a CBDC stands out by being a liability of the Federal Reserve, rather than a commercial bank.

Nevertheless, as outlined by the Board of Governors of the Federal Reserve System, the Federal Reserve has not made a final decision on the issuance of a CBDC. Such a decision would necessitate legislative approval, as emphasized by Chair Powell during his testimony before the House Financial Services Committee in March 2023.

When discussing CBDC, Tate chose to offer an alternative interpretation of the acronym based on his perspective, linking the digital currency with the concept of controlling citizens. Tate proclaimed, "CBDC: 'Citizen Behavioral Discipline Controls.'"

Andrew Tate's fans assert the world is screwed

Following Tate's revision of the CBDC acronym to fit his viewpoint, a multitude of users shared their thoughts and views on the matter.

One user wrote, "The world is screwed. We prepare yourselves."

Another user wrote, "I couldn't agree more, @Cobratate. CBDCs indeed serve as a tool for behavioral discipline, shaping our financial habits."

A user stated, "Interesting concept! It's crucial for societies to explore ways to promote responsible behavior and maintain order."