World Bank agrees with the concept of expiring CBDCs

The article is in two parts:

Part I - https://blogs.worldbank.org/allaboutfinance/expiring-money-part-i

Part II - https://blogs.worldbank.org/allaboutfinance/expiring-money-part-ii

The authors make very clear that expiration dates on money is a good thing because, and they list it as the first reason, it FORCES PEOPLE TO SPEND IT TO CONSUME

Let me write this again. Expiring money is good because it forces you to buy. With the logical consequence you are unable to save.

Authors sure point to the fact that the expiration function should be only temporary and limited to exceptional circumstances. Too bad that history proves them wrong. As they say, there is nothing more permanent than a temporary government measure.

Sure expiring money MAY be helpful in correcting or preventing certain monetary and economical issues.

But would trade away your capacity to save for you, your family and your descendants in exchange of a form of control or relief in circumstances such as recessions or depressions? Be careful before answering. History has proven over and over again how even the worse economical situation is temporary. It ain't called economic cycle for no reason.

Expiration dates, on digital money, for which there is ample evidence their control will be centralized, is on the other hand very permanent.

You will be trading away your capacity to provide yourself and your next of kin with any chance of bettering your condition. Forever. Because you will have to trust a third party not to abuse this function. This third party is the CBDC issuer AKA government and central banks.

You know, in the same way you have to trust right now the same entities not to debase your national currency. And we all know how well all of that turned out to be.

"But everyone will be subject to it! No way the rich will accept it!" I can already hear that. Rich and powerful people will have a way out in the same way they have a way out from not paying taxes right now. Don't know how? Let me tell you

• legal exemptions: while you won't be able to save for the next 3 months because of the next pandemic (not making it up, they are mentioned in the article as a legit way to justify expiration), your politician will have most of his expenses registered as official and those will likely be subject to exemption from expiration and/or a lengthier one

• playing the system: expiring money for everything and everyone will hinder economic growth and corporations need customers to function. Special provisions will be in place for any money held by companies, possibly big ones so to kill Small and Medium Enterprises, that will require longer or unlimited expiration so as to cover the costs of operations and be able to function properly. And while your local grocery store will close down because doesn't have enough revenue to pay its supplier because the money expired, megacorp will be able to conduct business as usual. And while you wonder how the hell could you manage to setup an LLC to shield your savings, a rich guy already set up offshore companies exchanging among them or immobilizing capital and enjoy a new form of saving. Which they already do by the way by setting up fake companies and hiding money as liability capital.

And if you're thinking I'm being paranoid take a read at the articles. They specifically mention how convenient expiring money is "to ban certain users from access to cash in a way similar to blacklisting". But you shouldn't worry right, because you're doing nothing wrong or illegal.

Too bad you're not the one in charge of deciding whether it's wrong or illegal.