By by Norbert Michel | Forbes
My colleague Nick Anthony and I have written extensively about central bank digital currencies. We’ve carefully documented how the benefits are few and far between, as well as how severe the risks are.
Some people think we’re exaggerating the risks, and a few even believe a CBDC done “right” would be great. They argue that their version of a CBDC would, for example, spur competition and innovation while protecting privacy and freedom.
These folks could not be more wrong.
They’re completely misreading what a CBDC really is and ignoring how the U.S. government has expanded (at home and abroad) both financial surveillance and federal involvement in money for decades. They seem to be forgetting that, when it comes to surveillance, one of the only things most Democrats and Republicans agree on is that Americans’ constitutional rights aren’t so important anymore.
But if these CBDC advocates won’t listen to us, perhaps they’ll listen to the government officials currently creating CBDCs? These officials regularly explain exactly what a CBDC is, and they’re never shy about how and why they want so much control over people’s ability to spend. Read Full Article >
