Central Bank Digital Currencies Are About Control – They Should Be Stopped (forbes.com)

Last week there was an online forum called “US-CBDC” A Disaster in the making. It was hosted by “Sustany Capital’ and they had a productive discussion about the policy aspect of Central Bank Digital Currencies (CBDCs).

After a little bit of research I believe that the Fed should not launch a CBDC. Ever. And I think that Congress should amend the Federal Reserve Act just to be on the safe side.

The problem is that there is no limit to the level of control that the government could (would) exert over people if money is purely electronic and provided directly by the government.

A CBDC would give federal officials full control over the money going into–and coming out of–every single person’s account. In the United States, the final arbiter of what is and what is not measured as money is the Federal Reserve System.

Central bank digital currencies, or CBDCs, are government-backed digital currencies issued by a central bank. They’re being rapidly rolled out to bring about a new economic transaction system that could lead to a new form of modern-day monetary control..•

While cryptocurrencies are decentralized and allow anonymous transactions, CBDCs are centralized and can track every transaction. They can also be controlled by the powers that be – meaning all your CBDC assets could be taken away or turned off by a central power, and there’d be nothing you could do about it.

Anyway, interesting reading and thought provoking especially if YOU trust your government to act in a responsible fiduciary manner.