The push for central bank digital currencies is an assault on privacy and freedom.
by J.D. Tuccille
You know who thinks that cryptocurrencies are the future? Central banks, that’s who, and they’re jumping on board the crypto bandwagon. But that doesn’t mean you should anticipate the folks at the Federal Reserve stepping aside to make way for Bitcoin adoption—far from it. Instead, central bankers want to displace grassroots cryptocurrencies with central bank digital currencies (CBDC) of their own design that absolutely will not protect privacy, and that will let governments control private transactions.
“The Federal Reserve plans as early as this week to launch a review of the potential benefits and risks of issuing a U.S. digital currency, as central banks around the world experiment with the potential new form of money,” the Wall Street Journal reported October 4. “Unlike private cryptocurrencies like bitcoin, a Fed version would be issued by and backed by the U.S. central bank, a government entity, as are U.S. paper dollar bills and coins.”