There are growing concerns over the development of central bank digital currencies (CBDCs) like a Federal Reserve-issued “digital dollar.” While touted for greater financial inclusion and ease of operation, CBDCs threaten privacy and expand government surveillance.
Essentially, CBDCs would enable direct government monitoring of all personal transactions.
Rather than physical currency providing anonymity, a digital dollar could become spyware on your wallet. Every payment you make would be tracked.
Over 80% of central banks are exploring CBDCs. China already has a live pilot. In the U.S., researchers warn that CBDCs are on the horizon. The Biden administration recently issued an executive order directing further study of a digital dollar.
While it will be touted as an easier, safer option than cash, CBDCs give unprecedented visibility into how you earn, spend, and save. It’s not a far stretch to foresee issues like the shutdown of an individual’s ability to spend money if the government gains that kind of control.
As central banks move toward digital currency, we must vigilantly guard against Orwellian overreach. The convenience of a digital dollar may come at too high a cost to personal liberty…
Want to know more? Click HERE for the lowdown on Biden’s recent order.