April 17, 2024

This is an opinion editorial by Shinobi, a self-taught educator in the Bitcoin space and tech-oriented Bitcoin podcast host.

Since the recent White House report on Bitcoin and cryptocurrencies the discussion around a United States central bank digital currency (CBDC) has been raging again. Will they make one? How long will it take? Of course the government is going to take advantage of the broad increases in surveillance capabilities and powers that a CBDC will bring. Right?

Their own report specifically mentions more efficiency as a payments platform, faster cross-border payments, economic growth and stability (easier monetary policy control), protecting against cyber and operational risks (security breaches of financial institutions), safeguarding the privacy of sensitive data and minimizing the risk of illicit financial transactions. So in other words they want to have total insight into your entire financial activity, have the ability to directly deposit money into people’s accounts for stimulus and monetary policy purposes and be able to arbitrarily block “illicit activity,” which as we know these days is a quickly shifting target that means who knows what next year.

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