Opinion: CBDCs give governments an open invitation to abuse their citizens by manipulating monetary supplies.
central bank digital currency
In March, Florida Governor Ron DeSantis introduced a proposal to ban CBDC use in his state, arguing that total monetary control by the federal government is dangerous for American society. Shortly after, the White House released itsin which it argued in favor of a CBDC as a mechanism for advancing “human rights, democratic values, and privacy.” The fact that many countries and monetary systems have begun to develop and issue their own CBDCs colors the domestic debate as well.
But in the United States, at least, it’s not outlandish. It would be naive to ignore America's long journey of developing an increasingly pervasive financial surveillance system, as well as the possibility of a CBDC being used for the same purpose. America’s policymakers have a chance now to arrest that trajectory and build a better system that more consistently respects citizens’ right to privacy.
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