'Whatever becomes of DeSantis’ proposal, Democrats and Republicans alike should take this opportunity to delve deeper into the substantive privacy issues implicated by a digital dollar,' says jpscasteras. Opinion.
and enact other limits against foreign countries’ CBDCs. Moreover, he called upon “likeminded states to join Florida in adopting similar prohibitions ... to fight back against this [CBDC] concept nationwide.”
JP Schnapper-Casteras is a nonresident senior fellow at the Atlantic Council’s GeoEconomics Center and a practicing attorney. At one level, his concerns are partly understandable. Depending on how it is technically designed and legally regulated, a consumer-facing CBDC could potentially amass and store large volumes of personal information about individuals’ daily purchases and movements. Domestically, groups including the American Civil Liberties Union havethe importance of maintaining cash-like privacy, should the executive branch and Congress move forward with a digital dollar.
Internationally, there are well-grounded fears that CBDCs can be used, particularly by undemocratic countries, as a means of pervasive surveillance and control of their citizenry.. Still, the Federal Reserve Board and other agencies could do more to take privacy seriously, for instance by openly consulting with nonprofit groups and reassuring the public they have little interest in a vast national repository of consumer data.
On another level, DeSantis’ announcement is emblematic of the broader politics around, and antagonism toward, the Federal Reserve. For example, this week, Sen. Mike Lee , who also opposes CBDCs,
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