Central bank digital currencies (CBDCs) are rapidly being developed worldwide, and this should be cause for concern. Imagine a world where every transaction you make is instantly known by the government. There would be no privacy, not even for personal or embarrassing purchases. Furthermore, your money would not truly be your own under such a system. Your access to the digital currency could be suspended or revoked with just a click of a mouse, leaving you unable to participate in society. Granting any government such power is unthinkable.
The Federal Reserve Bank of San Francisco, for instance, recently posted a job listing for a “Senior Crypto Architect” to work on the development of a digital dollar. U.S. Representative Warren Davidson strongly opposes this, equating a CBDC issued by the Federal Reserve to the “financial equivalent of the Death Star.” He warns that a CBDC would turn money into a tool of coercion and control, and unfortunately, he is not wrong. Having a digital dollar as the dominant currency in the United States would give those in power an unprecedented level of control.
Sadly, CBDCs are not limited to the United States. The UK has begun consultations on implementing a Central Bank Digital Currency that could lead to a cashless society where the government can trace all transactions. In the European Union, discussions are underway to create a digital version of the euro. Brazil is already testing a CBDC that has hidden features allowing the government to freeze funds and adjust balances at will. In Russia, the “digital ruble” has been signed into law by President Vladimir Putin, marking a significant milestone.
Alarmingly, there is a lack of widespread coverage on these developments. Yet, reports indicate that approximately 130 countries are interested in developing their own CBDCs. As more countries introduce digital currencies, concerns arise about the safety of digital wallets. After all, someone could easily steal a digital wallet and spend all the currency saved up. In fact, some experts are even warning that in the future, digital wallets could be implanted under the skin as microchips, allowing complete government control over citizens’ finances.
These are unprecedented times, and the world is rapidly changing. The implementation of CBDCs is a development that demands our attention and resistance. The clock is ticking, and if we want to object to the rollout of CBDCs, we must act now. It is crucial to raise awareness among the general population and ensure that people understand the potential consequences of a cashless society controlled by central banks. The future may be uncertain, but our determination to protect financial freedom must remain strong.