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The world could be facing a dark future thanks to CBDCs

Press Releases Crypto News Cointelegraph The world could be facing a dark future thanks to CBDCs

During the financial crisis of 2007–2008, many people lost trust in traditional financial institutions and turned to alternative forms of currency, such as cryptocurrencies. It was a way for people to maintain their financial freedom and privacy in a system that had let them down. However, the rise of central bank digital currencies (CBDCs) raises serious concerns about privacy and freedom.

One of the most significant concerns with CBDCs is the death of anonymity. Currently, cash transactions offer the secrecy and anonymity needed for financial freedom. People can use cash to make transactions without leaving a paper trail, which is a fundamental right in a democratic society. However, the introduction of CBDCs could change this.

CBDCs would be fully traceable, meaning that every transaction would be recorded and monitored by the central bank. This would allow central banks to surveil and control financial transactions in ways that were previously impossible. While this may sound like a positive development, it raises serious concerns about privacy and civil liberties.

CBDCs’ potential negative consequences can also be understood by examining the government’s response to the global financial crisis. For instance, in the aftermath of the crisis, governments all over the world established policies to stop the financing of terrorism and combat money laundering. Unfortunately, these regulations frequently came at the expense of people’s freedom and privacy.

For example, the Russian government has shrewdly used the Anti-Money Laundering framework to further goals unrelated to the fight against terrorism and organized crime. However, the research has revealed that the

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Author: Guneet Kaur

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