The Dangerous Implications Of CBDCs – Bitcoin Magazine

Natalie Smolenski is a Senior Advisor at the Bitcoin Policy Institute and Executive Director of the Texas Bitcoin Foundation, and Dan Held is a Bitcoin Educator and Marketing Advisor at Trust Machines.

This article is an excerpt from the Bitcoin Policy Institute white paper “Why the US Should Reject Central Bank Digital Currencies (CBDCs)” written by Natalie Smolenski with Dan Held.

CBDCs are digital cash. Unlike traditional (physical) cash, which can be done anonymously, digital cash is fully programmable. This means that CBDCs allow central banks to have a direct view of the identity of transacting parties and can block or censor any transaction. Central banks argue that they need this power to combat money laundering, fraud, terrorist financing and other criminal activities. But, as we’ll see below, the ability of governments to meaningfully combat financial crime using existing money laundering and know your customer (“AML/KYC”) laws has proven to be woefully inadequate at best. , while effectively removing the financial privacy of billions of people. people

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *