CBDCs offer the user less value and more limitations than the USD and should therefore trade at a discount to USD since it is more restricted. Imagine money th

CBDCs offer the user less value and more limitations than the USD and should therefore trade at a discount to USD since it is more restricted. Imagine money that can be arbitrarily seized for any reason the government chooses, at any time, with no due process and no recourse. That is CBDCs. CBDCs are like trading in USD cash in exchange for Airmiles or credit card points. More restricted, less useful, completely dependent on the goodwill of the state to work when you need them. “I’m sorry citizen, you payment was declined because you hold unacceptable political views”