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In a likely implementation, it will centralize control over accounts and transactions. Anyone with access will be able to grab all financial data in a pinch. Ri
by tgv 4y ago
In a likely implementation, it will centralize control over accounts and transactions. Anyone with access will be able to grab all financial data in a pinch. Rich people, and resourceful organisations, OTOH, will be able to circumvent it. So it is to be expected that e.g. terrorism investigations will center on normal citizens, just because it's easier to do.
And any future authoritarian regime will of course not play by today's rules, and put the opposition under financial scrutiny within a day, and simply starve the people it doesn't like.
I hate banks, but I think I like them better than this option.
- starkd 4y agoExactly. We need to keep in mind what kind of regimes can (and likely will) arise in the future with the additional capabilities of a CBDC's.
- CrazyPyroLinux 4y agoAs if the ones we have now aren't suspect enough!
- djfobbz 4y agoFacts!!!
- StanislavPetrov 4y ago>And any future authoritarian regime will of course not play by today's rules Or current authoritarian regimes. We have already seen protesters in Canada have their bank accounts frozen by edicts from the government without any sort of trial or legal process. Truly frightening to think what they would do in a cashless society (which is the ultimate goal of centralized digital currency) to coerce all sorts of desired "behavior".
- m348e912 4y agoThe Canadian government didn't just freeze bank accounts, they froze bitcoin addresses that the protesters used to receive donations from supporters. There is no reason for me to think that a CBDC wouldn't be used the same way.