HomeCoinsBitcoin (BTC)The Dangerous Implications Of CBDCs - Bitcoin Magazine

The Dangerous Implications Of CBDCs – Bitcoin Magazine

- Advertisement -



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 whitepaper “Why the U.S. 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 transacted anonymously, digital cash is fully programmable. This means that CBDCs enable central banks to have direct insight into the identities of transacting parties and can block or censor any transaction. Central banks argue that they need this power in order to combat money laundering, fraud, terrorist financing and other criminal activities. But as we will see below, the ability of governments to meaningfully combat financial crimes using existing anti-money laundering and know your customer laws (“AML/KYC”) has proven woefully inadequate, at best, while effectively eliminating financial privacy for billions of people.

First published here

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,580FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 16,814.26
ethereum
Ethereum (ETH) $ 1,231.97
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 109.93
litecoin
Litecoin (LTC) $ 75.01
eos
EOS (EOS) $ 0.979823
okb
OKB (OKB) $ 20.76
tezos
Tezos (XTZ) $ 0.989366
leo-token
LEO Token (LEO) $ 3.79
cardano
Cardano (ADA) $ 0.310916
monero
Monero (XMR) $ 145.32
stellar
Stellar (XLM) $ 0.08442
chainlink
Chainlink (LINK) $ 6.86
huobi-token
Huobi (HT) $ 6.37
tron
TRON (TRX) $ 0.053432
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 44.23
neo
NEO (NEO) $ 6.97
iota
IOTA (MIOTA) $ 0.205472
nem
NEM (XEM) $ 0.032405
zcash
Zcash (ZEC) $ 43.91
maker
Maker (MKR) $ 607.65
paxos-standard
Pax Dollar (USDP) $ 0.999607
ethereum-classic
Ethereum Classic (ETC) $ 18.84
vechain
VeChain (VET) $ 0.018721
true-usd
TrueUSD (TUSD) $ 1.00
kucoin-shares
KuCoin (KCS) $ 6.50
waves
Waves (WAVES) $ 2.16