Central banks around the world are examining whether they should create digital currencies. China is already gradually unrolling one. The Federal Reserve has jumped on the bandwagon, with studies and experiments underway.
This segment of What’s Ahead explains why such moves to what’s called a Central Bank Digital Currency, CBDC, are ominous, a threat to our freedoms.
Digital money would enable governments to track every single purchase or sale you make. It would be a frightening tool of control, as officials could easily seize or freeze part or all of your money. No wonder Beijing is so gung-ho for CBDCs.
With so much of your personal information stored in one central place, the security issues are also awful. No system is hack-proof these days.
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