While there’s some far-end “let’s eliminate cash” sentiments, a lot of the selling point of a CBDC is simply faster, cheaper settlement than current private platforms, so there’s a nonmalovent position.
Many central banks are pushing for the CBDC as a commercial or interbank-only thing in large part because if end consumers could just have an CBDC demand account with the Federal Reserve/Bank of England/ECB, it would squeeze out commercial banks.
Some of this is fearmongering, but it is a legitimate privacy nightmare to have the federal government tracking every purchase you make. I think the risks outweigh the benefit for most people.
While there’s some far-end “let’s eliminate cash” sentiments, a lot of the selling point of a CBDC is simply faster, cheaper settlement than current private platforms, so there’s a nonmalovent position.
Many central banks are pushing for the CBDC as a commercial or interbank-only thing in large part because if end consumers could just have an CBDC demand account with the Federal Reserve/Bank of England/ECB, it would squeeze out commercial banks.
Some of this is fearmongering, but it is a legitimate privacy nightmare to have the federal government tracking every purchase you make. I think the risks outweigh the benefit for most people.