'The downsides of a [central bank digital currency] are potentially dystopian — which is why lawmakers such as SenMikeLee want to keep them confined to the realm of imagination,' Brad_Polumbo writes.
The idea of a CBDC sounds innocuous enough. It would simply be a “digital dollar” issued by the Federal Reserve, America’s central bank. Its supposed benefits include everything from saving trees to reducing administrative costs. But the downsides of a CBDC are potentially dystopian — which is why lawmakers such as Sen. Mike Lee want to keep them confined to the realm of imagination.
“Those calling for the rollout of a CBDC are naive to believe that this can be done without establishing a centralized surveillance system for all financial transacting,” Bitcoin Policy Institute’s Natalie Smolenski. “Quite simply, even if such surveillance is not included in the [initial] design, it would be trivial to add it at a later stage. Once a door to surveillance is opened, it is virtually impossible to close.
Bureaucrats could condition the dollars to be spent only in certain ways, for example, such as limiting the amount of gasoline you’re able to buy in the name of fighting climate change. As the Cato Institute, this idea of “programmable spending” enabled by a CBDC is ripe for abuse and could give the government new levels of control over our everyday lives.
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