Central Banks Struggle With Privacy-Related CBDC Headaches
As a number of countries across the globe are working on developing their respective central bank digital currencies (CBDCs), ensuring a separation between identity and transaction data could produce a better environment for privacy protection and could lead to public confidence and trust in using CBDCs, according to a recent paper released by the Bank for International Settlements (BIS).
A Discussion on Central Bank Digital Currencies and the Future of Financial Privacy
This webinar will explore central bank digital currencies (CBDCs) and the ongoing debates over financial privacy, especially in relation to use of cryptocurrencies and other software privacy tools.
The webinar will begin with a discussion between Rep. Tom Emmer, the Majority Whip of the U.S. House of Representatives, and Prof. J.W. Verret of the Antonin Scalia Law School regarding legislation introduced by Rep. Emmer and a coalition of members to prevent the Federal Reserve from introducing a CBDC. They will also discuss the Treasury Department’s sanctioning of the Tornado Cash privacy protocol and the legal authority of that action. This discussion will be followed by an expert panel that will further explore these issues, as well as legislation proposed by Sen. Elizabeth Warren to ban crypto and other software privacy tools.
• Rep. Tom Emmer, Congressman, U.S. House of Representatives
• Paul Brigner, Head of U.S. Policy and Strategic Advocacy, Electric Coin Company
• Jim Harper, Nonresident Senior Fellow, American Enterprise Institute
• William Hughes, Senior Counsel and Director of Global Regulatory Matters, ConsenSys Software
• Michael Mosier, General Counsel, Espresso Systems
• Moderator: Prof. J.W. Verret, Associate Professor of Law, Antonin Scalia Law School
Register for the webinar at https://rtp.fedsoc.org/event/webinar-a-discussion-on-central-bank-digital-currencies-and-the-future-of-financial-privacy/
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As always, the Federalist Society takes no position on particular legal or public policy issues; all expressions of opinion are those of the speaker.
Hidden DANGER of Central Bank Digital Currency (CBDC)
You can now join my newsletter ALKEBULAN! https://themerc.substack.com Want to know more about CBDC’s? WATCH FULL VIDEO: https://www.youtube.com/watch?v=XZbHStE7F24 &t=2s
There are many dangers of Central Bank Digital Currencies (CBDCs) and their potential impact on our financial system. Join us as we explore the risks and implications of this emerging trend, shedding light on the concerns that have captured the attention of economists, investors, and individuals worldwide.
As governments around the globe consider the adoption of CBDCs, it is crucial to evaluate the potential dangers that come with this new form of digital currency. While CBDCs offer certain advantages, such as increased efficiency and financial inclusion, we cannot ignore the potential risks that accompany this monetary innovation.
One of the primary concerns revolves around privacy. CBDCs operate on centralized platforms, allowing authorities to monitor transactions and gather personal financial data. This raises important questions about individual privacy and the potential for surveillance, ultimately challenging our fundamental rights to financial anonymity.
Another significant danger lies in the potential for increased government control over our finances. With CBDCs, governments possess the power to monitor and control monetary transactions to an unprecedented extent. This level of control can lead to restrictions on spending, capital controls, and even the potential for government censorship of certain transactions. Such centralized control goes against the principles of financial freedom and individual autonomy.
Furthermore, the rise of CBDCs may contribute to a diminished role for commercial banks. As individuals can directly hold digital currency issued by the central bank, the need for traditional banking intermediaries could decrease. This shift could have adverse effects on the banking sector, potentially leading to job losses, reduced credit availability, and overall instability in the financial industry.
Additionally, the implementation of CBDCs raises concerns about the vulnerability of digital systems to cyber threats. Given the interconnectedness of our digital infrastructure, a security breach or cyberattack on a CBDC platform could have far-reaching consequences, compromising financial stability and jeopardizing the savings and assets of millions.
While CBDCs present certain benefits, we must approach their implementation with caution. The dangers of CBDCs highlighted in this video raise important questions about privacy, individual freedom, and financial stability. As citizens, it is essential that we engage in informed discussions and debates about the potential risks and implications of this digital monetary evolution. Join the conversation, like and share this video, and subscribe to our channel for more thought-provoking content on the ever-changing world of finance and technology.
#CBDC #CentralBankDigitalCurrency #africa #africaninvestment
“They Want To BLOCK Your Transactions!” – Will CBDC Be The End of Privacy?
In this short clip, Patrick Bet-David, Maajid Nawaz, Adam Sosnick and Vincent Oshana discuss whether CBDC will be the end of privacy.
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Fed’s ‘Digital Dollar’ Idea Has Frightening Implications For Privacy And Freedom | What’s Ahead
Steve Forbes warns against the Federal Reserve’s possible Central Bank Digital Currency initiative.
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