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<\/p>\nMiller Whitehouse-Levine
\nCointelegraph.com<\/p>\n
From China to Canada, it\u2019s clear that governments around the world are salivating at the prospect of introducing currencies they can manipulate hassle-free.<\/p>\n
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Arguing over the prudence and implications of issuing a\u00a0central bank digital currency (CBDC)<\/a>\u00a0in the United States has seemingly become one of Washington\u2019s favorite icebreakers. As Congress considers the question, it is critical that Americans clearly understand and soberly consider the immense power a CBDC could grant governments as well as the unacceptable risk of that power\u2019s potential abuse.<\/p>\n In March, Florida Governor Ron DeSantis introduced a proposal to ban CBDC use in his state, arguing that total monetary control by the federal government is dangerous for American society. Shortly after, the White House released its\u00a0economic report<\/a>\u00a0in which it argued in favor of a CBDC as a mechanism for advancing \u201chuman rights, democratic values, and privacy.\u201d The fact that many countries and monetary systems have begun to develop and issue their own CBDCs colors the domestic debate as well.<\/p>\n While no technology is inherently evil, the consequences of various technologies\u2019 potential misuse varies considerably. So too a CBDC system is, at heart, merely a tool \u2014 not inherently good or bad on its own. But the downside risk of a CBDC\u2019s misuse is so immense that the concept should be rejected. The idea of completely centralizing \u201cabsolute control\u201d over people\u2019s ability to engage in commerce via a CBDC should be anathema to free societies \u2014 even if the prospect of that power\u2019s misuse seems outlandish today.<\/p>\n