Watchman Privacy

3 - Central Bank Digital Currencies: An Introductory Warning

May 15, 2021
Explore the world of Central Bank Digital Currencies (CBDCs) and their stark differences from cryptocurrencies. Discover how CBDCs may enable surveillance and detailed purchase tracking, raising privacy concerns. Learn about the potential for behavioral controls set by central banks and the risk of political manipulation. Finally, hear advice on protecting your financial autonomy, utilizing alternative monetary options, and building community resilience before the rollout of CBDCs.
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INSIGHT

CBDCs Are Government Surveillance Tools

  • Central bank digital currencies (CBDCs) are government-issued digital currency units, not private cryptocurrencies.
  • They grant central banks technical control and visibility over users' balances and transactions.
INSIGHT

Currency Versus Money As A Choice

  • Gabriel distinguishes currency (government-created) from money (intrinsic value) to highlight choice.
  • This framing argues we don't have to accept government currencies as true money.
INSIGHT

Simplicity Means Scale And Single-Point Risk

  • CBDC systems will likely be simple internet-based apps or cards to scale to millions of users.
  • Simplicity reduces attack surface but creates single-point surveillance and dependency.
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