“He who controls the food supply controls the people; he who controls the energy can control whole continents; he who controls money can control the world.” – Widely Attributed to Henry Kissinger
Introduction to Central Bank Digital Currencies
Central banks around the world have long issued money in physical form, but the rise of digital technologies has spurred them to explore new frontiers, such as a Central Bank Digital Currency (“CBDC”), a digital version of a nation’s fiat money issued and backed directly by the central bank. Proponents herald CBDCs as the next evolution of money, a digital counterpart to physical cash, promising a more efficient financial landscape: reduced transaction fees, streamlined e-commerce and international transfers, and greater financial inclusion for the unbanked. They envision a “digital banknote” for an increasingly digital world, fostering innovation and modernizing payment systems. Yet these promises conceal a sinister reality. CBDCs are not a mere upgrade to our financial infrastructure – they represent a seismic transformation of money itself, centralizing unprecedented power in the hands of governments and threatening financial privacy and individual liberty on an unimaginable scale.
Imagine an ordinary citizen, Jane, buying coffee with a CBDC. Unlike cash, which leaves no ...
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