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Article: CBDCs and Digital Surveillance: A Threat to Individual Autonomy

Started by trilight, Nov 02, 2023, 08:00 PM

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CBDCs and Digital Surveillance: A Threat to Individual Autonomy

Central Bank Digital Currencies (CBDC) have become increasingly popular around the world as governments seek ways to modernize their monetary systems. To the surprise of no one, CBDCs started popping up in various central bank programs soon after the 2020-2021 cryptocurrency volatile movements. At the time, Bitcoin had risen from 4 figures to peak at $69,000, putting cryptocurrencies in the spotlights and a race to find innovative use-cases. While partly vaporwares were rapidly taking over the news, governments were trying to catch up and started investigating the use of cryptocurrencies for central banks. At first glance, these digital currencies could indeed offer greater convenience and efficiency when it comes to financial transactions - but at what cost? As countries around the world race to introduce digital currencies backed by their central banks, it becomes crucial to consider the implications of these developments on individual freedoms, financial autonomy, and the future of better democracy...