The Potential Orwellian Horror of Central Bank Digital Currencies

“As citizens around the world are confronted with the severe curtailment of political, economic and cultural freedoms associated with COVID-19 risk mitigation strategies (e.g., lockdowns, mandatory vaccinations and/or vaccine passports), new risks to economic freedom and prosperity are quickly emerging which citizens must be aware of and remain vigilant about. One of these risks which is developing with rapid pace are Central Bank Digital Currencies (CBDCs). According to a Bank of International Settlements (BIS) 2021 survey[1]:

  • 86% of central banks are actively researching the potential for CBDCs;
  • 60% were experimenting with CBDC associated technology; and
  • 14% were deploying CBDC pilot projects.”

(I think of the push for digital health passports and the move toward digital currencies as two sides of the same coin.)

The Potential Orwellian Horror of Central Bank Digital Currencies (adamseconomics.com)

Published by markskidmore

Mark Skidmore is Professor of Economics at Michigan State University where he holds the Morris Chair in State and Local Government Finance and Policy. His research focuses on topics in public finance, regional economics, and the economics of natural disasters. Mark created the Lighthouse Economics website and blog to share economic research and information relevant for navigating tumultuous times.

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