TL;DR
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You know those recurring nightmares we all have?
The one where all your friends and family are stuck inside of a burning building, while no one is heeding your calls to help you help them?
No? Just us. Weird.
Well, we feel a similar sort of panic when we think about Central Bank Digital Currencies (CBDCs).
If you’re unfamiliar with the idea of CBDCs, the basic gist is this:
It’s a government owned/issued US dollar stablecoin.
Which, on the surface, sounds harmless — but it opens the door for some pretty dystopian concepts to weasel their way into our reality.
The largest and most concerning being:
A centralized programmable money would allow the government to essentially ‘switch your money off’ (not to mention track every cent you earn/spend without needing to serve your bank a warrant).
We’re not saying they would, just that they could — and that’s scary enough on its own.
The good news is:
Congress is fighting it! In fact the U.S. House just passed a bill that seeks to ban CBDCs all together.
Now, it still needs to make it through the Senate, which is a taller task by comparison — but it’s worth celebrating regardless.
Cause it finally feels like someone (congress) is acknowledging the burning building that’s filled with our friends and family (CBDCs).
