When it's digitally created by the central bank, it gives total control to the central bank.
The threat is not that it's digital, we already have that. It's that it becomes programmable with it.
Imagine a money whereby your access to it can be turned off. Where negative interest rates can be issued instantly and personally to individuals based on behaviour.
It's a totalitarian's wet dream and Bitcoin is the antithesis.
Replies (3)
Everything you said that i should imagine is ether happening (turned off by some programmed in triggers etc) or easy to do with current digital euro. We already live what you are afraid of. And thats what throws me off, nothing changes. They currently have all tools to be as evil as it gets and "digital euro" wont give em more. It might give them different tools but nothing they can not do right now if they wanted
It gives total transparency on what you earn and what you spend it on. Even if you lend money to a friend that would be visible - which isn’t necessarily the case with cash.
Same as saying "when cash is created by a central bank, it gives total control to the central bank". Except by definition all cash was created by the central banks since it was invented, that is the very idea of state-issued money.
