A Bitcoin Policy Institute whitepaper has called for the U.S. to 'reject' central bank-issued digital currencies, arguing CBDCs are unnecessary and could create a whole host of freedom and privacy concerns.
Smolenski and Held argued that CBDCs would essentially"provide governments with direct access to every transaction [...] conducted by any individual anywhere in the world," adding this could then become available for"global perusal" as government infrastructure is a"target of constant and escalating cyberattacks.”
"As a direct liability of central banks, CBDCs become a new vanguard for the imposition of monetary policy directly on consumers: such policies include, but are not limited to, negative interest rates, penalties for saving, tax increases, and currency confiscation." “As the world goes the way of China in the 21st century, the United States should stand for something different," they argued.
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