A report from the Cato Institute highlights privacy concerns and other arguments against the U.S. government issuing a central bank digital currency.
Highlights
- A report from the Cato Institute argues that a U.S.
- government-issued central bank digital currency, or CBDC, would usurp the private sector and threaten citizens’ privacy and core freedoms.
- CBDCs “should have no place in the American economy” and “Congress should explicitly prohibit the Federal Reserve and the Department of the Treasury from issuing a CBDC in any form” The report also highlights concerns over tracking and control, destabilization of the free market and cybersecurity.
- It’s unclear at this time if and when the United States intends to issue a digital dollar, but FedNow service is set to go online in July.
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