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Stakeholders Warn of Government Abuse in Central Bank Digital Currencies

At Consensus 2023, stakeholders expressed concerns that the potential economic benefits of central bank digital currencies (CBDCs) may be outweighed by the dangers of government abuse. Participants in roundtable discussions and an electronic survey expressed skepticism about governments building public digital money without using it for surveillance. Only 9% of survey respondents believed that it was possible to design a surveillance-free government-backed digital currency. Privacy was a key concern, with suggestions including the use of open source code and transparent minting processes. Some argued that embracing a digital dollar is necessary for the US to maintain its dominant role as the global reserve currency.

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