Friday, September 16, 2016

Why Governments Want 
A Central Bank-Issued Digital Currency
Mises essay highlights how governments & central banks are looking to get into the digital currency market, considers the drivers for this move .. a lot of reason has to do with making it easier for them to regulate & control the economy through central bank monetary policies & government policies/regulations .. "Although sharing some similar traits with Bitcoin and other free digital currencies, Central Bank Issued Digital Currencies (CBDC) is in essence the opposite of what Bitcoin represents with the following three implications. (1) With central banks being the issuers of new digital currencies, the government may achieve its goal of building a cash-less society, and, for the general public, the financial exploitation they are subject to are likely to worsen. (2) CBDC will steal the spotlight of Bitcoin and therefore help governments to repress the digital currency revolution. (3) CBDC may be used as a tool for a more accurate monetary policy (although such effort is bound to fail in the long run). Confronting this upcoming huge threat, lovers of liberty should stay vigilant and work on countermeasures early."
LINK HERE to the essay

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