Central Bank Digital Currencies (CBDCs) are positioned as the future of money, but they carry serious risks threatening personal freedom and financial stability. This article examines these dangers and proposes alternatives such as decentralized finance.
Financial Freedom at Risk
CBDCs are viewed as dangerous tools that may threaten **financial autonomy**. Unlike cash, CBDCs are **programmable**, **traceable**, and **centrally controlled**. This creates opportunities for government financial oversight. In 2022, over 261 million wallets were issued in China, integrated with the **social credit system**, allowing the government to monitor citizens' financial activities.
A Step Toward Total Control
CBDCs could dangerously shift the balance of power towards the state. The CBDC infrastructure makes mass surveillance and control possible. Eliminating physical cash would leave citizens without a means for private financial transactions. History shows that tools created for safety can be repurposed for control.
The Disappearing Role of Cash
Cash has long served as a **public good**, fostering inclusion among various demographic groups. The comparison with Sweden indicates that countries abandoning cash risk vulnerability during crises. According to the **World Bank**, around 1.4 billion adults lack access to formal banking services, potentially increasing digital inequality.
While Central Bank Digital Currencies may offer short-term efficiencies, they risk establishing conditions for long-term control. Society must recognize the implications and choose a financial system that serves citizens rather than one that controls them.
