Central Bank Digital Currencies (CBDCs) have received increasing interest since Facebook’s failed launch of Libra and China’s recent announcement that they are moving forward with the digital yuan after an early trial period. This is “why we Bitcoin”: because the damage, destruction, and inequality brought about by fiat money will only be magnified with the proliferation of CBDCs.

Although some manifestations of the US dollar are already digital, there are inherent differences in what can be done with these new digital currencies. First, money can be time-based, and the issuer (the People’s Bank of China in the case of the digital yuan) can set an expiration date for your money. Money can also be “fine-tuned” to be sector-based, meaning that it can be designated to only be spent in certain sectors or stores. Finally, China has already implemented a draconian social credit score system, and that the digital yuan could end up tying into the social credit score. For centralized governments, CBDCs have huge benefits over both the current fiat system and a decentralized, neutral currency. However, that is not the case for the sovereign individual.



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