Global CBDC Rollouts To Give Governments Massive Control and Power

Peter Goettler, the president of the Cato Institute, believes that Central Bank Digital Currencies (CBDCs) could potentially have a significant impact on citizens globally, as they are seen as a countermeasure to the increasing popularity of cryptocurrencies. He describes CBDCs as a kind of “trojan horse” for people worldwide.

He stated the following:

“Cryptocurrencies also provide the ability to transact outside of the traditional financial sector and with more privacy. In response to the popularity of this innovation, governments are pursuing the exact opposite: more centralisation, surveillance and control.”

A former Barclays executive named Goettler has expressed his belief that CBDCs are not suitable for meeting the public’s requirements for freedom and privacy, despite what the international banking cartels may claim. In his opinion, the creation of CBDCs is being hurriedly pushed forward to amplify the authority of the state and its controllers.

“CBDCs are being developed precisely because they provide governments with increased control and power. This kind of threat to individual rights will naturally drive people toward private solutions, while governments are sure to work hard to thwart such alternatives since they undermine the increased government control and power CBDCs create.”

According to the ex-banker, those who advocate for CBDCs and claim that they will offer acceptable levels of anonymity and privacy are misguided.

He asserts that governments would forfeit all the purported advantages of CBDCs if they allowed anonymous transactions.

The only means by which CBDCs could provide any kind of privacy protection is if current anti-money laundering (AML) regulations were abolished, which the former banker deems an impractical proposition.

Stay tuned for more news from the crypto space and make sure to check out the markets as well. There are all kinds of bullish predictions about the prices of digital assets.