A Central-Bank-Issued Digital Dollar Could Enable a Dark Future
city-journal.org
city-journal.org
This is where they lost reality. Yes the CBDC will be issued by the central bank. No, you will not open an account managed by the government. It will be a public-private situation, just like today, with more efficiency. It could give rise to the light bank, which would only offer basic products for the un(der)banked.
[1] https://www.politico.com/news/2021/09/24/radical-biden-nomin...
Like cryptocurrency et al?
As we know, what people think and what is doable in reality are completely different things. A govt managed bank account will never be accepted or adopted. Thus it seems reasonable to expect a private partnership will happen.
Let's just say this is a low quality piece from city journal that is not based in reality but in biases and false premise.
> A govt managed bank account will never be accepted or adopted.
In my opinion you are severely underestimating the capabilities of the system to get it's way through targeted propaganda, deception and, if nothing helps, wriggling and wrangling. If it isn't prevented from the outset, it will happen.
https://blog.mollywhite.net/abuse-on-the-blockchain-lecture/
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Over or under estimates depend on the country. The eCNY, sure, the eUSD, no, the eNiara, not sure.
It's more evident that the crypto propaganda has mislead people. No one wants their financial history on a public forum. That makes it ripe for abuse by anyone, not just by the govt. It will be very hard to convince the masses in the US to use a govt managed bank account.
Fiat currency is fiat because the government forces you to use it.
No sane person would use FedCoin if they could choose, so expect the same lousy inflating currency but with more coercion, tracking, social credit and various other fascist features that socialists and Wall Street will come up with.