Governments Want To Control Crypto So They Can Control Us

Source: Reason
by JD Tuccille

“You know who thinks that cryptocurrencies are the future? Central banks, that’s who, and they’re jumping on board the crypto bandwagon. But that doesn’t mean you should anticipate the folks at the Federal Reserve stepping aside to make way for Bitcoin adoption—far from it. Instead, central bankers want to displace grassroots cryptocurrencies with central bank digital currencies (CBDC) of their own design that absolutely will not protect privacy, and that will let governments control private transactions. … full-time scrutiny by tax collectors and regulators isn’t the only downside to government-issued digital currencies. Many officials see real advantage in the ability to control where and how such money is used — an ability they don’t have with private crypto or with traditional cash.” (10/11/21)