Why a “Digital Dollar” Is a Really Bad Idea

Source: Foundation for Economic Education
by Brad Polumbo

“The widespread embrace of Bitcoin and other cryptocurrencies has left many government bureaucrats feeling left out. In a bid to get in on the action, many governments have floated the idea of a ‘central bank digital currency,’ (CBDC) aka a government-issued cryptocurrency using blockchain technology. President Biden directed the federal government to explore this idea, and new reporting suggests the Biden Administration may soon press forward with efforts to create a so-called ‘digital dollar.’ … At first glance, government getting in on the crypto craze might sound fun, novel, or harmless. But it’s actually cause for serious alarm. A central bank digital currency would have none of the benefits of cryptocurrencies like Bitcoin — and serious drawbacks.” (09/13/22)