Central bank digital currencies (CBDCs) threaten Americans’ core freedoms—a cost that far outweighs the purported benefits that proponents promise.
Let me explain. 🧵
#CatoEcon
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Nick Anthony
@EconWithNick
Policy Analyst at the 's and fellow at the . Covering cryptocurrency, financial privacy, and CBDCs. Opinions are my own.
cato.org/people/nichola…Joined August 2019
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"CBDCs put the future of financial privacy, freedom, and markets at risk"
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The 4th Amendment says we have the right to not suffer unreasonable searches without a warrant.
It was designed to protect the right to privacy against arbitrary invasions by the govt.
The 4th amendment has been forgotten in the digital age. We need to fight to take it back.
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It's important to remember how money is often weaponized by governments facing opposition.
Jimmy Lai's story is no exception.
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“It’s tempting to suggest Congress should provide structure and accountability to the systemic risk exception, but it’s more sensible for Congress to get rid of it.”
100% agree with
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"So, ... the systemic risk exception allowed the FDIC to cover uninsured depositors at [SVB and Signature]. But it did not allow the FDIC to cover uninsured deposits ... at other banks." - @norbertjmichel forbes.com/sites/norbertm
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"So, ... the systemic risk exception allowed the FDIC to cover uninsured depositors at [SVB and Signature]. But it did not allow the FDIC to cover uninsured deposits ... at other banks." -
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Thanks for joining us! I think we should use the Spanish name because it amounts to a request of “dame mas dinero” from
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A huge thanks to Jack Spencer, Rachael Wilfong, and @ts_fisher for having me on the Power Hour.
We break down the DAME tax, cryptocurrency, and (maybe most confusing of all to some policymakers) basic economics.
shows.acast.com/5d62934f5cbc0d
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A huge thanks to Jack Spencer, Rachael Wilfong, and for having me on the Power Hour.
We break down the DAME tax, cryptocurrency, and (maybe most confusing of all to some policymakers) basic economics.
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.: #CBDCs have "been called the single greatest assault to financial privacy since the creation of the Bank Secrecy Act." To learn more abt these risks, see & on the CBDC threat to Americans' core freedoms.
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It's unfortunate that Rep. Sherman's worst possible scenario is that cryptocurrency is successful and competes with the dollar.
But he's not alone.
Many fail to recognize that the dollar can be improved and that competition is what will make that happen.
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The 4th amendment was a response to the govt abuse of "writs of assistance" (broad, general warrants), which allowed the search of any premises without specific justification & enabled targeted persecution.
We've now gone full circle with warrantless mass digital surveillance.
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A potential introduction of CBDCs will broaden Big Brother's gaze, making financial privacy in the US even worse than it is
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Financial privacy in the United States has been in disrepair for more than 50 years, and it’s getting worse. cato.org/policy-analysi
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Financial privacy in the United States has been in disrepair for more than 50 years, and it’s getting worse.
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The big takeaway?
Avoid the USPS when it comes to sending money. If you don't have an alternative, take steps to be extra careful.
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Ann Carrns reports that the theft of mail puts not only personal checks at risk but also business checks, tax refunds, and government benefits.
All of this is made possible by people stealing USPS keys to get into mailboxes or even USPS employees themselves stealing letters.
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Good grief.
I did not realize that the USPS and postal system is effectively one of the biggest sources of check fraud.
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Interesting conversation about USA national policy about crypto, CBDCs, stablecoins, etc. Multiple people mention Zcash!
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"In order to have economic freedom, you have to build privacy into your financial ecosystem." - @paulbrigner
youtube.com/watch?v=lMm_rc
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This proposed tax would set the precedent that government can now approve or disapprove of our electricity consumption.
. The Power Hour, What You Need to Know About Biden’s #Cryptocurrency Energy Tax
w/ of
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Ahead of tomorrow's hearing, and explain that the new stablecoin bill permits 3 issuer types:
(1) federally approved insured depository institutions;
(2) federally approved nonbank issuers; and
(3) state-approved issuers.
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The eNaira—Nigeria’s central bank digital currency (CBDC)—was not adopted by choice. bit.ly/41Cj5es #CatoEcon
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This is great - after "scrutiny" over why the Fed failed to adequately supervise SVB, the U.S. Senate gives us a bipartisan bill that has nothing to do with the Fed's supervision. Not surprised.
bloomberg.com/news/articles/ via
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"Anti‐inflationary policies necessitate a wholistic approach and cannot merely rely on timely changes to the Fed’s policy rate." -
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Central bank digital currencies (CBDCs) pose a substantial threat to financial privacy, financial freedom, and the very foundation of the banking system. fal.cn/3ydX7 #CatoEcon
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Efforts, both new and old, to surveil and collect data on Americans’ financial activity show that now is the time for Congress to craft a better framework for financial privacy. fal.cn/3ygOv #CatoEcon
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"This information, by itself, should be enough to make Congress realize how badly it needs to fix the Federal Deposit Insurance Act." -
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Efforts, both new and old, to surveil and collect data on Americans’ financial activity show that now is the time for Congress to craft a better framework for financial privacy.
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Whether an adoption rate of 6 percent is a success can be debated, but there should be no misunderstanding that the eNaira was not adopted by choice.
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"Whether an adoption rate of 6 percent is a success can be debated, but there should be no misunderstanding that the eNaira was not adopted by choice." -
buff.ly/3BxwlWY?
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It was great fun getting to chat with about how the ongoing CBDC debate and what a CBDC means for the average person.
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"[W]hile a cashless economy may be the choice that the Nigerian government has made, it is not a choice that Nigerian citizens have been free to make."- #CatoEcon
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"These technical factors show that the eNaira is a flawed premise that seeks to use a democratic technology to centralize government power." -
business.cornell.edu/hub/2023/04/28
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Thank you again to for having me at the Bitcoin Policy Summit last month.
It was great to have the opportunity to shine a light on the fact that the Infrastructure Act's broker definition and 6050I reporting still have not been fixed.
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Follow the CMFA team for the latest in monetary and financial policy
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From stablecoin legislation to proof of reserves and even debanking, this panel at the Summit left no stone unturned.
Check out the full panel below.
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Does the Fed have as much control over inflation as everyone seems to think?
's new study gives insights below.
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As I’ve said before, CBDC is the most powerful tool for human oppression yet devised by man.
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Around the world, officials are trying to sell central bank digital currencies (CBDCs) on their ability to surveil financial activity, control individuals, and prevent competition.
Here are 6 quotes of those officials saying the “quiet part” loud and clear. 
#CatoEcon
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"It is manifestly unwise for the U.S. to show the door to those working on what may be the next generation of global financial infrastructure."
- and in .
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Because of laws that can be traced back to the 1970s, told that Americans really do not have financial privacy.
Check out this episode of the below.
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Proponents may promise that CBDCs will somehow improve everything from monetary policy to financial inclusion, but there should be no mistaking the truth.
CBDCs only benefit governments, not the people.
#CatoEcon
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Even cash isn’t safe.
It’s hardly a coincidence that the Nigerian government orchestrated a cash shortage shortly after it launched a CBDC—a CBDC that failed to gain adoption on its own.
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