From Cointelegraph: 2024-05-10 18:59:42

Governments around the world are considering the use of Central Bank Digital Currencies (CBDCs), from Brazil to Norway. There is concern that these digital currencies may be used to abuse the people in various ways.

The rise of CBDCs is seen as a potential tool for governments to control and monitor the financial activities of their citizens, sparking fears of privacy violations and increased surveillance.

The Brazilian central bank has announced plans to launch its own CBDC by 2022, joining other countries like Norway in exploring the use of digital currencies for governmental control.

The potential for abuse with CBDCs lies in governments having direct oversight and control over individuals’ financial transactions, leading to concerns about censorship and authoritarianism.

Read more at Cointelegraph: ‘Open-source’ CBDCs aren’t going to protect you from government