CBDCs: A Wolf in Sheep’s Clothing

In the next decade, physical cash will no longer exist in most major economies.

While most of us have grown accustomed to tapping our phones to make payments instead of handing over coins and notes, what’s coming in place of cash is something very different, and it's something we should scrutinize.

Central Bank Digital Currencies (CBDCs) will be the replacement for cash, and while at first glance they may seem like just an extension of your existing online banking, the reality is that they’re a wolf in sheep’s clothing.

Now, before I get into the explanation of this statement, I just want to clarify that I’m by no means a staunch libertarian. I’m an advocate for the disintermediation of finance as well as the proliferation of decentralized digital assets, but I’ll do my best to avoid some of the wilder rhetoric that I’ve seen positioned as arguments against CBDCs.

That’s right, I don’t believe CBDCs are part of an “ESG agenda” as Ron DeSantis would have you believe, nor that this is all part of a plot to put microchips under our skin to track us, as Marc Friedrich suggests 😂

That said, there are a lot of very concerning aspects to CBDCs, and considering that ~90% of the world's Central Banks are pursuing a CDBC, once they’re here, there’s no going back.