The Dangers of Central Bank Digital Currencies

Simon Cain, a contributor at Bitcoin Policy UK, discusses the potential risks associated with the rise of retail central bank digital currencies (CBDCs) globally. These digital currencies could lead to financial serfdom, where every transaction is closely monitored and controlled by authorities. CBDCs could restrict what, when, and where individuals can purchase, enforce compliance with government policies, and limit saving options. While politicians may claim no intention of implementing such controls, the possibility remains. In contrast, Bitcoin offers a decentralized and censorship-resistant alternative that protects against financial subjugation and institutional failures. As major economies like the European Central Bank move towards introducing CBDCs, the need for self-sovereign money like Bitcoin becomes increasingly apparent. By embracing Bitcoin, individuals can safeguard their financial freedom and resist potential threats posed by centralized digital currencies.