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It shows how the system is lagging behind the pace of innovation when the BIS thinks that CBDCs can compete with the crypto sphere. “Benoît Cœuré, head of the BIS Innovation Hub, talked about central bank digital currencies (CBDCs) at the Eurofi Financial Forum, Ljubljana, Friday. He called on central banks to urgently develop CBDCs to compete with payment initiatives in the private sector, including cryptocurrencies.”

CBDCs have me very concerned. They have the potential to become incredibly potent tools of surveillance. They will also permit total centralised control of everyone's and anyone's finances. Coupled with a social credit score they would become weapons of social control. Eliminate cash and governments can excercise deeply negative interests rates. No central group of people should have this much granular control over a person's finances.

CBDC will be a safe and neutral means of payment and settlement asset, serving as a common interoperable platform around which the new payment ecosystem can organize