CBDCs need to be called GCDCs. Government Controlled Digital Currencies. They are dangerous and will lead us to a place we don’t want to go.

CBDCs need to be called GCDCs. Government Controlled Digital Currencies. I know I'm preaching to the choir here on this sub but I feel this needs to be hammered home as much as possible and shouted from the rooftops for all to hear. CBDCs or Central Bank Digital Currencies are a dangerous vehicle and although many might feel they are necessary to achieving adoption they will lead to more control by government institutions.

To that end I just ran across this quote from Agustin Carstens, a Mexican economist and former Governor for the bank of Mexico.

He writes: We won't know who is using a $100 bill today and we don't know who is using a 1,000 peso bill today……The key difference with the CBDC is the central bank will have absolute control on the rules and regulations that will determine the use of that expression of central bank liability, and also we will have the technology to enforce that.

That's a chilling forecast. Now here's the conundrum I think the world of crypto faces. We all want full adoption but that means adoption for everyone. But that means that banks have to be part of that conversation. I don't see how they can't be. But if this is the end result is it going to be worth it. Feel like CBDCs are 1 step forward and 1000 steps back to a place where we may never recover.

Am I being hyperbolic? What do you think?