Tag: Central Banking

gold coins that are physical representations of digital cryptocurrency, with Bitcoin and Ethereum symbols on them

Central Bank Digital Currency —15 Free Resources

Posted on | by Jennifer Bright

By Sadie Aldaya

Central Bank Digital Currency (CBDC) have garnered significant attention and debate in economic, social, and political circles in recent years. As governments and financial institutions explore the possibilities and implications of CBDCs, it’s crucial for individuals to stay abreast and engaged with the ongoing discourse surrounding this topic. To aid your understanding, here are 15 free resources covering various aspects of CBDCs, including expert opinions, analyses, and discussions.

Central Bank Digital Currency Resources

Podcast Episodes and Videos

  1. “CBDC & Fed Now App Launch Coming In Days. Is it “The Mark?”—Justin Barclay interviews Dr. Kirk Elliot on this insightful podcast episode.
  2. Greg Reese Report: FedNow Launch—This informative video will give valuable insights into the Federal Reserve’s CBDC initiative launch.
  3. Refining Rhetoric with Robert Bortins ends each episode with a Classical Crypto segment.
  4. Leigh Bortins & Kevin Novak’s Unfragmented Book Club series on Thank God for BitCoin by Jimmy Song. Part 1, Part 2, Part 3

Articles and Reports

  1. Central Bank Digital Currency: What Is A CBDC?—Forbes offers an in-depth exploration of CBDCs, highlighting their significance and implications.
  2. Why a Digital Dollar Is a Really Bad Idea—The Foundation for Economic Education (FEE) presents compelling arguments against the concept of a digital dollar.
  3. Homeschool Freedom Action Center: The Perils of Centralized Digital Banking Currency—An insightful analysis of the risks associated with centralized digital currencies.
  4. CBDC vs. Crypto: What’s the Difference?—The CATO Institute shares the nuances of CBDCs versus cryptocurrencies in this thought-provoking article.
  5. Federal Reserve—Learn about the FedNow Service and its role in the future of digital payments.
  6. White House Statement—Discover the current White House perspective on responsible digital asset innovation.
  7. CBDCs: The Road To Total Digital Enslavement—Wide Awake Media explores the implications of CBDCs on digital freedom in this thought-provoking article.
  8. Bank of Korea Governor Sees CBDC Introduction as Case for ‘Urgency:’ Report—Gain insights from the Bank of Korea Governor on the urgency of CBDC introduction.
  9. Donald Trump Vows to ‘Never Allow’ Central Bank Digital Currencies if Elected—This informative article explores Donald Trump’s views on CBDCs.

Finally, navigating the realm of CBDCs requires a thorough understanding of the complex issues at play. By engaging with these resources, you’ll be better equipped to grasp the implications of CBDCs on economies, financial systems, and individual freedoms. Stay informed, stay vigilant, and join the ongoing conversation surrounding the future of digital currencies.

Sadie Aldaya is the Research & Quality Assurance Specialist for Classical Conversations. Sadie and her husband homeschooled for over 20 years. She served as a Classical Conversations field representative for 15 years, providing community and support for other homeschooling families. Sadie’s passions are to stop government encroachment in areas where they have no authority or jurisdiction and to see Christians return to a biblical Christ-centered worldview.

a glass cup full of coins with a small plant with green leaves growing out of it

The Perils of Central Bank Digital Currency: A Closer Look

Posted on | by Sadie Aldaya

By Sadie Aldaya

In an era marked by rapid technological advancements, the financial landscape is undergoing a transformative shift towards digital currencies. While the promise of efficiency and convenience is enticing, the rise of centralized digital banking currency comes with its own issues that warrant a critical examination. Although this isn’t to demonize, today we’ll explore the potential risks associated with centralized digital currencies and their implications for individuals and society.

Government Control and Manipulation

The centralization of digital currencies places substantial power in the hands of governments and central banks. This concentration of authority raises concerns about the potential for governments to manipulate currency value, control capital flows, and exert undue influence over citizens’ financial lives.

Loss of Privacy

One of the primary concerns with centralized digital banking currencies is the potential erosion of privacy. Traditional currencies allow for a level of anonymity in transactions, but centralized digital currencies often require extensive user data to operate effectively. The centralization of this information poses a significant risk, as it becomes vulnerable to hacking, surveillance, and misuse.

Increased Surveillance

Centralized digital currencies enable unprecedented levels of surveillance by central authorities. Every transaction with these currencies can be tracked, creating a comprehensive financial profile for individuals. This surveillance raises ethical concerns and threatens personal freedom and autonomy.

Single Point of Failure

Centralized systems are inherently vulnerable to systemic failures. A single point of control makes the entire financial system susceptible to hacking, technical glitches, or even deliberate manipulation. The consequences of such failures could be severe, leading to financial crises and widespread economic instability.

Exclusionary Practices

Centralized digital currencies may inadvertently exclude segments of the population who need access to the necessary technology or cannot navigate the digital landscape. This exclusionary aspect can deepen existing social and economic disparities, leaving certain individuals and communities behind.

Lack of Redundancy

Like traditional banking, decentralized systems often have built-in redundancies to ensure stability. In contrast, a centralized digital currency system lacks this redundancy, making it more susceptible to disruptions. A technical failure or cyberattack could have far-reaching consequences on the entire financial ecosystem.

Many issues must be considered as many move forward with crypto purchases and investments. In other words, before you invest, count the cost. The dangers associated with centralized digital banking currencies highlight the need for careful consideration of potential risks and implementing robust safeguards. Striking a balance between innovation and security is essential to creating a financial landscape that is both technologically advanced and resilient to the challenges posed by centralization. 

To learn more about the difference between centralized digital currencies and cryptocurrency, read CBDC vs. Crypto: What is the Difference?

Sadie Aldaya is the Research & Quality Assurance Specialist for Classical Conversation’s Special Projects & Policy Research Department and the CC Foundation. Sadie and her husband homeschooled for over 20 years. She served as a Classical Conversations field representative for 15 years, providing community and support for other homeschooling families. Sadie’s passions are to stop government encroachment in areas where they have no authority or jurisdiction and to see Christians return to a biblical Christ-centered worldview.