The Disturbing Reality of Central Bank Digital Currency and Total Surveillance
Central Bank Digitial Currencies and Privacy
While many countries are considering launching their own CBDCs, concerns have arisen about the potential for these currencies to centralize financial data and enable total surveillance.
In a recent interview with Robert Barnes, a prominent constitutional lawyer, the possible implications of a CBDC for individual privacy and financial freedom were discussed in depth.
According to Barnes, the most significant concern with a CBDC is the potential for the Federal Reserve to have complete control over the financial data of individuals and businesses.
Barnes explains that if a CBDC were to be implemented, the assets of individuals and entities in the real economy could move to the Fed's balance sheet. This would effectively centralize control over the financial data of every American citizen.
Barnes then discusses the means by which the Federal Reserve could collect and centralize this data. One possible method is to force businesses to change their point-of-sale software, which would add a surveillance component to their transactions.
This could be done through real-time disclosures using contemporary software that would enforce reporting requirements. Businesses would be encouraged to use this software by simplifying and streamlining their reporting requirements, effectively making it easier for them to comply.
Barnes suggests that the Federal Reserve could use tax enforcement as leverage, as tax enforcement tends to be more terrifying than the threat of losing a business license.
The potential for the Federal Reserve to have complete control over financial data raises concerns about privacy and individual freedom. Barnes explains that the IRS has already been using tax data to enforce total surveillance. He cites the example of Obamacare, where the IRS was used as the enforcement mechanism.
The IRS gathered and centralized medical records for every American citizen, effectively creating a massive database of private medical information. Barnes explains that this data could be combined with financial records and information gathered from social media platforms to create a social credit score system that would enable total surveillance.
Barnes suggests that the most important thing to look out for is not necessarily a CBDC, but rather the movement of assets to the Fed's balance sheet and the implementation of software that enables total surveillance.
He encourages people to identify the technical pressure points that would enable the Federal Reserve to implement these measures and push back against them. Barnes suggests that people need to be aware that a central bank digital currency could impact their investment decisions and their lives and that they need to be alert to the potential risks.
In conclusion, the emergence of a central bank digital currency raises concerns about privacy and individual freedom. The potential for the Federal Reserve to have complete control over financial data and the ability to implement total surveillance through software raises concerns about the potential for abuse.
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