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Blockdata Report: The State of CBDCs Worldwide in 2022
A new report from blockchain insights firm Blockdata entitled “The State of CBDCs in 2022,” takes a deep dive into the most significant central bank digital currency (CBDC) developments around the world in 2022. More importantly, the report outlines key reasons the industry and other private companies are four-square against CBDCs.
Among other major players who make the case against CBDCs, the American Banking Association argues the US Federal Reserve lacks “compelling use cases” and would fundamentally upset the entire banking system. The ABA also argues the issuance of digital currencies should be left in the hands of the private sector.
“ABA also believes that innovation in digital currencies should be within the ambit of the private sector through the evolution of real-time payment systems and a mechanism of well-regulated stablecoins.”
The report cites other basis for objection, many of which we have written about, including the social control a CBDC could enable, the loss of anonymity and privacy. It also delves into the operational problems including scalability, interoperability, tech structure and the “balance between design and central bank policies.”
There’s also a rundown of the status of CBDC proposals and projects among the nations weighing a CBDC, including the US, the EU, China, India, the UK, Singapore and Russia, which serves as a handy scorecard.
All in all well worth the time to review. CBDCs, as we’ve said, are a terrible use of blockchain technology that will benefit no one but central banks at the expense of people and freedom.