{"id":24939,"date":"2023-07-28T07:15:17","date_gmt":"2023-07-28T14:15:17","guid":{"rendered":"https:\/\/www.privateinternetaccess.com\/blog\/?p=24939"},"modified":"2024-01-25T01:35:52","modified_gmt":"2024-01-25T09:35:52","slug":"the-latest-threat-to-privacy-cbdcs-central-bank-digital-currencies","status":"publish","type":"post","link":"https:\/\/www.privateinternetaccess.com\/blog\/the-latest-threat-to-privacy-cbdcs-central-bank-digital-currencies\/","title":{"rendered":"The Latest Threat to Privacy: CBDCs \u2013 Central Bank Digital Currencies"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">There\u2019s a huge new threat to privacy, and most people aren\u2019t aware of it: the rise of <a href=\"https:\/\/en.wikipedia.org\/wiki\/Central_bank_digital_currency\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">central bank digital currencies<\/a> (CBDCs). These are digital currencies issued by central banks, rather than by a commercial bank or company. Around <a href=\"https:\/\/cbdctracker.org\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">100 countries are looking at the idea<\/a>, and several \u2013 such as China and Nigeria \u2013 have already implemented it. The US is among those interested: last year, President Biden issued an <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/presidential-actions\/2022\/03\/09\/executive-order-on-ensuring-responsible-development-of-digital-assets\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Executive Order<\/a> on the topic. A 2022 report on CBDCs from Deloitte went so far as to say their introduction worldwide is \u201c<a href=\"https:\/\/www2.deloitte.com\/content\/dam\/Deloitte\/in\/Documents\/financial-services\/in-fs-cbdc-noexp.pdf\">inevitable<\/a>.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Digital currencies like <a href=\"https:\/\/www.privateinternetaccess.com\/blog\/?s=bitcoin\">Bitcoin<\/a> are interesting because they sit outside the traditional banking system and operate in a decentralized way that makes scrutinizing transactions hard. CBDCs, by contrast, are part of the current banking system and generally under the control of the authorities. Advantages of CBDCs include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>cutting the costs of financial transactions<\/li>\n\n\n\n<li>reducing risks for merchants<\/li>\n\n\n\n<li>simplifying payments for companies<\/li>\n\n\n\n<li>making tax avoidance and evasion much more difficult, because every unit of currency is tracked as it moves through the financial system<\/li>\n\n\n\n<li>helping combat crime by making it easier for banks and the authorities to spot criminal activity<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The advantages for governments and companies come with huge risks for ordinary citizens, especially with threats to their privacy. It\u2019s no coincidence that China was one of the first countries to introduce CBDCs as they fit well in a system with little protection from government surveillance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As their name implies, CBDCs are generally controlled by a central bank, which itself often under the control of a government. Unlike other digital currencies, CBDCs are centralized. This means there is a single (but possibly distributed) store of information about every financial transaction carried out in a country \u2013 effectively tracking everything that happens in an economy. This creates an attractive target for hostile nations and criminals. If a central data store is breached, detailed personal information about everyone in the country would become available \u2013 perfect for fraud and blackmail.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The way CBDCs are designed means that complete anonymity is impossible \u2013 to prevent double spending and fraud, the system needs to be able to trace the digital money. If every digital transaction is recorded, the central database will be a huge store of inherently personal information that gives unprecedented insight into people\u2019s lives at the level of individual transactions. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Inevitably, law enforcement and other authorities could make the case that that they need access in order to fight crime or for reasons of national security. As history shows, even nominally liberal Western governments are willing to provide this kind of information, regardless of the harm it may cause to privacy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Some governments might even allow information from these databases to be used for targeted marketing purposes \u2013 just like <a href=\"https:\/\/www.privateinternetaccess.com\/blog\/?s=microtargeted\">details of visits to websites<\/a> are used today, with serious consequences for privacy. Moreover, widening the use of such sensitive data will make data leaks inevitable, undermining privacy further.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Perhaps the most disturbing aspect of CBCDs is that they create the possibility of programmable currencies. In <a href=\"https:\/\/bigbrotherwatch.org.uk\/wp-content\/uploads\/2023\/05\/BBW-Response_CBDC_Final1.pdf\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">its submission to a UK inquiry on CBCDs<\/a>, the UK civil liberties campaign group Big Brother Watch warned about the dangers of programmability as follows:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">The potential to program the public\u2019s personal finances or welfare payments is an invasion of privacy, potentially a breach of the right to protection of property and, depending on the limitations set, could pose a serious threat to a range of other fundamental rights \u2013 from freedom of expression, to freedom of assembly and protection from discrimination. In the worst case scenario, CBDCs could be hijacked and used as vehicles for surveillance and control. For example, expiry dates could be imposed on the public\u2019s private funds; limits may be placed on how much CBDC a person can hold at one time; interest rates and prices could be varied depending on someone\u2019s identity; purchases could be prevented; taxes and fines automatically deducted; or funds frozen if a citizen acts in a way the government or third party provider disapprove of.<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">In other words, as well as allowing governments to track everything that people do with their money, CBDCs could enable authorities to control how people spend their own money, and whether they could spend it at all. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">No wonder then that resistance is growing to the idea of CBDCs. For example, in the UK the House of Lords Economic Affairs Committee described them as \u201c<a href=\"https:\/\/committees.parliament.uk\/publications\/8443\/documents\/85604\/default\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">a solution in search of a problem<\/a>.\u201d A 2022 survey in the US showed that two thirds of those commenting on the Federal Reserve\u2019s proposal for a CBDC were <a href=\"https:\/\/www.cato.org\/blog\/update-two-thirds-commenters-concerned-about-cbdc\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">concerned about the plans<\/a>. In Switzerland, a national vote will be held on whether a move to a completely cashless society based on digital currencies should be <a href=\"https:\/\/www.reuters.com\/markets\/europe\/swiss-vote-preventing-cashless-society-pressure-group-says-2023-02-06\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">prevented by law<\/a>. And in Nigeria, <a href=\"https:\/\/www.coindesk.com\/consensus-magazine\/2023\/03\/06\/nigerians-rejection-of-their-cbdc-is-a-cautionary-tale-for-other-countries\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">people have already taken to the streets<\/a> to protest about a shortage of cash caused by an attempt to push people towards the government\u2019s CBDC.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A year after Nigeria\u2019s eNaira was launched, <a href=\"https:\/\/www.coindesk.com\/policy\/2023\/02\/24\/why-nigerians-arent-turning-to-the-enaira-despite-crippling-cash-shortages\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">fewer than 0.5% of Nigerians were using it<\/a>, despite the government\u2019s continuing and heavy-handed attempts to force people to do so. Nigeria\u2019s evident problems are a warning to governments that people may be reluctant to give up cash, which comes with the big advantage of being completely anonymous. But given the benefits for governments, banks, and companies, we can expect efforts to introduce CBCDs around the world to continue and perhaps accelerate, with extremely serious harms to privacy as a result.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Featured image from <a href=\"https:\/\/commons.wikimedia.org\/wiki\/File:E_Yuan_logo.svg\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Wikipedia<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There\u2019s a huge new threat to privacy, and most people aren\u2019t aware of it: the rise of central bank digital currencies (CBDCs). These are digital currencies issued by central banks, rather than by a commercial bank or company. Around 100 countries are looking at the idea, and several \u2013 such as China and Nigeria \u2013 &hellip; <a href=\"https:\/\/www.privateinternetaccess.com\/blog\/the-latest-threat-to-privacy-cbdcs-central-bank-digital-currencies\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Latest Threat to Privacy: CBDCs \u2013 Central Bank Digital Currencies&#8221;<\/span><\/a><\/p>\n","protected":false},"author":20,"featured_media":24943,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_stopmodifiedupdate":false,"_modified_date":"","footnotes":""},"categories":[1,130,2579,2854,1941],"tags":[660,3,2913,19,2912,2915,225,218,2353,1394,2916,2914,1733,160],"class_list":["post-24939","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-governments","category-online-privacy","category-online-security","category-surveillance","tag-advertising","tag-anonymity","tag-banking","tag-bitcoin-2","tag-cbdc","tag-centralization","tag-china","tag-decentralization","tag-digital-currencies","tag-fraud","tag-nigeria","tag-president-biden","tag-switzerland","tag-uk"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Latest Threat to Privacy: CBDCs \u2013 Central Bank Digital Currencies<\/title>\n<meta name=\"description\" content=\"There&#039;s a huge new threat to privacy, and most people aren&#039;t aware of it: the rise of central bank digital currencies (CBDCs). These are digital\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.privateinternetaccess.com\/blog\/the-latest-threat-to-privacy-cbdcs-central-bank-digital-currencies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Latest Threat to Privacy: CBDCs \u2013 Central Bank Digital Currencies\" \/>\n<meta property=\"og:description\" content=\"There&#039;s a huge new threat to privacy, and most people aren&#039;t aware of it: the rise of central bank digital currencies (CBDCs). These are digital\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.privateinternetaccess.com\/blog\/the-latest-threat-to-privacy-cbdcs-central-bank-digital-currencies\/\" \/>\n<meta property=\"og:site_name\" content=\"PIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/privateinternetaccess\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-28T14:15:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-25T09:35:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.privateinternetaccess.com\/blog\/wp-content\/uploads\/2023\/07\/E_Yuan_logo-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"903\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Glyn Moody\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@http:\/\/twitter.com\/glynmoody\" \/>\n<meta name=\"twitter:site\" content=\"@buyvpnservice\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Glyn Moody\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.privateinternetaccess.com\/blog\/the-latest-threat-to-privacy-cbdcs-central-bank-digital-currencies\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.privateinternetaccess.com\/blog\/the-latest-threat-to-privacy-cbdcs-central-bank-digital-currencies\/\"},\"author\":{\"name\":\"Glyn Moody\",\"@id\":\"https:\/\/www.privateinternetaccess.com\/blog\/#\/schema\/person\/99ba810662cdf92245f61106c0c29775\"},\"headline\":\"The Latest Threat to Privacy: CBDCs \u2013 Central Bank Digital Currencies\",\"datePublished\":\"2023-07-28T14:15:17+00:00\",\"dateModified\":\"2024-01-25T09:35:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.privateinternetaccess.com\/blog\/the-latest-threat-to-privacy-cbdcs-central-bank-digital-currencies\/\"},\"wordCount\":916,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.privateinternetaccess.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.privateinternetaccess.com\/blog\/the-latest-threat-to-privacy-cbdcs-central-bank-digital-currencies\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.privateinternetaccess.com\/blog\/wp-content\/uploads\/2023\/07\/E_Yuan_logo-1.png\",\"keywords\":[\"advertising\",\"anonymity\",\"banking\",\"bitcoin\",\"cbdc\",\"centralization\",\"china\",\"decentralization\",\"digital currencies\",\"fraud\",\"nigeria\",\"president biden\",\"switzerland\",\"uk\"],\"articleSection\":[\"General Privacy News\",\"Governments\",\"Online Privacy\",\"Online Security\",\"Surveillance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.privateinternetaccess.com\/blog\/the-latest-threat-to-privacy-cbdcs-central-bank-digital-currencies\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.privateinternetaccess.com\/blog\/the-latest-threat-to-privacy-cbdcs-central-bank-digital-currencies\/\",\"url\":\"https:\/\/www.privateinternetaccess.com\/blog\/the-latest-threat-to-privacy-cbdcs-central-bank-digital-currencies\/\",\"name\":\"The Latest Threat to Privacy: CBDCs \u2013 Central Bank Digital Currencies\",\"isPartOf\":{\"@id\":\"https:\/\/www.privateinternetaccess.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.privateinternetaccess.com\/blog\/the-latest-threat-to-privacy-cbdcs-central-bank-digital-currencies\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.privateinternetaccess.com\/blog\/the-latest-threat-to-privacy-cbdcs-central-bank-digital-currencies\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.privateinternetaccess.com\/blog\/wp-content\/uploads\/2023\/07\/E_Yuan_logo-1.png\",\"datePublished\":\"2023-07-28T14:15:17+00:00\",\"dateModified\":\"2024-01-25T09:35:52+00:00\",\"description\":\"There's a huge new threat to privacy, and most people aren't aware of it: the rise of central bank digital currencies (CBDCs). 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He started covering the business use of the Internet in 1994, and wrote the first mainstream feature about Linux, which appeared in Wired in August 1997. His book, \\\"Rebel Code,\\\" is the first and only detailed history of the rise of open source, while his subsequent work, \\\"The Digital Code of Life,\\\" explores bioinformatics - the intersection of computing with genomics.\",\"sameAs\":[\"http:\/\/opendotdotdot.blogspot.com\/\",\"https:\/\/www.linkedin.com\/in\/glynmoody\/\",\"https:\/\/x.com\/http:\/\/twitter.com\/glynmoody\"],\"url\":\"https:\/\/www.privateinternetaccess.com\/blog\/author\/glynmoody\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"The Latest Threat to Privacy: CBDCs \u2013 Central Bank Digital Currencies","description":"There's a huge new threat to privacy, and most people aren't aware of it: the rise of central bank digital currencies (CBDCs). 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