HNewsWire: The core problems of Central Bank Digital Currencies (CBDCs) have been addressed many times here, but it may bear repeating these two facts – First, in a cashless society all privacy in trade is lost, and second, banks and governments will control access to all of your money. If such a system is allowed, it will act as a major stepping stone to technocratic authoritarianism. It’s inevitable. The Australian government and central bank have been involved in a beta test for the past year with the proliferation of CBDCs in mind. Their partnership projects with the Bank for International Settlements and pilot programs with companies like Mastercard are about to wrap up this fall, and it looks as though Aussie bureaucrats are planning to implement their cashless system very quickly after the trial run is finished. In defense of…
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