War on cash: the danger of central bank digital currencies

There has been a lot of talk lately about central banks implementing their own digital currencies.


As economist Daniel Lacalle notes, most transactions conducted using the world’s primary currencies are already electronic. In practice, the US dollar, the yen, the euro, the Swiss franc and the yuan already function as digital money. So why the rush to create new central bank digital currencies?

Simply put, this is another front in the war on cash.

And that means it’s about control.

As Lacalle put it, this is basically another step in the effort to gradually get rid of physical currencies “with an idea of strengthening control of the payments and make it simpler to trace the use of a particular means of payment.”
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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

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