Row 85710

Content Data

This page contains data entry 85710 from the Axioma AXP content repository. The structured data below represents the complete record for this entry.

Raw Record

{
  "text": "#CBDC Con-Arguments\nBelow is a CBDC con-argument written by noxtrifle.\n\n> CBDCs are not much different from cryptocurrencies, and are digital, governmentally-issued tokens that are pegged to the value of the specific currency. Think of them like USDT or USDC, but highly regulated and centralized. This is why CBDCs have several flaws, including:\n> \n> * **Possible ban of cryptocurrencies**\n>    * As a country implements its own CBDC, it is possible that they will simultaneously ban cryptocurrencies as an alternative means of payment, meaning that residents may be locked into using the CBDC, and nothing else.\n> * **Lack of privacy**\n>    * CBDCs are fully trackable (and controllable) by the country's government, which raises concerns for users' privacy and financial autonomy. If a more authoritarian government was involved, the chances exist that the government uses citizens' personal data for malicious purposes. Even the notion that their transactions are directly trackable by the government may deter many from using CBDCs at all, diminishing their practicality if not all will use it.\n>       * The UK's [House of Lords](https://www.omfif.org/2022/01/uk-parliament-reluctant-to-embrace-retail-cbdc/) and [US Senators](https://www.cruz.senate.gov/newsroom/press-releases/sen-cruz-introduces-legislation-prohibiting-unilateral-fed-control-of-a-us-digital-currency) Chuck Grassley, Ted Cruz, and Mike Braun also see privacy as a major concern for CBDCs, even though both countries do not have any definite, immediate plans to launch a CBDC.\n>    * This could also give birth to a system where governments can restrict individuals' or companies' access to the monetary system for any dissent against the government, and combining CBDCs with something like China's social credit system would worsen the already-severe privacy issues in certain countries.\n> * **Centralisation**\n>    * As opposed to cryptocurrencies, which in most cases are decentralized, CBDCs in their current form are fully controlled by the government or central bank.\n>    * Without decentralization, CBDCs bring back into question many of the problems that cryptocurrencies seek to solve: including double-spending, hackers, and malicious actors. \n>       * Data breaches are also a severe issue: unlike in the cryptocurrency space where a hacker can only gain access to one's funds, with CBDCs they can steal numerous other sensitive details including one's bank details, address, and identity as they will all likely be linked to one's CBDC account. \n> * **Monetary Policy Concerns**\n>    * While CBDCs will allow governments to collect taxes and track expenditure with ease, they are also a dangerous tool in times of economic concern.\n>    * Take the present day, for instance. Instead of raising the cash rate to decrease expenditure, governments could easily diminish citizens' accounts by a certain amount or vice versa, likely leading to rapid deflation or inflation.\n\n*****\n\nWould you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_CBDC) to find submissions for other topics.",
  "label": "r/cryptocurrency",
  "dataType": "comment",
  "communityName": "r/CryptoCurrency",
  "datetime": "2024-05-24",
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}

Entry Information

• Entry ID: 85710
• Repository: Axioma AXP
• Dataset: arrmlet/reddit_dataset_36
• Total Entries: 100,000