The dangers of government abuse threaten to outweigh the potential economic benefits of central bank digital currencies (CBDCs), according to the consensus of stakeholders considering the matter at Consensus 2023. ConsensusAtC23, sponsored by Hedera
threaten to outweigh the potential economic benefits of central bank digital currencies , according to the consensus of stakeholders considering the matter at Consensus 2023.
Among 169 attendees who answered an electronic survey during the three-day April conference, only 9% answered that it was unequivocally possible to design and build a surveillance-free government-backed digital currency. The largest proportion, 39%, agreed that doing so was technically possible but worried governments wouldn’t allow digital currencies to operate with a guarantee of privacy.
Some participants in the discussion at Consensus argued that embracing a digital dollar is vital for the U.S. to maintain the dollar’s dominant role as the global reserve currency. Many suggested the nation will be forced to catch up to competitors that are already far ahead.whether we like it or not, and whether the U.S. chooses to lead or follow,” said J. Christopher Giancarlo, the former chairman of the Commodity Futures Trading Commission, during a keynote address at Consensus.
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