The danger of digital currencies must be familiar to anyone paying attention. We are part way there already, so it is difficult to imagine governments holding back from going further.
6 comments:
Anonymous
said...
The question now is how to stop this coming about … the end of cash.
You're talking central bank digital currencies? The other ones, mainly bitcoin, they're very hostile (except Trump) towards. Because they can't control it.
The intriguing and worrying aspect of digitising currency is that they will be able to specify what we spend our money on. Your pension will not buy you oak and ash logs, but will allow you to run your heat-pump from Ed's windmills.
I have a different additional worry. As a child I learned to deal with money and planning spending by saving pocket money, birthday gifts etc and working out spending plans - buy sweets now or save up for the Hornby train or Airfix model I lusted after. Physical money in childhood is an important way the older generation learned about later managing adult finances. Coming generations will lack that training.
Anon - use cash I suppose. We don't, but I think we probably should do.
Anon - yes she's mainly talking about central bank digital currencies, but also the ability to exert digital control now. A question about bitcoin etc. is whether governments will be able to stop people exchanging it for a central bank digital currency if they need to.
Sam - yes that's the threat. Initially used against criminal activity perhaps, but anything seems to be possible once the tools are there.
6 comments:
The question now is how to stop this coming about … the end of cash.
You're talking central bank digital currencies? The other ones, mainly bitcoin, they're very hostile (except Trump) towards. Because they can't control it.
The intriguing and worrying aspect of digitising currency is that they will be able to specify what we spend our money on. Your pension will not buy you oak and ash logs, but will allow you to run your heat-pump from Ed's windmills.
I have a different additional worry. As a child I learned to deal with money and planning spending by saving pocket money, birthday gifts etc and working out spending plans - buy sweets now or save up for the Hornby train or Airfix model I lusted after. Physical money in childhood is an important way the older generation learned about later managing adult finances. Coming generations will lack that training.
Anon - use cash I suppose. We don't, but I think we probably should do.
Anon - yes she's mainly talking about central bank digital currencies, but also the ability to exert digital control now. A question about bitcoin etc. is whether governments will be able to stop people exchanging it for a central bank digital currency if they need to.
Sam - yes that's the threat. Initially used against criminal activity perhaps, but anything seems to be possible once the tools are there.
Woodsy - that's a very good point, it's all beginning to look very 1984.
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