Peter Goettler, president of the Cato Institute, believes that central bank digital currencies (CBDCs) are a trojan horse for citizens worldwide. He argues that CBDCs are a response to the growing popularity of cryptocurrencies, which provide individuals with the ability to transact outside the traditional financial sector and with more privacy. However, governments are pursuing CBDCs to increase centralization, surveillance, and control. Goettler, a former executive at Barclays, argues that CBDCs are ill-suited to protect freedom and privacy and are being rushed into existence to increase government power. He also dismisses claims that CBDCs can maintain reasonable levels of anonymity and privacy, stating that governments would miss out on the supposed benefits of CBDCs if anonymous transactions were allowed. Goettler believes that CBDCs will not provide a privacy advantage over traditional mediums of exchange unless governments abandon existing anti-money laundering (AML) laws. He concludes that central bankers are unlikely to engage in anonymous transactions with the public, as governments have already outlawed this for private financial institutions.
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