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“At the apex of the pyramid
comes Big Brother. Big Brother is
infallible and all-powerful. Every
success, every achievement, every
victory, every scientific discovery,
all knowledge, all wisdom, all
happiness, all virtue, are held to
issue directly from his leadership
and inspiration.”
George Orwell, 1984
The Conversation
There is a lot of discussion about the prospect of a ‘Digital Dollar’ or a digital version of US currency.
Cryptocurrencies, debit cards and any form of online payment are already digital, so in one respect, the
notion does not seem all that foreign.
But the Digital Dollar debate is about something different. It’s a discussion about a U.S. government backed
digital currency also referred to as a Central Bank Digital Currency (CBDC). The Board of Governors of the
Federal Reserve describes it as follows:
“CBDC is generally defined as a digital liability of a central bank that is widely available to the general
public. Today in the United States, Federal Reserve notes (i.e., physical currency) are the only type
of central bank money available to the general public. Like existing forms of money, a CBDC would
enable the general public to make digital payments. As a liability of the Federal Reserve, however,
a CBDC would be the safest digital asset available to the general public, with no associated credit
or liquidity risk.” 1
On its surface, it sounds straightforward — even wildly advantageous. But the notion of a Digital Dollar
replacing cash has brought strong reactions from consumers, investors, privacy protectors and civil liberty
advocates. Those in favor of adopting an electronic form of the U.S. dollar cite payment speed, transactional
efficiency, lower settlement costs, and easier international payments. Those against the adoption
of a Digital Dollar voice strong concerns about security, volatility, privacy and above all
government control.
1 https://www.federalreserve.gov/central-bank-digital-currency.htm