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And for those who strongly oppose CBDC’s due to privacy concerns, a Digital Dollar would in many respects
be the equivalent of a federal homing device or transaction tracer. It would give the government an
unprecedented window into the patterns and preferences of our lives.
Brad Polumbo of the Foundation for Economic Education (FEE) paints a disturbing scenario of how our
digital bread crumbs could empower the Feds in what he describes as borderline dystopian.9
“A central bank digital currency would allow the government to track your every purchase. It could also be
easily used to restrict purchases. For example, imagine a future government deciding that gasoline must
be rationed in order to address climate change. Your “digital dollars” could be made to stop working at
the gas pump once you’ve purchased a certain amount of gasoline in a week. In this way, a central bank
digital currency would open up new avenues for the government to assert control over our everyday lives.
It would make our wealth and incomes truly less our own.”
And the concerns about federal overreach, don’t stop there. Could the Fed could use the Digital Dollar to
track down Americans who owe taxes, freeze the accounts of those they politically oppose, or profile
others based upon their purchasing and/or lifestyle preferences? These concepts would seem far-
fetched at any other time in our nation’s history — but now.
9 https://fee.org/articles/why-a-digital-dollar-is-a-really-bad-idea/