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Similarly, in August of 2022 during national political protests, the Pakistani government threatened to block
the digital IDs of supporters of ousted Prime Minister Imran Khan — preventing them from accessing their
personal bank accounts. The government further threatened to use Pakistan’s digital ID system to block the
passports and even arrest those opposing the new government.12
While proponents of a CBDC argue that paper currency is inconvenient, unstable, unsanitary, subject to
counterfeit, and susceptible to over-issue — it also provides a means of autonomy and anonymity. The
Digital Dollar, however, is ripe for hacking, tracking and federal abuse.
In “The Risk of CBDC’s: Why Central Bank Digital Currencies Shouldn’t Be Adopted,” published by the Cato Institute
in February of 2023, authors Norbert Michel and Nicholas Anthony put the Digital Dollar further into context:
12 https://www.biometricupdate.com/202208/pakistani-political-hecklers-threatened-with-blocked-
biometric-id-bank-accounts
13 https://www.fdic.gov/resources/bankers/bank-secrecy-act
14 https://www.cato.org/study/risks-of-cbdcs
“Put simply, a CBDC would most likely be the single largest assault to financial privacy since the creation
of the Bank Secrecy Act13 and the establishment of the third-party doctrine. The threat to freedom that
a CBDC could pose is closely related to its threat to privacy. With so much data in hand, a CBDC would
provide countless opportunities for the government to control citizens’ financial activity.”