Central bank digital currencies could be nightmarish

Discuss the evolution of human culture, economics and politics in the decades and centuries ahead
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funkervogt
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Joined: Mon May 17, 2021 3:03 pm

Central bank digital currencies could be nightmarish

Post by funkervogt »

But first you begin your day as you always do, with a quick stop at the local Starbrats’ automated, no-contact drive-through latte dispensary. Opening your FedWallet app and vaguely waving your smartphone at the machine is enough to complete the transaction. $14 in FedCoins are instantly deleted from your digital account at the Fed and recreated in Starbrats’ corporate account, well before the sweet, coffee-flavored milk beverage is deposited into your eager, grasping hands.

Your morning starts to go downhill quickly, however, when you realize that your SUV is almost out of gas. You pull the old clunker, with its antiquated combustion engine, into the nearest open station you can find – it looks pretty run-down – and roll up to the pump. A dull-eyed teenager in a facemask inserts a nozzle into your vehicle and waits for you to pre-pay. You wave your phone at the pump. Nothing happens. You try again. Your phone buzzes, and you look at it. There’s a message from the Fed: “You have already spent more than the $400 maximum weekly limit on fossil fuels specified in the FedWallet User Agreement. Your remaining account balance cannot be used to purchase non-renewable energy resources. Please make an alternative purchase. Have you considered a clean, affordable New Energy Vehicle? Thank you for doing your part to build a more just and sustainable world!”
https://theupheaval.substack.com/p/just ... -cbdcs?s=r

We should never get rid of cash.
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