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Global CBDC Rollouts Threaten Freedom and Privacy, Warns Cato Institute President
Peter Goettler, president of the Cato Institute (Cato was established to focus on public advocacy, media exposure and societal influence), has raised concerns about the widespread adoption of central bank digital currencies (CBDCs), stating that they pose a significant risk to citizens’ freedom and privacy. In response to the popularity of cryptocurrencies and their ability to facilitate transactions outside traditional financial systems with more privacy, governments are pushing for more centralization, surveillance and control through CBDCs.
Goettler, a former executive at Barclays, argues that CBDCs are being developed primarily to increase government control and power, rather than to serve the public’s needs. He refutes claims by CBDC proponents that these digital currencies will maintain reasonable levels of anonymity and privacy, stating that governments would not benefit from CBDCs if anonymous transactions were allowed. Furthermore, he highlights the unrealistic expectation of designing CBDCs with strong privacy mechanisms while adhering to existing anti-money laundering laws.
The Cato Institute president questions the possibility of governments implementing CBDCs with fewer requirements than those imposed on private firms in the name of safety and security. He emphasizes that central bankers are unlikely to engage in anonymous transactions with the public, as such transactions are already prohibited for private financial institutions.
As CBDCs continue to gain momentum, Goettler’s warning serves as a reminder of the potential trade-offs between government control and individual privacy in the evolving landscape of digital currencies. Read more here.
Navigating the CBDC Era: Why Zucoins Offer a User-Centric Solution
Zucoins, built on the Splitchain network, provide a beacon of hope amidst concerns about the growing influence of central bank digital currencies (CBDCs) on freedom and privacy. With Splitchain’s scalability, built-in safety measures and no-fee transactions, Zucoins offer individuals and businesses a reliable and secure digital asset solution.
By leveraging the decentralized nature of Splitchain, Zucoins enable seamless peer-to-peer transactions, empowering users to retain control over their activities. This is one of the reasons we’re such big fans of self-managed systems, such as Zucoin’s wallet app and the overall Web3 movement in and of itself.
In a world where CBDCs raise concerns about increased surveillance and government control, Zucoins provide a valuable alternative that prioritizes individual freedom. As the battle between CBDCs and digital currencies continues, Zucoins and the Splitchain network offer a promising path towards a more decentralized and user-centric digital asset system.
Embracing Innovation: ASX Explores Tokenized Assets as Alternative to Direct Cryptocurrency Listings
The Australian Securities Exchange (ASX), one of the world’s largest stock exchanges, is considering listing tokenized real-world assets like gold instead of directly listing cryptocurrencies. The ASX’s chief information officer, Dan Chesterman, explained that cryptocurrency listing faces challenges due to listing rules but affirmed the possibility of tokenized products being listed in the future. ASX accounts for nearly 82% of the total dollar turnover in local equity market products, demonstrating its significant role in the Australian market.
Chesterman’s approach aligns with major banking executives who view blockchain as an efficiency driver and continue to experiment with the technology. Howard Silby, chief innovation officer at National Australia Bank, emphasized that large institutions are still exploring blockchain for its potential to streamline high-value customer processes. Sophie Gilder, managing director of blockchain and digital assets at Commonwealth Bank, highlighted the efficiency gains and reduced risks and costs that could result from asset tokenization and smart payments.
ASX has faced criticism for suspending the blockchain-based upgrade of its clearing and settlements system, but Chesterman clarified that it was not a rejection of blockchain technology. The decision to pause was driven by the need to address recurring delays and ensure customer satisfaction. The exchange remains committed to its blockchain development platform, Synfini, in collaboration with Digital Assets, an infrastructure company.
While direct cryptocurrency listings pose challenges for ASX, exploring tokenized real-world assets offers a potential pathway for incorporating blockchain technology into its operations and providing innovative investment opportunities to market participants. Read more here.
This is again, something Splitchain is pretty well suited to handle and could be a path worth considering when other components of the system reach related milestones.
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All the best,
Peter
MyZucoins