Central Bank digital Currencies are inevitable, isn't our financial privacy at stake here?

in hive-173737 •  2 months ago 

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The Yuan is going digital, Sooner than later the dollar will go digital. Basically we are going to have digital version of fiat. Covid 19 could play a catalyst role in bring this to fruition globally.

I came across this statement by the former United States Treasury Secretary:

Interestingly, former United States Treasury Secretary Lawrence Summers recently argued that the current financial system grants too much privacy. According to him, a CBDC could solve this issue
Source

Apparently we have enjoyed too much privacy with the current financial system so Central Bank Digital Currencies are going to deprive us of the "privacy" we have been having.

What are your thoughts on CBDC obviously KYC will have to be mandatory to use them?

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