[lavp]

What is it about CBDCs you find concerning compared to cash?

[OGWhales]

Cash can be spent without being monitored or blocked.

A recent example of how this might be relevant is with the protests in Canada that lead to the freezing of the protesters’ bank accounts by the government. While I don’t agree with the protesters, the idea of the government freezing their accounts is alarming. After seeing such control exercised, it’s hard to be excited about a cashless society.

[adamsmith143]

This feels like a boat that sailed long ago. I don't know anyone using cash for anything more than small incidental purchases, I'd say it's generally impossible to structure you life around using Cash at a large scale.

[djfobbz]

For one, unlike cash, the issuing entity can program CBDC to expire on a specific date unless utilized. Another horror use case is that they could track and limit how many hamburgers or pizzas you eat daily, weekly, monthly or yearly!

[sidpatil]

> For one, unlike cash, the issuing entity can program CBDC to expire on a specific date unless utilized.

The idea isn't new.

https://en.m.wikipedia.org/wiki/Silvio_Gesell

[kemotep]

Why would the government program money to expire? Would the money not become effectively worthless the closer to the expiration date? Why would a business accept transactions from people with money that’s about to expire would that then mean they would be giving away goods and services for free potentially?

[rvz]

When the government does something unpopular against its own people, they can easily quell protestors at scale and force the usage of CBDC adoption by closing ATM withdrawals [0] add savings limits [1] and can incentivise spending with an expiring date. [2]

Whilst many HNers were celebrating UPI as the payment rails from India, it is almost the same thing as FedNow and is planning to put their own CBDC on UPI called E-RUPI [3] taking all the same valid concerns that I have mentioned.

Do you really want this?

[0] https://www.pymnts.com/cbdc/2022/nigeria-cuts-atm-cash-withd...

[1] https://reclaimthenet.org/digital-euro-spending-saving-limit...

[2] https://bfsi.economictimes.indiatimes.com/news/policy/digita...

[3] https://indianexpress.com/article/explained/what-is-e-rupi-d...

[lp0_on_fire]

It's bad enough that banks have virtually unlimited insight into my spending habits that we need to give the Feds the same access. I should have the right to buy a big mac without some government server getting pinged.

[1001101]

Another concern I have heard voiced is that CBCD could be programmed - eg. you can't buy X, or you can only buy Y at certain times, or for certain prices, etc. and has the potential for reduced liberty vs. cash.

[enstrangement]

I doesn't give the Feds access to anything. Suppose I bank at Wells Fargo and my favorite coffee shop banks at Capitol One. If I pay the shop $4 for a latte, the fed will have NO IDEA who sent that money to whom or for what. All the Fed sees is $4 moving from the Wells to the Cap One Federal Reserve master accounts -- amid a blizzard of millions of other transactions. The difference from ACH is just that these payments are settled in big batches rather than one by one. The Fed will get new and better data on payment volume, but that's all, really.

[NoMoreNicksLeft]

How will they protect us though unless they know the nature of every transaction we participate in? Are you really responsible enough to take care of yourself? A CBDC would combine the best aspects of company scrips with those of wartime ration tickets!

I think you should reconsider your stance.

[mixmastamyk]

That’s what cash is for. You never had any privacy for electronic transactions, might as well nip the idea in the bud.