NEMETHY: Are central bank digital currencies one of the greatest threats to freedom?

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By Les Nemethy CEO and founder of Euro-Phoenix Financial Advisors I will start by stating my conclusion: yes, Central Bank Digital Currencies (CBDCs) are one of the greatest threats to personal freedom today, perhaps even the greatest. I will explain my conclusion, but first, provide a definition of CBDCs, and acknowledge certain advantages. A CBDC is a digital banknote, issued by a Central Bank. Instead of holding physical banknotes in your physical wallet, your digital wallet (e.g. smartphone) would hold digital currency units. CBDCs, similar to bitcoin, would also be based on blockchain tec…

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