'A CBDC could spell doom for what little protection remains because it would give the federal government complete visibility into every financial transaction,' the analysis document said.
CATO Institute: CBDC the 'Single Largest Assault to Financial Privacy Since Creation of Bank Secrecy Act'
Authored by Nicholas Anthony and Norbert Michel, the policy analysis document also lists some of the concerns about CBDCs that have been raised and how the associated risks make the CBDC unsuitable for Americans. As seen in the, one key concern raised by CBDC opponents is the threat this poses to Americans’ right to financial privacy.
While attaining this feat is something the U.S. government may want to do, the authors assert that the issuance of the CBDC would amount to what they call the “single largest assault to financial privacy since the creation of the Bank Secrecy Act and the establishment of the third-party doctrine.”Besides being a threat to citizens’ right to privacy as guaranteed by the U.S. constitution, Anthony and Michel claimed that a CBDC is likely to be a threat to financial freedom as well.
The policy document also suggested that a CBDC will pose a threat to free markets and will give cybercriminals “a prominent platform on which to focus their efforts.”
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