卡托研究所-央行数字货币（英）-2023.4-16页_529kb

报告摘要

Central Bank Digital Currency: Risks and Myths Summary

Executive Summary

This report argues that central bank digital currencies (CBDCs) do not offer unique benefits to Americans but pose significant risks to financial privacy, economic freedom, and financial stability. The authors contend that CBDC proposals fail to distinguish from existing digital payment systems and ignore the dangers of government-controlled money.

Introduction

CBDCs threaten core American freedoms by enabling financial surveillance and government control. Despite enthusiasm from officials, Congress should prohibit its issuance due to high costs and low benefits.

What is a CBDC?

A CBDC is a digital liability of the central bank (e.g., Federal Reserve or Treasury), unlike private digital dollars. This direct link between citizens and the government undermines privacy and financial autonomy.

Claimed Benefits of CBDC

Financial Inclusion: Fails as existing private innovations already aid the underbanked.
Faster Payments: Obsolete as private systems now offer instant transfers.
World Reserve Currency: The dollar's strength relies on economic factors, not technology.
Monetary Policy: CBDC does not uniquely improve policy tools and could worsen economic instability.

Risks That Cannot Be Ignored

Financial Privacy: CBDC enables government surveillance of all transactions.
Financial Freedom: It allows government programming of funds for social control, curbing purchases or freezing accounts.
Free Markets: It could displace private banking and cryptocurrencies.
Cybersecurity: Central storage makes it vulnerable to hacks and attacks.

Recommendations for Congress

Explicitly prohibit the Federal Reserve and Treasury from issuing a CBDC in any form.
Amend laws to strengthen financial privacy and prevent government overreach.
This includes banning intermediated CBDCs and limiting any competing digital currency initiatives.