Two additional warnings in the subject of the celebrated CBDC (digital central bank currencies):
1. Implementation of this phenomenon does not require the conversion of existing electronic banking to blockchain protocol. It is adequate that individual accounts will be converted from the balance sheets of commercial banks to the balance sheet of the central bank and the currency will become a de facto CBDC. Therefore, people of good will should be willing to torpedo any effort to push through the invention in question, and should follow the proposed changes in banking law not only on a technological level, but besides – and possibly above all – on an accounting level.
2. In addition to the apparent risks of privacy and highly invasive monetary interference, the CBDC besides carries the threat of immanent dysfunction. It is impossible to imagine that the CBDC's universal nosy is not linked to algorithms continuously scanning individual accounts for “suspicious activity”. Anyone who has always unexpectedly suspended an account in any of the "social services" knows that "suspected activity" is simply a completely arbitrary concept, and that the "artificial intelligence" to detect it is highly "fool" in seeing it in purely random places. In another words, it should be expected that a CBDC-based banking strategy would be peculiarly susceptible not only to deliberate political interference (such as the expiration date of money), but besides to accidental blockages of access to funds that could be removed not by a bank worker at local level, but only by a central-level bureaucrat.
Thus, if anyone inactive lacks reason to be on defender against the mentioned patent, which is the closure of global monetary totalitarianism, he may give the above peculiar thought. 1 can be certain that erstwhile the time comes, the CBDC will be tormented by masses as panacea at least as salvific as any another "solutions" known for the last 3 years – and then, in order to keep independency from the system, it will gotta defy it at least equally.
Jakub Bożydar Wiśniewski
