Publication:

Do central bank digital currencies (CBDC) protect the consumer or are they a mirage?

Consumers are using cash less and less, and the use of private money, through companies such as Visa, Mastercard or Paypal, is increasing considerably. On the one hand, cryptocurrencies, such as bitcoin, were created in 2008, and on the other hand, private digital currencies backed by large technology companies are coming onto the market. And right now, feasibility projects for digital currencies are being studied by central banks. Indeed, consumers seem not to distinguish between private and public digital currencies, while giving up their privacy, despite the adoption of the European Data Protection Regulation in Europe. Do CBDCs protect the consumer or are they a mirage? Can these digital currencies, with their centralization, represent a monopoly? Is controlling money a way of controlling the market, and suppressing the freedom of the individual? This article aims to answer these questions.