Don’t worry about CBDCs: they won’t work anyway

Have you ever encountered a good or service provided by the government that actually worked properly? What does this bode for the government’s plans to issue its own central bank digital currency (CBDC)?

Many of us are mortified about the implications of a CBDC. These include the privacy concerns, the policies that could be imposed on users of CBDCs and more.

But what if we’re wrong? What if Britcoin is such a flop that it’ll quickly be filed away in Russell Napier’s excellent Library of Mistakes?

That’s the optimistic take given by financial commentator, comedian and musician Dominic Frisby. But it’s only one of the possible turns this could take.

Over the course of history, governments have tried and failed to run just about every aspect of our economy. They spot an industry or innovation they like, take over, and then run the good or service into the ground. It always ends in tears.

Eventually, giving in to the inevitable, governments have handed back control to the private sector. Sometimes this is via privatisations; on other occasions, as a result of innovation leading to obsolescence.

Now they’ve turned their eyes to cryptocurrencies and announced the development of government cryptos.

Should we be worried?

Find out, in this video…

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Nick Hubble
Editor, Fortune & Freedom