In recent years, Central Bank Digital Currencies (CBDC) have been making headlines globally, and policymakers see them as a way to modernize monetary systems. However, CBDCs pose a significant threat to individual liberties and deserve rejection by those who cherish freedom. Let’s examine why.

First off, CBDCs allow governments greater influence over financial decisions, restricting the ability of citizens to access international markets via unregulated currencies. China is one country where CBDC has had profound effects on people’s lives. Chinese customers must navigate the "Social Credit System," a totalitarian system that awards residents scores based on behaviors including obedience, loyalty, and compliance to oppression, all of which have an impact on daily life. Adopting the proposed Chinese model could create similar societies elsewhere, leading to de facto behavior manipulation by the authorities.

Recently, Slovakian legislators made a positive step toward preserving cash usage amidst the growing momentum behind CBDC adoption. Last week, a new amendment was passed, barring any measures that would limit the acceptance of cash. Sources indicate that lawmakers were responding to concerns surrounding potential restrictions on using physical money within Europe after the introduction of the digital euro currency. While this action may provide temporary relief, the underlying risks posed by CBDCs remain valid.

“Those who don't remember the past are condemned to repeat it.”

History tells us that governments often seek ways to increase power through controlling means of payment, rendering individuals unable to transact effectively or preserve wealth. When central banks create money, they inflate away savings, eroding purchasing power while undermining the middle class. Citizens must stand up against authoritarian states by opposing CBDCs and instead embrace the benefits afforded by decentralized finance (DeFi), stablecoins, and other innovations promoting financial inclusion, freedom of choice, and individual empowerment.

In conclusion, CBDCs and the centralization of monetary systems threaten the wellbeing and autonomy of societies. The experiences of China demonstrate the dangers of linking CBDCs with totalizing social controls. Conversely, permitting individuals to manage their own funds without excessive oversight encourages economic mobility, stability, and prosperity. To preserve the rights of everyone to engage in peaceful commerce and private decision making, we should dismiss CBDC adoption and uphold personal financial independence as a fundamental aspect of democracy.