Part 4/13:
In the context of digital currencies, this balance is under threat. Lynn and Natalie compare the race between Bitcoin and Central Bank Digital Currencies (CBDCs). They argue that CBDCs, especially those with increased surveillance capabilities, threaten individual freedom and privacy, pushing society closer to authoritarian control. The real concern isn't just about payment systems but about settlement and verification processes embedded within these technologies.
Natalie clarifies that FedNow, a real-time settlement system in the US, resembles a CBDC but isn't one in the strict sense. It's more an advanced payment network that enhances government oversight. This blurring of lines raises alarm bells over potential surveillance and the end of financial privacy.