Part 6/10:
A critical concern voiced in the discussion relates to privacy. With CBDCs, individual financial data—including transaction history, location, and account balances—would be stored in a live, centralized database controlled by the issuing authority. This represents a significant departure from the privacy inherent in cash transactions or even cryptocurrencies like Bitcoin, which, despite blockchain transparency, are decentralized.
The speaker emphasizes that CBDCs could effectively turn users into subjects of monetary surveillance, with governments possessing complete discretion over how individuals can spend their money. This erosion of financial privacy is seen as a move toward greater governmental control and potential overreach.