Petition EN4638 - Disadvantages of Central Bank Digital Currencies (The eAUD)
https://www.aph.gov.au/e-petitions/petition/EN4638
Petition EN4638 - Disadvantages of Central Bank Digital Currencies (The eAUD)
Petition Reason
As Australian citizens we should be concerned about the disadvantages of a Central Bank Digital Currency.
Traceability: In the case where physical cash is eliminated entirely this eliminates our ability to transact in a fully anonymous manner.
Negative Rates: With CBDCs, you cannot withdraw your digital tokens and hold them under the mattress. If there is no option for physical cash this gives central banks ability to implement negative interest rates.
Programmability: CBDCs give central banks a unique opportunity to make money “programmable”.
For example: Expiration, with a direct relationship with your central bank, CBDCs could permit a currency expiration policy. Your money could be programmed so that if you don’t spend the $5000 in your account by next Saturday, it will expire.
Personalised monetary policy: With a bank of Big Data on individual spending habits, coupled with digital identification infrastructure, the central bank will have enough information to tailor its monetary policy personally.
For example: if it is known that lower earners have a higher propensity to consume, stimulus can be directly delivered to those people. Personalised monetary policy could even become politicised.
A government could segment its voters, identify communities where it is behind in polls, and deliver stimulus to these groups.
Petition Request
We therefore ask the House to enshrine the use of cash in law.
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6:08
Augusta Precious Metals
10 months agoPoliticians Push Back on Central Bank Digital Currency
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5:52
Augusta Precious Metals
7 months agoPrivacy Concerns Surrounding Central Bank Digital Currencies Intensify [The Future of Money]
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TheSourceOfficial
3 months agoAre Central Bank Digital Currencies (CBDCs) Threatening Your Freedom?
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StocksandRich
1 year ago3 Drawbacks, Disadvantages, and Cons of Central Bank Digital Currencies (CBDCs)
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DANNY CRYPTO
1 year agoThe Hidden Disadvantages of Digital Currency | CBDC 2023
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Express Financial Insights
2 months agoCentral Bank Digital Currency
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Economic War Room
1 month agoThreat of Central Bank Digital Currency and Loss of Property Rights
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Alice Springs To Mind
11 months agoWorld Economic Forum: Central Bank Digital Currency
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TrueNorthCentre
5 months ago $0.24 earnedOn C2C – The dangers of digital currency
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hankswank68
1 year agoCENTRAL BANK DIGITAL CURRENCIES MUST BE REJECTED
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