Digital Currency, or Digital Control?

A new book from the Cato Institute’s Nicholas Anthony explores the dangers of central bank digital currencies (CBDCs) and the future of money. In Cato’s announcement of the book, Anthony writes:

The Cato Institute has officially published my first book, Digital Currency or Digital Control? Decoding CBDC and the Future of Money.

The book offers a one‐​stop shop to get up to speed on all things related to central bank digital currency (CBDC). It breaks down the idea, explores the benefits that proponents claim, and then examines the risks that critics see. And for those working in Congress, there’s an entire appendix full of legislative recommendations dedicated to creating a freer financial system.

Launching a CBDC in the United States would mean effectively reinventing the money in everyone’s pockets. Such a radical change should not be a surprise and it should not require an advanced degree to understand what is at stake. Therefore, while the subject can quickly become technical, the book was specifically written to be as accessible as possible.

The book has already received praise from people working in journalism, academia, finance, and human rights activism:

“In Digital Currency or Digital Control, Nicholas Anthony masterfully dissects the rise of central bank digital currencies (CBDCs) and their potential implications. This book is a timely wake‐​up call, revealing how CBDCs threaten to undermine financial privacy, personal freedom, and market stability. Anthony’s rigorous analysis and compelling arguments make this an indispensable read for anyone concerned about the encroaching digital transformation of money and the erosion of individual privacy.”
—Naomi Brockwell, tech journalist and creator of NBTV.media

“Beautifully written and laced with the author’s laconic wit, Nick Anthony’s book Digital Currency or Digital Control? Decoding CBDC and the Future of Money provides US policymakers and their staff and advisors with all they need to know about central bank digital currencies and their potential to create an authoritarian dystopia controlled by the Federal Reserve. Everyone in the beltway area working on money and banking policy should read it carefully, from the president and the Fed chair down. Central bank digital currencies are a truly terrible idea that have no place in a free society.”
—Kevin Dowd, professor of finance and economics, Durham University

“This book is going to help many policymakers and congressional leaders finally make sense of the dangers of CBDCs. Nigeria, Ghana, Kenya, and South Africa have all undertaken varying levels of CBDC development, with Nigeria being the first African country to launch a CBDC, the e‑Naira, in 2021. The e‑Naira’s frequent technical issues, lack of public transaction data, ID‐​based tiered withdrawal limits, and low adoption rates not only raise questions about its use but also its potential impact. Further, these challenges show that the CBDCs have a flawed premise that seeks to use a democratic technology to further centralize government power. As currently designed, CBDCs are a threat to the financial freedom and human rights of all citizens.”
—Charlene Fadirepo, CEO, Mango Digital Strategies

“Nick Anthony has written a critical primer to the unfolding evolution of currency, as it continues its evolution from a paper or metal bearer instrument with privacy and freedom protections to an electronic mechanism of surveillance and control. More than 100 governments are experimenting with CBDCs today, and dozens have already built them or are already rolling them out to the public. For hundreds of millions of people, CBDCs are not some future threat, but a current danger. The world of money with insta‐​surveillance, blacklists, expiration dates, calorie counts, and political on‐​and‐​off switches is here and this book is a valuable resource to help us understand why we must fight back.”
—Alex Gladstein, chief strategy officer, Human Rights Foundation

You can order your copy here!

Read more here.