A recent whitepaper by two financial behemoths has endorsed using programmable CBDCs in one of the world’s largest economic zones. However, it raises considerable concerns about privacy and financial freedom.
China’s Greater Bay Area (GBA) generally includes Guangdong, Hong Kong, and Macao. With a population of around 71.2 million, it is 5% of China’s total population and is South China’s wealthiest region.
What Are Programmable CBDCs?
Programmable CBDCs are digital currencies incorporating embedded programmable features, enabling potential control over spending conditions. The increased surveillance and control they introduce raise concerns about privacy and financial freedom.
Authorities can track and monitor transactions, impose restrictions, and potentially curtail individual financial autonomy. This prompts questions about privacy rights, personal liberties, and the potential for abuse of power.
The report makes…
