(Photo by Gareth Cattermole/Getty Images) Getty ImagesCentral banks, such as the bank fo England are considering introducing digital currencies along side their paper money. Supplemental Nutrition Assistance Program in the U.S.) In stead of coupons, the SNAP cards allow people to buy certain products — booze is not on the list. However, if a central bank can program a digital currency to restrict you to buying only certain food items, then it could also do far more. While central bank digital currencies are still an idea they seem a long way from tyranny. For these central bank digital digital currencies to work, there will need to be safeguards in place to protect us from the potential from what might as well be called central planning.

Source: Forbes July 28, 2021 20:03 UTC