The move toward a single, universally accepted digital currency, one controlled by an international body, is concerning for a number of reasons.

First, there’s the issue of monetary sovereignty. Currently, each nation maintains control over its own monetary policy, allowing for adjustments based on specific domestic economic conditions. With a global CBDC, however, that power could be severely diminished, raising questions about the potential for unequal economic influence among nations.

Secondly, the concept of financial privacy could be entirely uprooted. As more transactions become digital, the potential for surveillance and control increases exponentially.