"Experts" at the Federal Reserve and other central banks proudly broadcast the potential "Financial inclusion" that could be achieved with a central bank digital currency.
In the Fed's main CBDC paper, "Money and Payments: The U.S. Dollar in the Age of Digital Transformation," they make it clear: "Promoting financial inclusion-particularly for economically vulnerable households and communities-is a high priority for the Federal Reserve ... a CBDC could reduce common barriers to financial inclusion."
Either way, if a CBDC were genuinely aimed at financial inclusion, it would offer something to those who have chosen to forgo a bank account entirely.
The lack of privacy with bank accounts certainly contributes to the distrust people have for banks, as noted in the survey.
The "Financial inclusion" rhetoric in central bank papers and speeches on CBDCs is laughable.
Presently, people avoid banks because they distrust banks, value privacy, and despise fees.
Instead of promoting inclusion, a CBDC would become the ultimate tool for financial intrusion and control.
https://mises.org/wire/cbdcs-ultimate-tool-financial-intrusion
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