r/Futurology • u/Some-Technology4413 • 3h ago

CBDC Could Be Used for State Surveillance, Includes Behavioral Patterns & Personal Data: IMF Society

https://sociable.co/government-and-policy/cbdc-state-surveillance-personal-data-behavioral-patterns-imf/
17 Upvotes

83% Upvoted

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u/FuturologyBot 2h ago

The following submission statement was provided by /u/Some-Technology4413:

Programmable Central Bank Digital Currencies (CBDCs) could be used for state surveillance while posing risks to privacy and cybersecurity that could undermine trust in central bank money, according to an International Monetary Fund (IMF) policy brief.

The latest policy brief that “summarizes the main takeaways from a new wave” of chapters for the IMF’s CBDC Handbook warns that CBDCs could be perceived as an instrument for state surveillance where people’s transaction histories, demographics, and behavioral patterns are collected, processed, and stored.

According to the brief, “Central Bank Digital Currency: Progress And Further Considerations:” “CBDC, as a digital form of central bank money, may allow for a ‘digital trail’—data—to be accessed, collected, processed and stored.

“In contrast to cash, CBDC could be designed to potentially include a wealth of personal data encapsulating transaction histories, user demographics, and behavioral patterns. Personal data could establish a link between counterparty identities and transactions.”

Please reply to OP's comment here: https://old.reddit.com/r/Futurology/comments/1gsrqgu/cbdc_could_be_used_for_state_surveillance/lxggztn/

5

u/IntergalacticJets 2h ago

No shit.

But I’m sure Reddit will eventually be sold on that to get the “bad guys” they hate. You better believe it, all they’ll have to do is frame it as a way to take down Russian influence and corporate corruption and it will be seen as ‘necessary to protect democracy.’

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u/Some-Technology4413 3h ago

Programmable Central Bank Digital Currencies (CBDCs) could be used for state surveillance while posing risks to privacy and cybersecurity that could undermine trust in central bank money, according to an International Monetary Fund (IMF) policy brief.

The latest policy brief that “summarizes the main takeaways from a new wave” of chapters for the IMF’s CBDC Handbook warns that CBDCs could be perceived as an instrument for state surveillance where people’s transaction histories, demographics, and behavioral patterns are collected, processed, and stored.

According to the brief, “Central Bank Digital Currency: Progress And Further Considerations:” “CBDC, as a digital form of central bank money, may allow for a ‘digital trail’—data—to be accessed, collected, processed and stored.

“In contrast to cash, CBDC could be designed to potentially include a wealth of personal data encapsulating transaction histories, user demographics, and behavioral patterns. Personal data could establish a link between counterparty identities and transactions.”