commit 78b910d73d8796ff331f622f10ac14815a61ddcb
parent 7bbd75976cae7e379961d2bf465404bbd455fb2d
Author: Christian Grothoff <christian@grothoff.org>
Date: Tue, 18 Jan 2022 20:34:21 +0100
discussion with Martin
Diffstat:
1 file changed, 11 insertions(+), 6 deletions(-)
diff --git a/2022-privacy/privacy.tex b/2022-privacy/privacy.tex
@@ -109,12 +109,17 @@ In it, the authors ask ``Should the objectives, mandate and governance of centra
% FIXME: this is a bad quote, we should quote not a question on 'should',
% but their specific conclusion THAT the mandate needs a redefinition (if they make such a conclusion).
implying that the deployment of a CBDC would be impossible in the current
-state.
-But adaptations of central bank missions to
-include complete control over money via the issuance of a CBDC (as envisioned
-by Agustin Carstens of the Bank of International Settlement\footnote{See
-speach given on October 19th 2020 on ``Cross-Border Payment -- A vision for
-the future''}) are dangerous and must be firmly rejected. %MSC: Citation needed? Unfounded claim?
+state. But adaptations of central bank missions to include ``absolute control
+over the rules and regulations of the use'' of money via the issuance of a
+CBDC (as envisioned by Agustin Carstens of the Bank of International
+Settlement\footnote{See speach given on October 19th 2020 on ``Cross-Border
+Payment -- A vision for the future''}) are dangerous if the central bank can
+choose to void privacy assurances. Carsten's reasons include that the
+central bank should have the ability to know about every payment. As he
+states that the central bank would be able to strictly enforce its rules
+and regulations, this implies the bank could arbitrarily block
+payments by private citizens. The repressive potential of a government with
+such a capability is so large that it must be firmly rejected.
% MSC: I removed a strawman here (This [the implication] is likely wrong).
% I replaced it with "our belief", not sure if that is better...
