At first glance, the government deciding to create a digital currency sounds like a win for the crypto community, the mass adaptation of digital currency seems like a step in the right direction and that the future that we’ve been awaiting is on the way. 

However unfortunately that is not the case, in fact it is the polar opposite of everything the crypto community stands for. 

Mass adaptation of a government backed digital dollar would give the government more control and easier access to all accounts and funds, making it possible to freeze, liquidate, restrict, limit, block, and more. 

Some of this is already the case the government does have power when authorized by law to intervene when it comes to criminal activity including any illegal use of monetary funds. 

However the information that is provided to them when there are no reasonable grounds for question is little to none (or at least should be).

We have seen an increase in the government’s efforts to track all transactions for example the effort to be able to view any cash app transaction over 600 dollars and the like. 

A digital dollar would be handing the government on a silver platter all your finances, transactions, and essentially access to all accounts since you decided to use their service meaning their digital dollar. 

The dangers of this are endless beginning with the breach of privacy and going all the way to this control being exploited to further any policy and enforce it. 

This is definitely everything the crypto community stands for. This would be even more centralized than finance is already. 

The only comforting thought is (though the central bank digital coin is already in testing stages) that at the end of the day it’s up to the people, if the people don’t accept it and start using it then it has no power.

We have the power to prevent this from happening starting from the policies and people we vote for, to not accepting to use means that we don’t see fit.