If the development of blockchain technology was a financial revolution, central bank digital currencies (CBDCs) are the counter-revolution. Their development has intensified in 2023 across the globe, and it’s now more important than ever for the world to know what could lay behind the acronym.

While there are some who think central banks can be trusted to proceed, the facts stand against them. This technology would give central banks unprecedented control, could pose serious security risks and is also entirely unnecessary.

Conrad Young is a co-founder of Athena Labs, a global Web3 communications agency. He serves as digital assets adviser to U.K. think tank the Tax Reform Council and its activism arm, Cut My Tax, and has worked at the intersection of blockchain and public policy throughout his career. He graduated from the University of Bristol in 2017.

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