Central bank digital currencies, or CBDCs, are government-backed digital currencies issued by a central bank. They’re being rapidly rolled out to bring about a new economic transaction system that could lead to a new form of modern-day slavery.
CBDCs are promoted as digital tokens that can simplify monetary policy and bring about convenient cashless societies. They’re also sometimes said to be similar to cryptocurrency1 due to their digital nature, but there are important, and major, distinctions.