economic expert warns against transforming the CBDC into a social credit system in the U.S

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Jim Richards, an experienced economist in the banking sector, has warned against implementing a social credit system in the United States that relies on the central digital currency (CBDC). He explained that such a system would enable the government to leverage the available data through the CBDC to create a system that punishes participants engaging in unauthorized activities.

Despite the potential tension, Richards compares these measures to those taken by the government to combat COVID-19 and believes that establishing a social credit system in the United States is not an impossible feat.

According to Richards, the government would be able to exert control and restrict individuals’ freedoms by censoring their opinions on social media and preventing their movement between cities and countries. The CBDC would be the sole means of payment, with social credit points used to limit actions. There are other individuals who criticize the issuance of CBDC and warn about its potential misuse.

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