The world economic forum reveals that the dangers of foreign control of CBDCs will put the issue nation at a disadvantage position. CBDCs are designed only for trade within the nation.
CBDCs cross-border transaction
It turns out that CBDCs can only survive within the domestic. If CBDCs trade over borders, it will create a spillover effect.
CBDCs designed to have a greater control
The way CBDCs are designed is to greater control of the financial system and automatically surveillance citizens’ financial data. The cross-border transaction requires data sharing a.k.a. spillover effect. It is the opposite of the control but making private data available for other countries to grab.
CBDCs will create a world government
In order for CBDCs to work, you need a global governing body to oversee the world citizens’ data. It will create an ever-powerful governing body in human history to dominate the world.
No country wants any other county to be dominated in the world
The problem is that no other country will let another country control their data or dominate them. Sharing citizens’ data to other countries expose a national security concern.
Just use cryptocurrency
It is no brainer that cryptocurrency is a viable solution. Only because the central banks do not want to use does not mean you cannot use it. Cryptocurrency is access to all and apolitical digital currency.
In conclusion
CBDCs will never go global while cryptocurrency is a global digital currency.