‘Open-source’ CBDCs aren’t going to protect you from government
Opinion: From Brazil to Norway, there is plenty of evidence that governments are planning to use CBDCs to abuse their people.
People are taking notice more each day that central bank digital currencies, or CBDCs, are not worth the risk. Yet, to combat these concerns, some policymakers have been increasingly looking toward open-source coding as a way to offer transparency and perhaps win the public’s trust. But make no mistake, while transparency is welcome, it’s no silver bullet.
For those familiar with cryptocurrency, the concept of using open-source code needs no introduction. However, for those that might not be familiar, the concept simply refers to publicly publishing the source code behind a project instead of locking it away as confidential or a trade secret. For example, the code behind Bitcoin (BTC) is free and open for all to see.
Making a project open source has many advantages. For instance, doing so opens the doors for external audits. After a careful review, someone may find a vulnerability that wasn’t apparent to the original designers. Or, perhaps more concerningly, someone may find something nefarious embedded deep within the project.
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Author: Nicholas Anthony
