U.S. central bank digital currency slammed for potential abuse

Author: TOM MITCHELHILL, COINTELEGRAPH; Compiler: Songxue, Jinse Finance

** Podcaster and commentator Joe Rogan slammed the idea of a US central bank digital currency (CBDC), describing a digital dollar as an “game over” scenario for US citizens. **

On an Aug. 8 episode of the popular podcast “The Joe Rogan Experience,” Rogan and rapper Post Malone turned to topics surrounding the U.S. financial system. They focus on the potential abuse of power that a US CBDC could bring.

Each episode of Joe Rogan’s podcast routinely attracts more than 11 million listeners. Meanwhile, Post Malone has a combined 31 million followers on X and Instagram. Discussions around CBDCs have begun to find their way into the US presidential campaign.

When asked about his views on CBDCs, Rogan was blunt: “No way, never. That’s what I think, I think it’s going to be death, it’s the end of the game.”

**Rogan articulated a situation where the US government could tie the flow of CBDC to an individual’s social credit score, saying citizens could easily be cut off financially for breaking the rules. **

“If they somehow decide that you need some social credit scoring system and it’s for the good of society, and they outline that, they can track your behavior, your tweets, and all your stuff … the rules are rules,” he said.

Malone also cited his concerns about the U.S. banking system, noting that FDIC insurance only covers bank accounts up to $250,000 in value.

The pair also discussed the Canadian government’s controversial decision last February to freeze bank accounts linked to Liberty Convoy truck drivers.

**Malone believes that the US government has so much control over the financial flow of ordinary people that they could cut funding to anyone immediately. **

It echoes similar sentiments of avid supporters of decentralized cryptocurrencies.

Meanwhile, discussions around CBDCs have become a talking point in US politics. In July, Republican presidential candidate and Florida Governor Ron DeSantis vowed to ban CBDCs in the United States if he was elected president.

Democratic candidate Robert F. Kennedy Jr., on the other hand, criticized CBDCs as a tool of “control” and promised to back the U.S. dollar with hard assets, including Bitcoin, if he is elected president.