Central bank digital currencies (CBDCs) are a source of deep concern among the public. it's done

Central bank digital currencies (CBDCs) are a source of deep concern among the public. This was made clear at the Oslo Freedom Forum held last week. While the risk of governments abusing their power is of concern to many people, it is especially true for those struggling for freedom under authoritarian regimes.

If you're not familiar, the Oslo Freedom Forum is an annual gathering hosted by the Human Rights Foundation in Oslo, Norway. It is time for human rights activists to share experiences under authoritarian regimes as well as exchange calls to action to build a brighter future.

For my part, I spent the first two days educating people about what's happening in the world of CBDCs with the help of an article created by the Human Rights Foundation.

Over and over, I heard the same response from activists, government officials, and citizens. They would say: “I had no idea my country was doing this.” It's also frustrating to see how much the audience is left out of the loop.

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In the context of the Oslo Freedom Forum, it is easy to see why people are concerned about these developments. From Russia to Nicaragua, governments repeatedly turn to the financial system as a means of controlling dissent. Consider the experiences of Carlos Chamorro, Jimmy Lai, and Alexei Navalny.

More than a year ago, the Nicaraguan government declared Carlos Chamorro stateless and a traitor to the country. His pension, house and all his possessions were seized. What is his crime? Chamorro spoke out against Daniel Ortega's dictatorship and created a news organization that could be trusted to expose the regime.

In Hong Kong, Jimmy Lai is currently facing a life sentence on similar charges. Like Chamorro, Lay did not shy away from criticizing those in power and created a newspaper to help spread calls for democracy. In response to Lai and others in the pro-democracy protests, the Hong Kong government froze financial accounts and seized assets to silence dissent.

Finally, in Russia, Alexei Navalny lost his life this year while imprisoned in a Russian labor camp. Navalny created the Anti-Corruption Foundation and has routinely criticized Vladimir Putin's regime. Anna Czechovich, chief financial officer at the Anti-Corruption Foundation, explained that the company's accounts were frozen before any charges were brought. Worse still, the government pursued individual employees and people associated with them.

Given this context, it's easy to see why so many people are concerned. Governments around the world use the financial system as a means of control, and the emergence of central bank digital currencies provides the opportunity to significantly expand their existing powers.

When it came time to take the stage on the third day, I was able to articulate these concerns as well as sit down for a discussion with Charlene Faderippo and Roger Huang – the authors of the book, respectively. Bitcoin jump And Will Mao keep Bitcoin?

As Fadrebo and Huang outlined the rollout of central bank digital currencies in Nigeria and China, a trend quickly emerged: government inefficiency. Fadrebo noted that Nigeria's central bank digital currency was “high quality” when it hit shelves and had gained a less-than-stellar reputation among the public. The official app has been temporarily pulled from stores due to several issues. Huang similarly added: “I've asked central banks to effectively become technology companies, and in China, that's where I've seen them really fail miserably.”

However, government incompetence may be the silver lining of this story.

There is a danger that governments will try to compensate for their lack of competence through force, Hwang warned. As he explained, “The Chinese Communist Party derives its legitimacy from its alleged competence to govern the Chinese people.” However, reports emerged that even Chinese government employees did not support the program. Facing embarrassment, the Chinese government may take more drastic measures in the future.

In Nigeria, stricter measures have already come into force when the government has regulated cash shortages. Faced with a CBDC adoption rate of 0.5 percent, the government created a cash shortage that drove some Nigerians to CBDC. The then Governor of the Central Bank of Nigeria, Godwin Emefiele, hailed these measures as successful. However, as Fadrebo noted, “it was the last straw (for many Nigerians).”

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However, these stories are only the beginning. If the rise of central bank digital currencies continues, there will be a lot at stake – especially for those fighting for human rights.

Once upon a time, Nobel Peace Prize laureate Liu Xiaobo recalled: “If our rice bowls were still in the hands of the Communist Party… people like us would have to keep our mouths shut.” In other words, as Huang explained during the hearing, “If they control my income, there is no way I can dissent.” “A world that allows central banks and governments to control people's income and the ability to consume people's money is a world where that control that Liu Xiaobo feared would happen,” Huang added.

As Seth for Privacy similarly pointed out during the discussion, “The biggest takeaway from the conversations about central bank digital currencies here at (the Oslo Freedom Forum is that) protests, activism, and dissent become vastly more difficult if governments have complete, trivial control over their citizens’ money.”

The Oslo Freedom Forum is a humbling experience. In a place where Paul Rusesabagina says he is nothing more than an ordinary man despite saving the lives of more than 1,000 people in Rwanda and surviving kidnapping, it is reasonable to wonder what impact he could have. However, pulling back can be as simple as speaking up.

The majority of people have no idea what “CBDC” means, let alone the risks that exist. So, in the mission of fighting back, one of the most important things we can do today is to make sure that people actually know that there is something we need to fight against.

This article is for general information purposes and is not intended and should not be taken as legal or investment advice. The views, thoughts and opinions expressed herein are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.