ChatGPT Is Concerned Central Bank Digital Currencies Could Harm BANKS

The good news is woke artificial intelligence language emulator ChatGPT is concerned about the impact of Central Bank Digital Currencies in the United States. The bad news is most of that concern is for the banks, not the people who would be oppressed as a result of their adoption.

The AI bot has built a reputation for being very left-leaning on most subjects. Now, we know it also has a globalist tilt to it. I asked it to write an article. My request: “Write an article about the potential for a Central Bank Digital Currency in the United States.”

Here’s the article written by ChatGPT based on that question. I’ve highlighted the suggestive points made…

The idea of a Central Bank Digital Currency (CBDC) has been gaining traction around the world in recent years, and the United States is no exception. The Federal Reserve, the country’s central bank, has been actively studying the potential for a digital currency, and several officials have expressed support for a digital dollar.

A CBDC is a digital form of a country’s currency that is issued and backed by the central bank. It can be used for transactions and payments, and is designed to work alongside physical currency. The benefits of a CBDC include faster and more efficient payments, increased financial inclusion, and improved monetary policy implementation.

The Federal Reserve has been studying the potential benefits and risks of a CBDC, and has solicited public feedback on the matter. Several pilot programs and experiments have also been conducted to test the feasibility of a digital dollar. According to recent reports, the Federal Reserve is planning to release a research paper on the subject in the coming months.

One potential benefit of a digital dollar is increased financial inclusion. A CBDC would enable people who do not have access to traditional banking services to participate in the financial system. It would also reduce the reliance on cash, which can be costly and inefficient.

Another potential benefit of a CBDC is faster and more efficient payments. A digital dollar could enable real-time payments, which would be a major improvement over the current system, which can take days to process. This would be especially beneficial for small businesses and individuals who rely on quick access to funds.

However, there are also potential risks and challenges associated with a CBDC. One concern is the impact on the banking system. If people start using a digital dollar instead of traditional bank accounts, it could have an adverse effect on banks’ balance sheets and profitability.

There are also concerns around privacy and security. A CBDC would require significant investment in cybersecurity to prevent hacking and other cyber attacks. Additionally, there are concerns around the potential for the government to monitor and control financial transactions.

Despite these concerns, the potential benefits of a digital dollar are significant, and many countries are already exploring the possibility of creating CBDCs. As the world becomes increasingly digital, it makes sense for the United States to consider the potential benefits of a CBDC. While the decision to create a digital dollar is not yet final, the Federal Reserve’s ongoing research and experimentation are important steps in evaluating the feasibility and potential implications of a digital currency.