During Plan ₿ Lugano, Nick Anthony, policy analyst at the Cato Institute’s Center for Monetary and Financial Alternatives and fellow at the Human Rights Foundation, sat down with CCN’s Dr. Lorena Nessi (a journalist and a researcher) to discuss the power, control, and politics behind digital money.
Anthony, who has emerged as one of the most prominent critics of central bank digital currencies (CBDCs), describes them not as financial innovation but as an existential shift in the relationship between citizens and the state.
“At the core, financial activity reveals who we are,” he says. “It reveals where we go, where we work, who we have relationships with. It just goes on and on. And I don’t think people realize the gravity of governments having all that information in one place,” Anthony emphasized.
He continued that “In democracies, we’re lucky that violations are not constant. There are controversies, there are problems, but not to the same extent as in authoritarian countries. That lack of experience creates a lull, a kind of ease. People walk into it thinking, ‘Oh, it’s not a big deal.’ But it is. Because once that road is paved, once they have that access, it’s very hard to stop.”
What Programmable Money Really Is
For Anthony, the risk isn’t abstract. It’s built into the very architecture of programmable money, where the rules of spending, saving, and access can be coded directly into the currency itself.
“Yes,” he says without hesitation when asked whether CBDCs could eventually be linked to personal identity. “Over time, they absolutely will. We’ve already seen it in the existing financial system, it starts small. Governments want records of certain transactions, or reports on specific activities, and it just increases over time.
“Linking CBDCs to your digital identification, your digital persona, really is the natural conclusion of this,” Anthony noted.
The Privacy Line — and How It’s Being Crossed
Anthony traces his views back to fundamental rights. “From the American perspective, privacy is protected under the Fourth Amendment,” he explains. “It means you have control, you can consent to who can or can’t see your information. And if law enforcement has a legitimate reason, they can go to a judge and ask for permission.
“That’s the balance: privacy and accountability. But today, we’ve moved into an era of sweeping collection by default. Introducing a CBDC would take that to the next level. It wouldn’t just be some transactions reported, it would be everything, stored in one central database.”
Why CBDCs Are Not Like Crypto
The distinction between CBDCs and cryptocurrencies, he argues, is not technical but structural.
“At the broadest level, there’s a buffer between governments and individuals and that’s the private sector,” Anthony says. “With your bank account or a crypto exchange, the government has to go through that intermediary to get your data.
“With a CBDC, that buffer disappears. The information is in the government’s hands automatically, by default. There’s no knocking on a bank’s door, no exchange, no you, they just open your file and go to town with it.”
That’s where decentralized money, in his view, matters most.
“If you’re using Bitcoin and you’re self-custodying, you have even more control. The government would have to come directly to you. And ultimately, you have the highest interest in protecting your own information,” Anthony said.
A Growing Divide: The Public and the Crypto Community
While most citizens remain unaware of these implications, Anthony believes the crypto community has already connected the dots.
“One of my favorite things to come out of this space is that more people than ever are asking, ‘What is money? What is privacy? What is sovereignty?’” he says.
“It’s through that curiosity that people see what’s at stake that cryptocurrency paves the way toward a freer, more open society, while CBDCs claw back control.”
China’s Digital Yuan — and the Lessons It Teaches
Anthony closely tracks CBDC developments worldwide through the HRF CBDC Tracker, which he manages. The country that concerns him most, he says, is the most obvious: China.
“What worries me might be less obvious,” he explains. “If you go to China and try to use their CBDC, the digital yuan, you really can’t. Shops don’t accept it. Even government employees who get paid in it transfer it out immediately.
“The Communist Party derives much of its authority from being unquestioned. This is showing that people are questioning whether this initiative was a good idea. If the Party sees that as an embarrassment, I worry they’ll clamp down harshly.”
But the deeper issue, he argues, isn’t technical, it’s political. “Privacy isn’t a technological limitation. It’s a political choice. Governments choose surveillance. So if a country already violates financial rights, it’ll do the same with a CBDC.”
Privacy-minded CBDC: “Technically Possible, Politically Impossible”
There’s a growing camp of researchers promoting the idea of a ‘privacy-minded CBDC’, but Anthony is unconvinced.
“It’s technically possible,” he says, “but not politically possible. Once it goes through the machinery of government, what comes out the other side is just a CBDC. You end up promoting the very thing you’re trying to avoid. That’s why I think it’s better to oppose their creation entirely,” Anthony stressed.
Ripple Effects and Global Consequences
CBDCs are often marketed as solutions for remittances, cross-border payments, or financial inclusion. Anthony is skeptical.
“Most CBDCs launched so far are geo-fenced, limited to citizens of that country,” he explains. “And when you ask remittance companies why transfers are slow or expensive, they don’t say it’s a technical issue. They say it’s regulatory.
“Governments created that problem, and now they’re saying, ‘We’ll fix it with a CBDC.’ But they could just fix the regulations,” Anthony said.
On a global level, he foresees tension rather than cooperation. “We might see governments banning each other’s CBDCs or taxing their use. But I don’t see CBDCs changing the global order. People use the dollar or the euro because those economies are stable and uphold property rights, not because their money is digital.”
Crypto vs. CBDCs: The Unfair Game Governments Can’t Resist Playing
As for whether cryptocurrencies can outcompete state digital currencies, Anthony is cautiously optimistic.
“As long as crypto remains the opposite of CBDCs, including open, censorship-resistant, borderless, it can win hearts and minds,” he says. “But competing with governments isn’t like competing with another business.
“If I’m competing with a shop next door, I can lower prices or make a better product. But when it’s the government, they can change the rules of the game while playing. That’s why Bitcoin’s resistance to censorship is its greatest strength.”
Are CBDCs Still Inevitable?
Anthony admits his stance has evolved.
“I used to think CBDCs were inevitable,” he says. “Now I think it’s if, not when. The United States has taken a strong stance against launching one, and others are taking note. Some, like the European Central Bank, seem determined, but it’s not unstoppable.
“The key is public awareness. In the U.S., people called their representatives, posted online, and spoke out. That made a difference. Once a CBDC is launched, it’s almost impossible to undo. But before it hits the ground, you can still stop it.”
Europe’s Uncertain Future with the Digital Euro
Looking ahead, Anthony’s outlook for Europe is grim if the digital euro becomes reality.
“I don’t think the future is bright,” he says bluntly. “The ECB has said it wants to push out foreign financial services, but Europeans use and like those services. From a civil liberties standpoint, it’s also worrying. The EU has been moving deeper into control and censorship, and a CBDC would just be another tool.
“All it takes is one tragic event for policymakers to realize they have this surveillance system ready and they’ll flip the switch. If that happens, people will move away from the digital euro, not toward it.”
He adds a final thought, part warning, part plea: “I hope members of the European Parliament are thinking hard about this before moving forward.”
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
Dr. Lorena Nessi is an award-winning journalist and media technology expert with 15 years of experience in digital culture and communication. Based in Oxfordshire, UK, she combines academic insight with hands-on media practice.
She holds a PhD in Communication, Sociology, and Digital Cultures, and an MA in Globalization, Identity, and Technology.
Lorena has taught at Fairleigh Dickinson University, Nottingham Trent University, and the University of Oxford. She is a former producer for the BBC in London, with additional experience creating television content in Mexico and Japan.
Her research focuses on digital cultures, social media, technology, capitalism, and the societal impact of blockchain innovation.
She has written extensively on digital media and emerging technologies, with her work featured in both academic and media platforms. Her Web3 expertise explores how blockchain technologies shape culture, economics, and decentralized systems.
Outside of work, Lorena enjoys reading science fiction, playing strategic board games, traveling, and chasing adventures that get her heart racing. A perfect day ends with a relaxing spa and a good family meal.
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