Whether you like it or not, central bank digital currencies (CBDCs) are coming. That’s the message in a recent tech column in the Wall Street Journal. A similar tone can be found coming from organizations like the World Economic Forum, the International Monetary Fund, and the Atlantic Council. Reading these sources could lead you to conflate so-called CBDCs with autonomous trucks or artificial intelligence (AI) writers—technology that meets the needs of consumers so well that it’s hopeless to resist. But that isn’t true. CBDCs are not a groundbreaking new development in financial technology....
