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3. human rights. If designed inappropriately, CBDCs have the potential to be used as tools of surveillance and control by governments. Every transaction is recordable and any authority with access to the CBDC ledger could see all transactions. They could also control individuals through the ledger - such as putting expiry dates on their CBDC, limiting how much they can hold, varying interest rates and prices depending on who they are, preventing purchases and automatically deducting fines. https://www.finextra.com/blogposting/21584/the-risks-to-society-of-central-bank-digital-currencies

2. financial. Financial risks include exchange rate risk, higher lending costs and operational risks. A CBDC should be just another form of central bank money, but could governments be tempted to exchange it for current forms of money in the national currency at less than 1:1? CBDCs could result in higher lending costs. In its recent discussion paper on “New forms of Digital Money” the Bank of England identified increased lending costs as a risk resulting from a decrease in bank lending with CBDC and an increase in more expensive market-based financing. https://www.finextra.com/blogposting/21584/the-risks-to-society-of-central-bank-digital-currencies

There is much written about CBDCs but little on the risks to society a CBDC would create. See these risks falling into three categories: 1. economic The key economic risk is inflation. A CBDC can be created at the press of a button and distributed widely, inflating the money supply without any corresponding increase in GDP. This risk can be mitigated by issuing CBDC to individuals and businesses only in return for bank deposits, or collateral paid for with bank deposits; and to government only in return for bonds that have a reasonable chance of being repaid through taxes. https://www.finextra.com/blogposting/21584/the-risks-to-society-of-central-bank-digital-currencies