Central bank digital currency (CBDC) has become a favored target of Republican politicians, who argue it threatens user privacy by granting central issuer the power to control spending, freeze funds, and scrutinize transactions and worked towards banning CBDC development in the United States

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That’s because central bank digital currencies, unlike cryptocurrencies like Bitcoin or Ethereum, are managed by a central issuer that could have the ability to freeze funds or otherwise control how these currencies are spent. And while lacking the censorship-resistance of Bitcoin, CBDCs come with all the transparency: Every transaction made with a “digital dollar,” for instance, would be available to the central issuer for scrutiny.

Central bank digital currencies, or CBDCs—digital versions of a state’s fiat currency—have in recent years become a favored boogeyman of Republican politicians. GOP governors and President Donald Trump alike have worked to ban the development of CBDCs in the United States, given their perceived threat to user privacy. Many Republicans have taken to dubbing CBDCs as “Big Brother’s digital dollar.”