This is the same argument they are making to advocate for Euro denominated stablecoins; the trope about preserving "monetary sovereignty" in the Eurozone. It all comes down to control and the extension of central bank monetary colonialism. I briefly explored this in the piece below:
Everyone who uses money needs the digital euro?
Wild take from Bloomberg.
To their credit, the authors acknowledge that electronic payments are widely available.
So why? Why do people need a digital euro when they are already served by a wide array of options?
And there it is: Control.
The authors do well to be upfront about one risk of CBDCs. Although the only one they mention is the risk that a CBDC could undermine banks and so they propose restrictions on how much people can own.
However, there are many other risks at play with few benefits to justify the cost.
https://www.cato.org/visual-feature/risks-of-cbdcs
Check out the full piece in Bloomberg below.
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