Central bank digital currencies (CBDCs) could hand unprecedented control over personal savings and financial freedom to central banks, according to Bitcoin Policy UK. The think tank’s CEO, Susie Violet Ward, compared programmable money to the dystopian vision in George Orwell’s 1984, warning it could mark the “weaponization of money in its purest form.”
CBDCs and the threat of programmable money
CBDCs are digital forms of fiat issued on permissioned, private blockchains operated by central banks, unlike decentralized networks such as Bitcoin. Ward cautioned that such programmable currencies may allow governments to impose restrictions on spending even introducing expiry dates on savings.
They’ll be able to control everything you do through money, Ward said during Cointelegraph’s Chain Reaction X spaces show on Thursday. Even George Orwell did not predict that programmable money might come into this. That almost closes the 1984 loop perfectly.
While advocates argue CBDCs can expand financial inclusion, critics highlight the risks of surveillance and state overreach.
US pushes back as Europe advances digital euro
The debate is deepening across the Atlantic. In the United States, lawmakers are moving to block CBDC development. On Friday, the House of Representatives added a ban on the Federal Reserve issuing a digital currency into the 2026 defense policy bill, spanning nearly 1,300 pages. The measure would prohibit the Fed from launching digital assets or offering financial services directly to individuals.
Earlier, the House passed the Anti-CBDC Surveillance State Act in July by a narrow 219–210 margin, and the proposal is now awaiting a Senate vote. In January, President Donald Trump signed an executive order prohibiting the issuance or use of CBDCs, citing risks to privacy, sovereignty, and financial stability.
Meanwhile, the European Union is moving forward with its digital euro, expected to launch in October 2025. European Central Bank President Christine Lagarde has promised the CBDC will coexist with cash while incorporating privacy safeguards. Reports suggest the EU is exploring public blockchains like Ethereum, rather than private frameworks.
Concerns about surveillance are not limited to Europe. In Brazil, the central bank’s CBDC pilot came under fire in July 2023 after its published code revealed embedded controls enabling officials to freeze or reduce funds in user wallets.