Dr. Peter Stonge, a prominent professor specializing in economics and freedom, recently discussed the acceptance of blockchain technology and Central Bank Digital Currencies (CBDCs) in Thailand, shedding light on government corruption in the country and its potential implications. The professor’s insights sparked a discussion on the integration of Universal Basic Income (UBI) with CBDCs, and the risks it poses to economic freedom.
In a recent tweet, Dr. Stonge highlighted Thailand’s plan to bribe voters with a CBDC, offering free cash in exchange for government surveillance. This move mirrors the growing trend of intertwining UBI and CBDCs in modern economic discussions, as seen in Sam Altman’s UBI experiment. Altman’s experiment revealed that recipients of free money tended to work less, save less, and accrue more debt, raising concerns about the effectiveness of such initiatives.
Thailand’s announcement of a UBI program through CBDCs is a significant step towards the integration of these concepts. Similarly, countries like the US and Canada implemented UBI-style policies during the COVID-19 pandemic, setting a precedent for future UBI programs linked to digital currencies. However, the combination of UBI and CBDCs raises concerns about increased state surveillance and control over individual financial transactions.
One of the main risks associated with UBI and CBDCs is the potential for governments to monitor and regulate spending, leading to a loss of economic freedom and privacy for individuals. The centralized nature of CBDCs could also result in bureaucratic overreach, where authorities dictate financial behaviors. Ultimately, the integration of UBI with CBDCs could compromise personal financial autonomy if not carefully managed.
While UBI and CBDCs offer solutions to economic challenges, their integration must be approached cautiously to protect economic freedom and personal privacy. History has shown that state control over financial systems can diminish individual freedom. Therefore, public discourse and thoughtful policy design are essential to leverage the benefits of these innovations without sacrificing personal autonomy. It is crucial to strike a balance between economic stability and financial control to ensure the well-being of society as a whole.
