Privacy and Fungibility: The Forgotten Virtues of Sound MoneyThe state has weaponized money and will do so again. Dissidents have been debanked. Activists and ordinary citizens alike have had funds frozen or seized. The censorship of crypto addresses—coupled with advanced surveillance—shows that financial tyranny is not a future threat but a present reality. A Central Bank Digital Currency (CBDC) would only accelerate this trend, granting governments real-time power to prohibit transactions that defy the dictates of the regime.
As Ludwig von Mises wrote:
"It is impossible to grasp the meaning of the idea of sound money if one does not realize that it was devised as an instrument for the protection of civil liberties against despotic inroads on the part of governments."
Transparent blockchains, by their very nature, are incompatible with sound money. Fungibility is fragile and cannot survive without privacy. Digital assets that aren’t private by default become tools of control, putting our freedoms at risk. In a world where traceable digital payments are becoming the norm, private digital cash stands as a vital bulwark against the state.
The original article can be found at:
https://mises.org/mises-wire/privacy-and-fungibility-forgotten-virtues-sound-money