For those not already au fait with CBDCs, the Corbett Report runs through some of the main features.
Learn about the split circuit monetary system, how it currently works, and why a CBDC could demolish the split circuits, folding all of our money back into the Central Bank. Cash would in the extreme be eliminated altogether and everybody's individual account would be held at the central bank.
Well, we are talking about a variety of account types here (current accounts, savings accounts, loan accounts) - would they all be held at the central bank?
And if all accounts are held at the central bank, what functions (if any) would the commercial banks still provide? Or would they simply become branches of the central bank for all practical purposes?
With the bank knowing the purpose of every transaction, could they really control our spending according to their whim and fancy? Such a control system would be orders...