How are you all? Today I will discuss with you about A national digital currency has serous privacy Implication.I will try to present my experience.  I am young and have very little experience so please excuse any mistakes.The Bank of Canada has been actively exploring digital currency alternatives to counter the perceived threat of cryptocurrencies for several years. Such a digital currency would be centralized, meaning that banks would be able to monitor and control transactions within that network

[Source](https://pixabay.com/photos/ethereum-bitcoin-ripple-3818348/)


Cryptocurrency is a decentralized digital currency that relies on the application of cryptography to manage financial transactions and protect against counterfeiting and fraud. Cryptocurrencies are an alternative to sovereign currencies issued by state governments, such as the Canadian dollar.
Powered by blockchain technology, no single third party is in control of the transactions and data stored in the distributed ledger. As such, the use of cryptocurrency as a means of payment has the potential to undermine the ability of states to track currency movements.
This move to classify cryptocurrencies as a threat contradicts statements made by Mark Carney,

[Source](https://pixabay.com/photos/bitcoin-crypto-virtual-money-3024280/)


Carney challenged the role of the world's reserve currency, saying it could be replaced with a digital alternative. This means that most nodes in the network must agree that a transaction has occurred for it to be valid.Research by the Bank of Canada suggests that establishing a digital currency would give them the ability to collect more information on Canadian consumers than ever before. These personal details and data can then be shared with third parties, such as law enforcement, which currently requires a warrant to investigate an individual's spending habits.
A national digital currency that collects consumer data has serious privacy implications, and one of the possible outcomes is replacing real money entirely. Institutional monitoring of digital currency spending practices raises concerns about the surveillance of minors, undocumented citizens, and our privacy rights.Today's discussion ends here.  I hope you find it interesting and able to understand.  Share your thoughts on today's topic.  Wishes and blessings to all.  Everyone stay well stay healthy stay with Steemit