The success of the cryptocurrency industry has inspired the Federal Reserve and other central banks to create their own digital currencies using the new technology. Recently, the Federal Reserve Bank of New York and a small group of private financial companies announced a 12-week pilot program to explore the feasibility of a central bank digital currency (CBDC). Although several other central banks are testing and implementing CBDCs, this is the first move by the Fed. Unfortunately, it is not a move in the right direction. There is a strong political appetite in the United States for government intervention to reduce…