UK Prepares to Implement Central Bank Digital Currency

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CASHLESS SOCIETY: UK Prepares to Implement Central Bank Digital Currency

The Bank of England has begun consultations on introducing a Central Bank Digital Currency (CBDC), which could usher in a new cashless society where the government monitors and traces every transaction.

As part of the ‘Edinburgh Reforms’ of Britain’s financial services, Chancellor of the Exchequer Jeremy Hunt said the UK would begin consultations on a Central Bank Digital Currency (CBDC), which would replace the pound sterling with a digital version.

Hunt, who is pro-China and anti-Brexit, said the government will begin “bringing forward a consultation in the coming weeks to explore the case for a central bank digital currency – a sovereign digital pound – and consult on a potential design.”

“The Bank of England will also release a Technology Working Paper setting out cutting-edge technology considerations informing the potential build of a digital pound,” he added.

Unlike Bitcoin, which is decentralized, meaning a single person cannot control value or ownership, CBDC would act as traditional fiat currency issued by a central bank, therefore, be subject to inflation issues if the banks decided to issue more of it – the same as printing more money.

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If CBDC replaces physical currency altogether, all spending would be tracked by the government.

Central Bank Digital Currency mechanisms

Moreover, the digital pound could be “programmable,” which means the government could implement new mechanisms preventing people from spending on things the government disapproves of.

This could also be an addition to carbon footprint tracking, whereas if you travel too much and uses up your ‘quota,’ you would be unable to buy fuel, flight tickets, and a means of travel.

Last week, The Daily Fetched reported on the ’15 minute cities’ trial, which is set to begin in 2024 – this would also be yet another mechanism to prevent freedom of movement.

Ultimately, this leads towards the Communist China-style credit score, which is already being used to blacklist millions of Chinese citizens from traveling, along with anyone who dissented against the government.

Prime Minister Rishi Sunak, who was endorsed by Chinese state media in the contest to replace Boris Johnson, has been at the forefront of pushing for the introduction of a CBDC in Britain.

Not surprisingly, the central Bank Digital Currencies are supported by Klaus Swabb’s World Economic Forum (WEF), which listed it as one of the technologies that will “change the world by 2027 “.

According to the WEF, Central Bank Digital Currencies will “revolutionize the financial system, increasing financial inclusion and improving the lives of billions of people globally by providing access to cheap and affordable financial services.”

“For banks and issuers, they’ll be able to integrate their existing infrastructure and be able to provide a broad spectrum of CBDC-linked payment-related services and exercise cross-chain interoperability protocols for universal payment access to digital national currencies, stablecoins, NFTs, the Metaverse, and much more,” the WEFsaid.

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