IMF Managing Director Kristalina Georgieva said the government is preparing to deploy Central bank digital currencies (CBDCs) to replace cash, arguing it can increase “financial inclusion.”
During a Wednesday speech, Georgieva said Central bank digital currencies could replace physical money, especially in economies where cash deployment is expensive.
“CBDCs can replace cash, which is costly to distribute in island economies. They can offer resilience in more advanced economies,” she said at the Singapore FinTech Festival on Wednesday.
“And they can improve financial inclusion where few hold bank accounts.”
As CoinDesk notes, CBDCs are digital iterations of sovereign currencies like the U.S. dollar or the euro issued by central banks, potentially utilizing technologies that underlie cryptocurrencies.
Governments worldwide see these currencies as something that could support the digitization of payments, improve the efficiency of cross-border payments, and help financial inclusion – by bringing financial services to unbanked or underbanked populations.
According to Georgieva’s keynote speech, CBCDs can replace cash, which the financial elites have been dreaming about for years.
However, the CBDCs can used to surveil the activities of the population.
Georgieva listed other benefits of centralized digital currencies, touting the “resilience” of developed economies and more convenient cross-border banking.
The Daily Fetched reported in June that critics warned that a global digital currency in the hands of globalist elites and entities like the IMF could usher in techno-Communist dystopia, allowing everything people purchase to be tracked and linked to a CCP-style social credit score system.
Rich Dad Poor Dad author Robert Kiyosaki recently issued a stark warning against CBDCs, arguing it would open the doors for unprecedented surveillance of Americans and the world.
“By tracking every financial transaction, they will have access to every detail of our spending, the recipient of our money, and how we allocate our resources,” said Kiyosaki.
In September, leaders of the group of 20 nations agreed to impose digital IDs and digital currencies on the world’s population.
The news came despite significant pushback and concerns that governments will use digital currencies, such as CBDCs, to monitor people.
The G20 adopted a final declaration on the subject over the weekend in New Delhi.
The group announced it had agreed to build the necessary infrastructure to implement digital IDs and digital currencies.
However, critics warned that governments and central banks will eventually regulate cryptocurrencies before replacing them with central bank digital currencies (CBDC), giving them more control over the populace.