The Bank of England has started consultations on trying to implement a Central Bank Digital Currency (CBDC), which could lead the way in the globalist vision of a cashless economy where all transactions are easily detectable by the government, according to an announcement made this week by the de facto head of His Majesty’s Treasury. This implies that the UK is set to launch the digital pound central bank digital currency.
Chancellor of the Exchequer Jeremy Hunt disclosed that the Bank of England will start consultations on the creation of a Central Bank Digital Currency (CBDC), which would serve as a digital equivalent of the pound sterling, as part of his “Edinburgh Reforms” of Britain’s financial industry.
The government will start “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,” according to Hunt, a pro-China, anti-Brexit figure from the David Cameron era.
“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.
A CBDC would be equivalent to conventional fiat currency issued by a central bank, such as the Bank of England, and as such could experience the same inflation concerns if the central bank opted to issue more of it — like printing money — in contrast to Bitcoin, which operates on a decentralized basis in which no single individual can control its functions, ownership, or value.
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Should a CBDC completely replace real cash, the government would have the ability to monitor every purchase or transaction performed by the general public.
The Bank of England has also conceded that a digital pound might be “programmable,” which means that the government could theoretically incorporate measures to restrict people from spending their own money on items that the government does not approve of.
This has raised fears that Western governments will create a system similar to Communist China’s social credit score, that has already been used to bar millions of citizens from traveling, including those who have spoken out against Chairman Xi Jinping’s autocratic leadership.
Prime Minister Rishi Sunak, who married into the multibillion-dollar Infosys IT dynasty in India and was basically sponsored by Chinese state media in the battle to succeed Boris Johnson as PM — which he lost — has been at the forefront of lobbying for the adoption of a CBDC in Britain.
Central Bank Digital Currencies are also strongly backed by the globalist Davos-based World Economic Forum (WEF), which named it one of the innovations that will “change the world by 2027.”
The WEF said that Central Bank Digital Currencies will “revolutionise the financial system” through “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 WEF suggested.
The Biden government in the United States and the European Union have both been striving toward the deployment of digital versions of their own currencies, together with the supposedly Conservative government in the United Kingdom.
The term “Bitcoin” was coined in 2008, and since then it has become a worldwide phenomenon. Today, around 50 million people are using Bitcoin every month.