Central Bank Digital Currency

Governments around the world are working in conjunction with the World Economic Forum, Big Tech, multinational corporations, and other organizations to eliminate cash and replace it with a new financial system called central bank digital currency (CBDC).

CBDC is being promoted as a system that is faster, safer, and more convenient than conventional payment systems and one that would reduce financial crime and terrorism but in reality, it is the path to government-sanctioned surveillance and control.

Unlike Bitcoin and other decentralized digital currencies CBDC is a programmable digital currency, meaning a central authority (central bank or government) could restrict access to our money and movements based on anything it deems unacceptable or socially harmful. This is because it would have control of all money and access to each person’s personal data via their digital ID including that derived from mass surveillance systems already widely in place.

Augustin Carstens, general manager of the Bank for International Settlements (BIS) – the bank for other central banks explains:

The following simulation illustrates life under a CBDC system.

This monitoring and control of the population is known as the Social Credit System and it is already in place in parts of China.