WEF Pushes Cashless Society Central Bank Digital Currencies
The globalist architects of the Great Reset at the World Economic Forum have thrown their weight behind the concept of Central Bank Digital Currencies, claiming that state-controlled cryptocurrencies will “revolutionize” the future of finance.
Just days before its annual meeting in Davos, in which elites from enterprise and government descend upon the Swiss ski resort town, the World Economic Forum (WEF) has released a list of technologies that it believes will “change the world by 2027”, including such New World Order staples as the Metaverse and so-called green energy.
In its list, the Klaus Schwab-led group said that Central Bank Digitial Currencies (CBDCs) will “revolutionize 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 added.
As opposed to Bitcoin, which operate on a decentralised basis with no single entity or person having control over the value, ownership, or functions of said coins, CBDCs act like a digital form of traditional fiat currency, in that they are issued by central banks, and therefore are ultimately beholden to the whims of the state.
In addition to spearheading the infamous social credit score, Communist China also became the first major world economy to issue a Central Bank Digital Currency, introducing a crypto version of the RMB, also known as the Digital Yuan, in 2021. So far, over a quarter of a billion people have signed up for the state-owned digital wallet in the communist country.
Such is the capability of CBDCs that American lawmakers warned athletes to not use the digital yuan while competing in the Beijing Olympics for fear of it being used to surveil U.S. athletes.
While most cryptocurrencies are traceable to some degree, the larger concern with central bank-issued digital currencies is that they may be used as defacto versions of a social credit score to force citizens into complying with the wishes of the government.
China is not the only government that has realised that a digital currency issued by the state could vastly increase state power.
For instance, the Bank of England, which is currently developing a cryptocurrency version of the pound, has suggested that the British CBDC could be used as a means of behavioural control.
Indeed, the director of Fintech at the Bank of England, Tom Mutton said last year that such a digital currency could be “programmable”, allowing the government to determine what citizens can and cannot spend their money on.
“You could introduce programmability – what happens if one of the participants in a transaction puts a restriction on [future use of the money]?” he said.
“There could be some socially beneficial outcomes from that, preventing activity which is seen to be socially harmful in some way. But at the same time, it could be a restriction on people’s freedoms,” the central banker noted.
Empowering central banks with the ability to “programme” their currency digitally will come as concerning for political dissidents, not only in places like Hong Kong but also in Western nations, which have increasingly seen banking weaponised against conservatives who have run afoul of the woke mob.
The World Economic Forum said that CBDCs are “predicted to have one of the biggest disruptive impacts over the next 3-5 years.”
In addition to the United Kingdom, the United States under the Biden administration and the European Union are also currently drawing up plans to release digital versions of the dollar and euro, respectively.