The UK government will bring forward a consultation on the case for a central bank digital currency “in the coming weeks,” Chancellor of the Exchequer Jeremy Hunt has announced.
This week, the de facto head of His Majesty’s Treasury revealed that, as a part of his ‘Edinburgh Reforms’ of Britain’s financial services, the Bank of England will begin consultations on the design of a Central Bank Digital Currency (CBDC) which would act as a digital version of the pound sterling.
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The move could usher in the globalist vision of a cashless society where all transactions would be traceable by the government.
The Biden admin in the US as well as the European Union and Japan are also working towards the implementation of digital versions of their currencies.
Breitbart reports: Hunt, an anti-Brexit, pro-China figure resurrected from the David Cameron era, said in a written statement to Parliament that 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.
In contrast to Bitcoin, which functions on a decentralised basis in which no single person can control its functions, ownership, or value, a CBDC would be similar to traditional fiat currency issued by a central bank, such as the Bank of England, and therefore could suffer from the same inflation issues if the central bank decided to issue more of it — like printing cash
Should a CBDC replace hard currency altogether, the government would be able to track every purchase or transaction made by the public.
The Bank of England has also admitted that a digital pound could be “programmable“, meaning that the government could potentially add mechanisms to prevent people from spending their own money on things the state disapproves.
This has led to concerns that Western governments could implement a system akin to the social credit score in Communist China, which has already been used to blacklist millions of citizens from travelling, including those who dissented against the authoritarian rule of Chairman Xi Jinping.
Prime Minister Rishi Sunak, who was essentially endorsed by Chinese state media in the contest to replace Boris Johnson as PM — which he lost — and who married into the multi-billion Infosys tech dynasty in India, has been at the forefront of pushing for the introduction of a CBDC in Britain.
Central Bank Digital Currencies are also heavily supported by the globalist Davos-based World Economic Forum (WEF), which listed it among the technologies that will “change the world by 2027“.
Niamh Harris
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It’s no mystery. Population growth and inflation makes manufacturing transporting storing safeguarding traditional currency to expensive. Its no big deal.
But they know anything digital can be altered magically.
No big deal? Is that you Klaus?
dimwit Grow up. This isn’t kindy.
Name calling, the last vestige of those with no valid argument.
The Queen signed the Holy rood Act on 2010 that made the Pope the head of the Anglican Church in effect marrying the Bank of England to the Vatican Bank and putting all pc it under the Pope as King of the Holy See.
England. The commonwealth of Nations everything under Crown Law and Crown Lands basically is the Vaticans. The Pope is the o e who dispenses titles privileges lands wealth power as he see fit, to those loyal to him. So then next step the Queen signed the Perth Act allowing a Catholic to marry the heir and in effect allowing a Catholic to be Monarch again
Now she’s dead.And really she should have outlived her mother who drank like a fish, a hard core sailor, who was FAMOUS for being able to drink any man under the table, and she loved to 101