Markets

FED chair Jerome Powell on a U.S. digital dollar

Central banks are planning to produce their own “digital currencies”. Removing any and all remaining privacy, granting total control over every transaction, even limiting what ordinary people are allowed to spend their money on.

“Central Bank Digital Currencies” (CBDCs) are digitized versions of the pound/dollar/euro etc issued by central banks. UK’s Chancellor Rishi Sunak is keenly pushing forward a digital pound that the press are calling “Britcoin”.

The US is also researching the idea, with Jerome Powell, head of Federal Reserve, announcing the release of a detailed report on the “digital dollar” in the near future. The proposals for how these CBDCs might work should be enough to raise red flags in even the most trusting of minds.

Most people wouldn’t like the idea of the government monitoring “all spending in real-time”, but that’s not the worst it. By far the most dangerous idea is that any future digital currency should be “programmable”. Meaning the people issuing the money would have the power to control how it is spent.

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