Fiat currency for the worse, the CBDC is one of the priorities of the IMF which is looking for a new raison d’être.
The IMF still very interested in the CBDC
The International Monetary Fund is working on a platform to centralize international CBDC (Central Bank Digital Currency) transfers, IMF President Kristalina Georgieva said on Monday.
The IMF seeks to establish itself as the international payment network for obvious reasons of power. Asked “who will regulate” this platform, an IMF representative replied:
“Central banks remain in control of their reserves. […] It’s not like there are strict controls about the amounts of reserves and how those reserves can be used. Countries can specify how their currencies are used. The IMF can play a role in governance […], but it is not a bank. The system will have to be managed by another entity such as the Bank for International Settlements or another entity that already manages international payments [SWIFT]. »
Or how to change everything to change nothing… In short, the United States will always be able to sanction countries by “freezing” their reserves. To see if it will still be possible to completely disconnect countries from the network as with SWIFT…
Anyway, it’s a safe bet that the BRICS will build their own system. Especially since the United States enjoys a right of veto for major decisions of the IMF.
“Wholesale” CBDC
One hundred and fourteen central banks are already at one stage or another of exploring CDBCs, “of which a dozen have already crossed the finish line”declared the president of the IMF.
“CBDCs could help promote financial inclusion and make transactions less expensive”, she said, noting that the average cost is 6.3%. That is a manna of 44 billion dollars per year.
This interference sometimes reaches 20% in some countries, particularly in Africa. “If countries develop CBDCs only for national deployment, we are underutilizing their capacity”she added.
Kristina Georgieva is also worried that the void is “fulfilled by crypto-currencies”reports Reuters. Too late. No payment network will manage to do better than the Lightning Network, the second “layer” bitcoin. Even the bank Santander became evident…
Another interesting tidbit, Ms. Georgieva believes that CBDCs should be asset-backed. For her, cryptocurrencies are an investment opportunity when backed by assets, but a “speculative investment” when they are not, reports Reuters.
Thus, CBDCs will be backed by an asset. First news. What asset? Gold ? It would then be the same idea put forward by some BRICS countries: a gold-backed stablecoin.
Such an idea is laughable. You might as well use bitcoin, which is self-sufficient thanks to its absolutely fixed money supply. Bitcoin is not backed by anything, everything else is backed by bitcoin…
“Retail” CBDC
CBDC “retail” was not addressed. That is, CBDC for you and me, unlike wholesale CBDC which is only for central banks.
However, we can already say without fear that it will not be “backed” by an asset. It will be convertible 1:1 with the fiat currency whose quantity is infinite.
Nevertheless, the IMF has some ideas, as evidenced by its manual to help central banks and governments around the world set up CBDCs.
Former Deputy Governor of the People’s Bank of China and current Deputy Managing Director of the IMF Bo Li believes that CBDCs will be ” programmable and that they will control how people can spend their money » :
In essence, the powerful are salivating at the thought of ending cash and replacing it with a CBDC that we couldn’t spend as we saw fit. Everything is imaginable. Including rationing and the end of privacy.
The disappearance of cash would mean the apogee of mass surveillance, an unavoidable prelude to totalitarianism. For Bo Li, institutions could take advantage of our data by taking the example of China where “non-traditional data can be very useful for calculating credit scores”.
In other words, these people want a world where the collection of our data makes it possible to choose who deserves to climb the social ladder, or not.
You force a little too much on the bottle since your breakup? No borrowing. Do you eat too much? Increase in the rates of your health insurance. Do you criticize the party on social networks? Airplane ban.
It is the system dreamed up by the globalists who seek by all means to take control of our data and our wallet.
Digital ID
Digital Identity is the keystone of this mass surveillance and control system. As the Bank for International Settlements wrote in 2021:
“The most promising type of CBDC includes digital ID provided by governments.”
Repeated assertion in its 2021 annual report:
“Identification at some level is central to the design of CBDCs. The CBDC must ultimately be linked to a digital identity. »
Unsurprisingly, the World Economic Forum and the organizations overseen by Bill Gates are also very fond of it. The latter notably finances alliances “Better than Cash” And “ID2020”two organizations that are well established on the side of the UN.
Here is what can be found on the WEF website:
“This digital identity determines the products, services and information to which we have access or, on the contrary, what is prohibited to us. »
Speaking ofUNwe can read in its recent report “Our common future”:
“Digital identities linked to bank accounts […] can improve social protection coverage and better reach eligible beneficiaries. »
Or how to sell us with our money the chains of a dystopian future. This is not unlike the efforts of Sam Altman, the creator of ChatGPT, who launched his own biometric identity disguised as Worldcoin…
Fortunately, faced with this digital lead screed, Bitcoin will prevent the darkest megalomaniac designs imagined on the side of Davos.
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