The worst expectations regarding CBDCs (Central Bank Digital Currency) are coming true. Particularly on the Russian side.
From Gosbank to CBDC
The Russian central bank has been testing a CBDC since August 1, in partnership with thirteen private banks in eleven Russian cities. Russia joins India, China, Japan, Turkey, Iran and fifteen other countries that are in the pilot phase of their exploration of CBDCs.
For the first time, Russian citizens will be able to use the digital ruble in thirty stores. Since August 15, Promsvyazbank has allowed users of its app to pay in digital rubles, with a commission of 0.3%.
And while it was not planned to make CBDC loans, it seems that some Russian politicians are seriously considering it. Russian MP Anatoly Aksakov spear during a meeting at the club AiF.Medi have the belief that the digital ruble will eventually make banks redundant.
“Decisions will be made by a robot. Maybe a bank is no longer needed [pour octroyer un prêt] given that the digital ruble will be very technological”did he declare.
The head of the Duma banking committee believes that such a system will be “perhaps more effective”. If that is the case, “banks will no longer be necessarys »he added.
In short, this MP would like the government to be able to comb through our purchasing and internet browsing histories.
This “robot” is in fact nothing more than statistics drawn from large quantities of private data. In short, an AI that is even more ” effective “ that it will be able to poke its nose into large quantities of data.
Just watch documentaries about Chinese social credit or Alibaba to send shivers down your spine. The goal of the game is to analyze people, lifestyle, morals and other information to identify citizens worthy of borrowing.
Private banks would do well to be wary of CBDC. It would even be wise to quickly brush aside their fears regarding bitcoin. A resurrection of Gosbank and its communist overtones would probably be fatal for them.
So what is this ideology that would like to make those who agree to be monitored and dissected by AI climb the social ladder?
Not to mention the fact that we already hear IMF pundits pleading to condition the currency. Firstly, social assistance money. And then, one fine day, every penny in circulation.
Anatoly Aksakov himself declared in the past that CBDC could be used to “restrict unwanted payments”. And while the bill Mr. Putin signed does not include limits or caps on spending, it gives the central bank the power to do so.
Finally, let us emphasize again that MP Aksakov declared in July that the digital ruble should be able to trade with other foreign CBDCs, citing the digital yuan as a model for success.
The dark design in vogue is to obtain absolute control over our money in order, ultimately, to ration ourselves. Fortunately, bitcoin will prevent the worst-case scenario.
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