The World Economic Forum (WEF) is riding hard for CBDCs (central bank digital currencies).
That, in and of itself, gives pause to critically-minded observers. But it’s worth keeping up with how WEF carries out this campaign aimed at as broad as possible CBDCs adoption.
At this point, the “elevator pitch,” pushed by the informal group gathering the most influential globalist elites, is to transition from simply advocating in favor of this massively controversial form of money.
Now, WEF wants to pretend that adopting, or planning to adopt CBDCs is a more or less a done deal, and move onto the technical nitty-gritty. And yet, even while shifting the narrative this way, some decidedly policy (and political) decisions, to be made by governments and regulators, are also pushed for.
One of them is referred to as CBDCs “interoperability” as a necessary precondition to making this centralized – government-controlled and tied to people’s identities – currency successful.
The WEF site says that CBDCs take two forms: retail for individuals, and the wholesale version for banks and other financial institutions.
Before getting to the point, the article also talks about “continuously evolving ways to engage with customers” being “the only way” to keep them happy.
There’s more ways though: how about not building golden financial cages for people, instead respecting their privacy and right to unmonitored and unrestricted access to their own assets?
Not something WEF will ever consider, so we might as well move on – the group thinks that a problem with CBCD adoption is a matter of technical and formal nature – will wholesale, retail, or both versions be adopted by a given country.
Now we come to “interoperability.” WEF has a whole white paper dedicated to it, entitled “Central Bank Digital Currency Global Interoperability Principles.”
It says something about the big, affluent countries’ old ways reemerging, when one learns that small (and less fortunate) economies are among the states already using CBDCs: the Bahamas, Jamaica, Nigeria, and the Eastern Caribbean Currency Union.
In the Bahamas, the retail CBDC has been around since 2019, and it’s called “the Sand Dollar” – pegged to the US dollar.
And that’s, in one sentence, a pretty good summation of what CBDCs are, and how they must not be confused with decentralized and open source crypto currencies.
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