Don't worry about Central Bank Digital Currencies
They are totally safe.
Paying electronically is efficient and convenient, so a digital currency that is totally controlled by a central bank will be even better. In October 2021 Rishi Sunak announced the G7 would be working towards CBDCs.
"Today I'm proud to say that .. the group of the world's seven most advanced economies is launching a set of public policy principles for retail central bank digital currencies... it's all part of the wider story of digital innovation that has delivered benefits to millions around the world and in the UK."
That’s right. In fact, if you liked Vaccine Passports, you’ll LOVE Central Bank Digital Currencies.
Imagine:
Your bank froze your account because you supported a protest the Government didn't like.
You cannot spend your Digital Pounds on lamb as the Behavioural Insights team says bugs are 'more sustainable'.
Facial-recognition cameras saw your 'Johnson is a twat' T-shirt: now your payment is declined at Pret a Manger.
Your benefits are delayed until you delete your hurtful social media posts.
Efficient and convenient - but not for you. Sunak said that it is no threat to cash.
“…any potential UK CBDC would exist as a complement to cash and bank deposits, and not a replacement. We know that cash remains vital for millions of people and are fully committed to ensuring people across the UK can continue to access it. CBDC will operate alongside cash, and not replace it”
This is from the government that said they weren’t going to introduce vaccine passports. Can we hold you to that? Absolutely!
