The UK government will bring forward a consultation on the case for a central bank digital currency “in the coming weeks,” Chancellor of the Exchequer Jeremy Hunt has announced.
This week, the de facto head of His Majesty’s Treasury revealed that, as a part of his ‘Edinburgh Reforms’ of Britain’s financial services, the Bank of England will begin consultations on the design of a Central Bank Digital Currency (CBDC) which would act as a digital version of the pound sterling.
The move could usher in the globalist vision of a cashless society where all transactions would be traceable by the government.
Breitbart reports: Hunt, an anti-Brexit, pro-China figure resurrected from the David Cameron era, said in a written statement to Parliament that the government will begin “bringing forward a consultation in the coming weeks to explore the case for a central bank digital currency – a sovereign digital pound – and consult on a potential design.”
“The Bank of England will also release a Technology Working Paper setting out cutting-edge technology considerations informing the potential build of a digital pound,” he added.
In contrast to Bitcoin, which functions on a decentralised basis in which no single person can control its functions, ownership, or value, a CBDC would be similar to traditional fiat currency issued by a central bank, such as the Bank of England, and therefore could suffer from the same inflation issues if the central bank decided to issue more of it — like printing cash
Should a CBDC replace hard currency altogether, the government would be able to track every purchase or transaction made by the public.
The Bank of England has also admitted that a digital pound could be “programmable“, meaning that the government could potentially add mechanisms to prevent people from spending their own money on things the state disapproves.
This has led to concerns that Western governments could implement a system akin to the social credit score in Communist China, which has already been used to blacklist millions of citizens from travelling, including those who dissented against the authoritarian rule of Chairman Xi Jinping.