RIO DE JANEIRO, BRAZIL – (Opinion) It certainly appears that central bank-controlled digital currency is gaining even more popularity.
These “Fedcoins,” according to The Economist, “are a new incarnation of money. They promise to make finance work better but also to shift power from individuals to the state, alter geopolitics and change how capital is allocated.”
The same piece also reveals the increased level of support for digital money: “Over 50 monetary authorities, representing the bulk of global GDP, are exploring digital currencies.”
The ultimate goal of Fedcoins around the globe is that each person will have only one account, through which all transactions will take place, and this account will no longer be with a commercial bank but with the central bank.
The background to this plan is logical. Digital central bank money is programmable. It would allow the state to monitor all transactions, assign us different tax rates, and impose individual penalties on us.
The state could partially tie the money to an expiration date and could force us to spend certain specific sums within certain time periods. It could also earmark the money and force us to spend certain amounts only on certain goods or in certain regions.
Above all, however, the state would be able to cut off each and every one of us from all payment flows with a simple click of the mouse, thus eliminating us financially. Digital central bank money would be the most effective social control mechanism that has existed in human history.
It would thus be nothing more and nothing less than the completion of an all-encompassing dictatorship brought about via money.
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