The Bank of England has started consultations on implementing a Central Bank Digital Currency (CBDC), which could usher in the globalist vision of a cashless society where all transactions are traceable by the government, according to an announcement made this week by the de facto head of His Majesty’s Treasury.
Chancellor of the Exchequer Jeremy Hunt announced that the Bank of England will start consultations on the design of a Central Bank Digital Currency (CBDC), which would serve as a digital equivalent of the pound sterling, as part of his “Edinburgh Reforms” of Britain’s financial services.
Hunt 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.
Prime Minister Rishi Sunak has been at the forefront of pushing for the introduction of a CBDC in Britain. Central Bank Digital Currencies are also heavily supported by the globalist Davos-based World Economic Forum (WEF), which listed it among the technologies that will “change the world by 2027“.