The switchover from cash to debit/credit and digital wallet payments appears to have been one of the major societal changes which has arisen since the pandemic. As Governments pushed a narrative that paying by debit/credit card was safer, many businesses started to openly reject cash as a form of payment.
It’s no secret that countries across the world are somewhere in the process of releasing their own Central Bank Digital Currency (CBDC) and we must ask why this is happening. Is it to jump on the blockchain bandwagon? To feel modern or relevant to younger generations? To offer more security? Or, could there be another less obvious reason?
Our short video talks in plain english the problems we’re currently facing and helps you understand what buzz words like “programmable” mean so you can see a CBDC will be nothing like our current digital payment methods. And some of the extra features might not be to your liking when considered in conjunction with a Digital ID and Facial Recognition Surveillance Cameras
Uses data from the Atlantic Council’s Currency Tracker to visualize the state of each central banks’ digital currency effort.
Published on 9th December 2022 on behalf of the Bank of England.
A joint experimentation between the BIS and Bank of England, Project Rosalind aims to develop prototypes for an application programming interface for retail CBDCs.
We only get to choose the future we want when we speak up and get involved. This is a dangerous time to leave politicians to it – once a programmable CBDC is rolled out future Governments will have the power to tweak the “rules” and “features” to suit the ever changing political landscape. Join us today to help make a difference!
