The chief of the International Monetary Fund (IMF) has told the world to prepare for central bank digital currencies (CBDCs) to replace cash, despite concerns that this will increase government control over people’s personal (financial) lives.
Central-bank digital currency” doesn’t exactly roll off the tongue. But you might want to get used to saying it. These so-called CBDCs, or digital versions of dollars, yuan, euros, yen or any other currency, are coming, say those who study them. And depending on how they are designed and rolled out, their impact on the banking system could be profound.
Britain’s finance minister has confirmed that Britain wants to explore a Central Bank Digital Currency (CBDC) that critics say could lead to a global cashless society in which all transactions are traceable by the government.
The United States edged closer to rolling out a digital identity document system for its more than 337 million citizens despite concerns it will lead to more control by the government and other institutions, Worthy News established Thursday.