G7 committee convenes and discusses CBDC imposition

Table of Contents

• Stability, resilience, and integrity?
• Opinion

The G7 committee recently convened in Niigata, Japan to explore how Central Bank Digital Currencies (CBDCs) can help establish a global financial system. Is this ultimate control?

The gathering brought together top economies: UK, US, Canada, France, Germany Italy and Japan- ahead of the annual G7 summit scheduled for May 19th-21st. 

Stability, resilience, and integrity?

In an official communique following the event, participants pledged to have extensive discussions on digital currency policies with the objective of leveraging innovative advancements like better payment efficiency, while navigating potential risks which might harm the global monetary systems' stability, resilience and integrity.

At the top of the committee’s list was to ensure reliability, stability, and transparency for global payments - the foundation for effective economic and fiscal activity. It is the belief of the G7 committee that CBDCs offer hope in making this happen. 

When it comes to central bank digital currencies (CBDCs) there are some notable differences between them and decentralised cryptocurrencies like Bitcoin – primarily that they are centralised and represent a digitised iteration of a nation's fiat currency. 

While these differences matter, the G7 committee takes the view that what is important is ensuring that any CBDC implementation upholds fundamental principles such as transparency, compliance with legal requirements, sound economic governance practices, cybersecurity measures, and data protection regulations. 

Opinion

As the banking system continues to come under severe duress due to focussing on profit rather than the protection of bank clients’ funds, it is obvious that the fiat monetary system is teetering on the edge.

Central banks have put themselves in hock to prop the system up for the time being, having made this decision on behalf of citizens who will foot the bill by seeing the purchasing power of their fiat currencies depreciate even further.

The G7 committee understands very well that the only way that it can prolong the life of the fiat monetary system is by tying everyone into the system by imposing a central bank digital currency upon them. This will give central banks complete power over how a citizen spends or saves their currency.

If for example, a citizen sought to spend some of their digital dollars, yen, pounds etc. on something like Bitcoin, code behind the CBDC could be inserted to prevent them from doing so. This would lead to ultimate control, and what some might term as “financial slavery”. 

No amount of promises or laws or whatever should be accepted that state that privacy and financial freedom will be upheld. Governments have already proven (Canadian freedom truckers) that they have the power to freeze bank accounts and blacklist Bitcoin wallets etc. With a CBDC, their ability to control your finances and surveil you can be unbounded.

History shows us that as world empires start to decline, those in control impose ever more draconian censorship and control measures. The hope is that just as has happened throughout history, the small band of independent thinkers determined to achieve freedom will be able to do so once again.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.