United Kingdom Prepares ‘Digital Pound’ CBDC

Central Bank Digital Currencies (CBDCs) spell the end of economic and financial freedom for humanity.

With CBDCs, totalitarian governments and complicit corporations can control your ability to access funds in one second.

The globalists envision a cashless society where all transactions are traceable by government.

CBDCs allow that vision to become a reality.

“Chancellor of the Exchequer Jeremy Hunt revealed that, as a part of his ‘Edinburgh Reforms’ of Britain’s financial services, the Bank of England will begin consultations on the design of a Central Bank Digital Currency (CBDC) which would act as a digital version of the pound sterling,” Breitbart reports.

We MUST NOT let this happen pic.twitter.com/pBbsR0M6uL

— leilani dowding 🌸🚜 ☮️ (@LeilaniDowding) December 10, 2022

U.K. – The Bank of England has opened applications for a ‘Proof of concept’ CBDC Wallet

But it’s still only thinking about introducing one, this doesn’t mean they are going to.

They think we are stupid 🤡 pic.twitter.com/s2VOJZvQAh

— Elander & the News (@ElanderNews) December 12, 2022

Bank of England wants the wallet to be able to load, unload CBDCs and facilitate daily payments via QR codehttps://t.co/dl09tymmXx

— Gadgets 360 (@Gadgets360) December 12, 2022

Breitbart reported:

Hunt, an anti-Brexit, pro-China figure resurrected from the David Cameron era, 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.

The Bank of England has also admitted that a digital pound could be “programmable“, meaning that the government could potentially add mechanisms to prevent people from spending their own money on things the state disapproves.

This has led to concerns that Western governments could implement a system akin to the social credit score in Communist China, which has already been used to blacklist millions of citizens from travelling, including those who dissented against the authoritarian rule of Chairman Xi Jinping.

The World Economic Forum is a heavy supporter of CBDCs and stated they’ll be among the technologies that will “change the world by 2027.”

A new digital form of a country’s fiat currency issued directly by a nation’s monetary authority or central bank is predicted to have one of the biggest disruptive impacts over the next 3-5 years. This form is referred to as a central bank digital currency (CBDC). When underpinned with blockchain technology, a CBDC has the potential to revolutionize the financial system and pave the way to increasing financial inclusion and improving the lives of billions of people globally by providing access to cheap and affordable financial services. Due primarily to its architecture, a well-constructed CBDC can support offline payments, shielded transfers, automation throughout the programmability layer, and possess cash-like properties. All these features when taken together will foster financial inclusion of the user by providing them with a digital alternative to physical cash, enhancing access to their money even in remote areas, and providing options for those that are currently unbanked. Innovative payment platforms will provide an on-ramp for building CBDC and bridging them together to existing payment networks, including both traditional banking and alternative finance. For banks and issuers, they’ll be able to integrate their existing infrastructure and be able to provide a broad spectrum of CBDC-linked payment-related services and exercise cross-chain interoperability protocols for universal payment access to digital national currencies, stablecoins, NFTs, the Metaverse and much more.

Cointelegraph added:

The Bank of England (BOE) is seeking a “proof of concept” for a wallet that will be able to hold a central bank digital currency (CBDC).

On Dec. 9, the BOE posted a request for applications on the United Kingdom government’s Digital Marketplace, a service where government organizations can solicit work for digital projects.

Simple guidelines for what the proof-of-concept wallet would have to achieve were outlined, with the wallet seemingly only needing to offer basic functionality such as a signup process, a way to update details, and to display balances, transactions and notifications.

Of course, the wallet also has to demonstrate it can be loaded and unloaded with a CBDC, along with being able to request peer-to-peer payments through an account ID or QR code. It also must be able to be used to pay businesses online.

Key deliverables for the project are creating a mobile app for iOS and Android, a website for the wallet, an example merchant website and the back-end infrastructure to serve the wallet website and apps while also storing user data and transaction history.