The World Economic Forum (WEF) has unequivocally endorsed the adoption and proliferation of Central Bank Digital Currencies (CBDCs) at the “Summer Davos” event this week.
The WEF showcased, through an array of discussions, the pivotal role of “public-private partnerships” in fashioning an integrated financial system.
As the members of the World Economic Forum (WEF) lift their champagne glasses in a toast to CBDCs, the alarm bells ring louder for the privacy and civil liberties of the common man.
The WEF, often described as an exclusive club of the world’s economic elites, has given its thumbs up to CBDCs, portraying them as the next financial evolution. But beneath the veil of this lies an insidious world where our privacy could be auctioned off to the highest bidder – the government.
CBDCs are essentially digital versions of national currencies, touted to bring about an efficient, secure, and accessible monetary system. However, the alarming aspect is the almost Orwellian control it could potentially hand over to central banks and governments. With digital currencies in place, the authorities can peer into your financial transactions with microscopic precision.
In a report, timed for release with the event this week, the WEF listed “advancing cashless societies” as one of the strong motivations for introducing CBDCs. “Focusing on reducing cash use, promoting digital payments and enhancing financial literacy to drive economic growth and increase efficiency, while balancing privacy concerns,” the report states.
Though it doesn’t say exactly how “balancing privacy concerns” will be addressed.
The conference this week brought attention to the stark reality of physical money becoming a relic, as Eswar Prasad, a Cornell University professor, emphasized during his speech.