‘I am not a number, I am a free man’ – Crypto currency
Worried about cryptocurrency or digital money? Don’t because your current PM, Rishi Sunak, has already set it up!
When Chancellor, Mr. Sunak ordered the Royal Mint to create a UK government-backed NFT (non-fungible token) to be issued by summer 2022, he was pushing ahead with a new law that would pave the way for ‘stablecoins’ to be used in all everyday payments albeit the Bank of England feared financial stability of the technology. Did you get a say?
A unique digital identifier within blockchain applications and cryptocurrency.
Whilst at the G7 summit, Sunak signed and agreed for global minimum tax on multinationals and online tech companies at 15%. The rest of us with companies have to pay 25% at present. So for their part in bringing about an unique digital ID for you and ‘stablecoins’ as crypto currency instead of cash or card, the big tech companies and multinationals have been rewarded with lower taxes.
The WEF set up the partnership PACI (Partnership Against Corruption Initiative) which brings together some 90 companies that ‘actively shape the B20 policy agenda’. B20 a selective group of businesses that delivers proposals to the G20. Among the PACI’s signatories is Infosys, one of Mr. Sunak’s wife and family’s businesses. Glencore, whose UK subsidiary was recently charged by the Serious Fraud Office with seven counts of bribery in connection with oil operations is another member.
So we believe the WEF are involved too in pushing for digital currency and ID. But I digress.
Cryptocurrencies, are alleged to be cryptocurrencies but are apparently not currencies at all. They are speculative assets, the valuation of which changes.
Stablecoins have been invented by big tech companies but what will they be aligned with? The Dollar? Sterling? It would appear that the Central Bank of China has been experimenting with digital currencies over the last seven years; the ECB has decided to follow suit and soon the Bank of England.
Crypto, as it is often called colloquially, is basically any technology based on something called the blockchain. Blockchain is a database that is decentralised and is shared amongst many different computers. Rather than being centralised, like in a Bank, this database spreads out over many different computers who work together to process and verify transactions.
Days of paying this by cash will soon be a thing of the past, as will paying by card. CDBC (Central Bank Digital Currencies) will be issued by the central bank but not backed by any government so one problem will be with volatility, as well as your control. This will be a One World monetary concept – no more dollars, euros, pounds.
As we have witnessed recently in Canada, the Central Bank or your Government can easily just ‘turn you off’, or ‘change the numbers’. As you use your ‘digital currency’ it is also able to monitor exactly where it has come from, who it went to – so you can be monitored on exactly what you are buying and from whom as well as when.
Those in the process of introducing this, WEF, Central Bank, are also looking at the implications of climate change as it takes a lot of energy to mine Bitcoin. However, with energy soon becoming controlled by ‘smart meters’ and the more recently ‘blackouts’, the people will soon get used to being controlled even more in their lives.
Another point is data. They believe there is huge potential to have more data, more information and therefore a better credit profile of the ‘customer’. A couple of companies are presently looking at patterns of consumption. Your privacy is mentioned, but there is more concern about potential cyberattacks on the bank because they hold so much information about you. Ask yourself why? Why do you need to know so much about me just to provide a monetary service??
What is essential to them is Digital ID. What will this entail? Will we be asked to present our hand to pay, as we agree to have microchips implanted?
HSBC is one bank that states it is involved in discussing and developing CBDCs and are working in partnership with central banks.
Cryptocurrencies are not issued by a government or backed by the full faith and credit of a government. So these are volatile; they’re risky, new and markets aren’t sure how to value them. So therefore ‘stablecoins’ were created. However, these will come with regulations.
With it envisaged they will control what you buy, what you eat, will they stop you from purchasing products now they have your money through Digital ID? If you fail to comply with new rules, as a lady found out to her horror in Canada, will they close your account or worse change your ‘digital currency amount’?