The International Monetary Fund (IMF) has called on governments around the world to eliminate physical cash and replace their sovereign currencies with a single Central Bank Digital Currency (CBDC).
A CBDC is a form of “digital money” that is managed by the government and central bank bureaucrats.
The main difference between a CBDC and traditional cash is that “digital dollars” can be tracked and controlled by the government.
Such a system allows for the external monitoring of an individual’s spending, with the central bank being able to place limits and blocks on the use of the person’s funds.
For example, if a person is suspected of a “hate crime,” the government could block their money from being spent on firearms or ammunition.
In another example, a person’s spending could be tracked for their “climate impact,” and those with higher “carbon footprints” could have fines automatically deducted from their funds.
The IMF is now pushing for governments to begin ushering in this new era by phasing out cash and replacing money, as we know it, with a CBDC.
IMF Managing Director Kristalina Georgieva has declared that CBDCs must now be rolled out globally for the sake of “financial inclusion.”
Georgieva gave the keynote speech at the Singapore FinTech Festival last week, informing global elites that there is now “no turning back” on the “digital money voyage.”
According to her speech, CBCDs are now capable of replacing cash.
For those world leaders still struggling with how they will sell the plan to the taxpaying public, Georgieva asserted that CBCDs are apparently vital in advancing “financial inclusion.”
According to Georgieva, other claimed benefits of CBDCs are better “resilience” of developed economies and more convenient cross-border banking.
She also claims that digital cash has lower costs and improved safety when compared to “alternatives” such as, what Georgieva referred to as, “private money.”
Georgieva continued by claiming that high-quality personal data protection can be achieved with CBDCs.
The IMF is also working on the development of integrating artificial intelligence (AI) in CDBCs.
However, while she didn’t explain what role AI would play in “digital cash,” Georgieva did promise that it will “enhance” CBDCs.
Nevertheless, the major push to promote the scheme by top global financial industry bureaucrats like Georgieva isn’t happening by chance.
Yet, by her own admission, the global implementation of CBDCs still is advancing rapidly enough for the financial elite
According to the IMF’s data, 60 percent of countries are still only “exploring” this possibility “in some form.”
However, Georgieva says she is “optimistic” that the rest of the world is ready to soon commit to the plan.
In preparation, she called on governments around the world to urge “the public sector to keep preparing to deploy” the new “cashless” monetary system.
During her address, Georgieva praised Singapore as a hub of FinTech innovation.
While speaking at another event held in the country, the IMF-Singapore Regional Training Institute (STI) meeting, Georgieva also called for the global rollout of CBCDs.
The IMF also has “a virtual handbook” on CBCDs.
The “handbook” serves as a “reference guide for policymakers and experts at central banks and ministries of finance.”