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If the International Monetary Fund (IMF) is successful in unleashing a new “global Central Bank Digital Currency (CBDC ) platform,” as managing director Kristalina Georgieva says the group is currently “working hard” on, then soon the world’s entire money supply will be controlled by a “group of unelected bureaucrats.”
Right now, the various currencies of the world are, for the most part, already controlled by unelected, private central banking cartels. A new IMF CBDC, however, would unify them all into one cashless cryptocurrency that everyone will be forced to use in order to buy and sell.
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“If we are to be successful, CBDCs could not be fragmented national propositions,” Georgieva declared at a policy roundtable discussion with Bank Al-Maghrib in Rabat, Morocco about CBDCs.
“To have transactions more efficient and fairer, we need systems that connect countries. In other words, we need interoperability. For this reason, at the IMF we are working hard on the concept of a global CBDC platform to trade and to manage risks.”
Communist China currently has the world’s largest CBDC pilot program with 118 million participants
According to Georgieva, CBDCs offer “more people access to financial services, and at a lower cost, enhancing payment system ‘efficiency’ and ‘resilience’ and making cross-border payments ‘cheaper and quicker’ while reducing the number of needed intermediaries.”
If there are many different CBDCs, though, then there is a greater risk of “currency substitution and capital flow volatility,” she warned. This is why the IMF wants there to be just one single CBDC that is used by the entire world, which Georgieva says would enhance “international economic stability.”
Even without CBDCs, Georgieva said that “economic integration” under a new global world economic order is still possible. Still, if CBDCs are only used domestically rather than internationally, “we are under-utilizing their capacity,” she alleged.
When asked when the IMF plans to unleash a global CBDC, Georgieva dodged the question and apparently starting talking about something else entirely. She did, however, indicate with a smile that 114 central banks are in the process of at least exploring CBDCs, and that 10 have already “crossed the finish line,” the biggest one being in communist China with 118 million participants.
Georgieva revealed three primary “policy” challenges that exist in bringing to fruition a cross-border CBDC payment system. These include “common settlement asset,” “common legal and regulatory frameworks,” and “shared infrastructure,” all of which she claims can be remedied with the rollout of a global CBDC.
Back in April, the IMF announced the creation of a CBDC handbook that central banks and governments around the world can use to assist with their national CBDC rollouts. Former People’s Bank of China deputy governor and current IMF deputy managing director Bo Li indicated that this handbook will “hopefully help countries make as well-informed decisions as possible” regarding their respective CBDC programs.
Li further revealed, and quite boldly, that CBDC transaction data can be used to enforce social credit scoring systems similar to the one that controls people’s behavior in communist China.
“Those transaction data in terms of how many coffees I drink every day, where I buy coffee, do I use UBER every day and what kind of working hours I have,” Li said last October. “Those non-traditional data can be very useful for financial service providers to give me a credit score.”
According to Sam Callahan, a lead analyst for Swan Bitcoin, the Bank of International Settlements (BIS) has been in the process of designing an international CBDC program, or a “multi-CBDC system,” since 2020 when everyone was distracted by the Wuhan coronavirus (Covid-19).
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Sources for this article include: