The Bank of Israel’s governor sat on a panel at the WEF annual meeting in Davos last month to discuss “central bank digital currencies,” which the Israeli bank has been researching since 2017.
The panel, titled, “In the Face of Fragility: Central Bank Digital Currencies,” began with moderator Neha Narula, director of the Digital Currency Initiative at MIT, saying that “CBDC is top of mind, with over 100 central banks around the world engaging in research, pilots, and exploration.”
“He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads” Revelation 13:16
For many years, central banks around the world have been preparing for a global transition away from physical currency to digital currency, with the World Economic Forum at the forefront of these discussions.
As cryptocurrencies like Bitcoin have grown in popularity, central banks have publicized their desire to create what they call “central bank digital currencies” (CBDCs).
Whereas Bitcoin and other cryptocurrencies are decentralized, created to operate outside of government regulation and control, central bank digital currencies, as their name suggests, would operate under the authority of the world’s central banks. Should the public accept the transition into this new, digital monetary system, the ability of individuals to freely buy and sell would be wholly subject to the whims of those who operate and regulate the central banks.
The global implementation of CBDCs is described by many central bankers as a kind of monetary revolution.
During this year’s WEF panel on CBDCs, the Central Reserve Bank of Peru Governor Julio Velarde, said the following: “We have learned the hard way that revolution has to come from the central bank.”
Bank of Israel Governor Amir Yaron echoed this sentiment, saying that “we’re in the midst of a technological revolution in the payment system.”
While noting that CBDCs could be “complementary” to existing digital payment systems, Yaron said CBDCs “can also, in some circumstances, crowd out some of these things.”
Should CBDCs be implemented at a national or global level, central banks would possess all transactional data – in other words, central banks would be able to know everything you buy and sell.
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