The United Kingdom is expected to release a report featuring some proposed steps for a central bank digital currency (CBDC) by the end of the year.
According to Tom Parker of Reclaim the Net, the Bank of England and the UK Treasury will be issuing the report. Sir Jon Cunliffe, the Bank of England’s Deputy Governor of Financial Stability, announced the release of the report at a recent speech titled “Reflections on DeFi, digital currencies and regulation.”
In the speech, Cunliffe stated that the Bank of England and other UK government agencies have plans on imposing more regulations on cryptocurrencies as they proceed to establish a CBDC.
Additionally, Cunliffe called attention to how the Bank of England is “actively exploring the issuance of a digitally native Pound sterling” and alluded to the notorious collapse of the cryptocurrency exchange FTX as one of the reasons why the UK must pursue stronger cryptocurrency regulations.
Cunliffe stated that the Bank of England and Treasury’s efforts to establish a digital pound was propelled by “the trends away from physical cash, which cannot be used in an increasingly digital economy, and, potentially, towards new forms of tokenized money.”
On top of his ideas for a digital pound, Cunliffe also discussed how the British government will begin imposing harsher regulations on cryptocurrencies in the UK.
Cunliffe believes that “the financial service activities and the entities that now populate the crypto world” must operate “within the regulatory framework.”
“The need to protect consumers” and “the need to protect financial stability” were the primary justifications for his call for more stringent cryptocurrency regulations.
CBDCs are the latest technocratic project that the globalist classes of the Collective West are pushing in order to subjugate the masses. With CBDCs at their disposal, governments would have effective control over what people can spend their money on.
In some cases, CBDCs could also be connected to digital IDs which would give governments further control over people’s lives. The UK is one of the laboratories for technocratic globalism so it is no shock why it is moving forward with a CBDC.
This same type of scheme could easily make its way to the US if the Right falls asleep at the wheel. On this planet, we don’t live in a vacuum. It pays to keep up with what’s going on abroad, especially in other countries in the Collective West. What’s happening in these countries could be a harbinger of technocratic globalist projects that could be making their way to the US.