As a step towards totalitarianism, Central Bank Digital Currencies are right up there with mandatory vaccines. From Mike “Mish” Shedlock at mishtalk.com:
Central bank digital currencies are on the way. The German Central Bank just embraced a digital euro. Let’s discuss the risks.
Jens Weidmann, president of the Bundesbank, Germany’s central bank gave the opening speech at the digital conference “Fintech and the global payments landscape – exploring new horizons”
Exploring a Digital Euro
The title of Weidmann speech was Exploring a Digital Euro.
Emphasis mine with my thoughts in braces [ ]
Paper money, for instance, was first introduced in China about a thousand years ago. This innovation eventually transformed the payments system. Today, digitalisation is on the cusp of overhauling payments.
Central banks have to work out how to respond to this challenge. One possibility is the issuing of central bank digital currencies (CBDCs). According to a survey by the Bank for International Settlements (BIS), the share of central banks conducting work on CBDC for general or wholesale use rose to 86% last year. Many of them have made significant progress.
Two months ago, the Eurosystem launched a project to investigate key questions regarding the design of a CBDC for the euro area. The aim of the investigation is to prepare us for the potential launch of a digital euro. Experiments have already shown that, in principle, a digital euro is feasible using existing technologies.