Ultimately not so conspiratorial theories – All spending of every citizen will soon be able to be tracked using central bank digital currencies (MNBCs). And it is not a personality belonging to a so-called conspiratorial community who says it, but the very director general of the Bank for International Settlements (BIS).
All transactions in the sights of central banks
The Director General of the Bank for International Settlements, Agustin Carstens, confirm fears opponents of MNBCs, who see them as a tool for “Absolute control” personal finances by the institution. Carstens had indeed revealed, on October 19, 2020, this desire of central banks to carry out increased monitoring of the spending of each individual. The video of Carstens’ intervention was recently posted on YouTube. The gist of his message is clear:
“We don’t know who is using a $ 100 bill today and we don’t know who is using a 1,000 peso bill today. The essential difference with MNBCs is that the central bank will have absolute control over the rules and regulations that will determine the use of this expression of central bank responsibility, and we too will have the technology to enforce this. “
The CEO of ShapeShift, Erik Voorhees, is one of the personalities of the cryptosphere who had alerted to the danger of MNBC. He had declared that they did not offer nothing new to its users and that they would benefit only those people who want to undermine individual freedom and sovereignty.
MNBC and decentralization: an impossible combination
The BIS had rejected, in his study entitled « Central bank digital currency : the quest for minimally invasive technology », any idea of decentralization and the right toanonymity, in the development of MNBCs. She criticized these characteristics which are the basis of the development of most cryptocurrencies and which ultimately would not be not suitable to retail MNBCs:
“We find that technological developments inspired by popular cryptocurrency systems – based on anonymity and devoid of central authority – do not meet the requirements of a retail MNBC. “
Currently, 67 countries are said to be developing their MNBCs, unless they have already launched it. However, the director general of the BIS declared in 2019 that central banks did not see the point to develop their digital currency:
“There is no clear demand for MNBCs from society. There are enormous operational consequences for central banks in the implementation of monetary policy and implications for the stability of the financial system. “
Carstens then had changed speech, 4 months later, this time affirming the existence of a demand for MNBCs. And if he had previously declared that there was no urgency to embark on it, he changed his mind by declaring that the MNBC could finally see the day earlier than expected.
Should we also expect an about-face from the BIS on the need to regulate cryptocurrencies as speculative assets? The researchers of the bank of banks had concluded following their study, that it was simply unnecessary to issue specific regulations on cryptocurrencies to protect investors.
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