Worldwide Digital Currency By James Reed

It is already here; the Digital Currency Monetary Authority (DCMA) launched its international central bank digital currency on April 10, which will operate like other forms of digital moneys.  This is purely a creation of the international financers, and many governments.  The DCMA is self-described on its website as “a world leader in the advocacy of digital currency and monetary policy innovations for governments and central banks.  Membership within the DCMA consists of sovereign states, central banks, commercial and retail banks, and other financial institutions.” And, its mission is to “is to enable trade globalization through the monetary integration of international payments and settlements while strengthening national economies [sic] monetary sovereignty.  The first wave of cryptographic cash was designed for public untrusted networks.  The DMCA reimagines the next wave of cryptographic innovations engineered for adoption by central banks, retail and commercial banks, Fintech, governments, and cryptocurrency exchanges.” The aim is for international trade to operate using this currency, for efficiency, of course. At that point, the move to Central Bank Digital Currencies (CBDC) will be enforced by the state, and the war against cash will intensify.

However, as was seen in Nigeria, which was at test case for this experiment, the government tried to enforce its CBDC by restricting cash. The result was social chaos, and massive resistance, leading almost to anarchy. Thus, the government had to back track, but it is still on the agenda.

Beyond the massive threat to freedom as seen with the truckers’ bank accounts being frozen in the Canadian protests, supposing that the world internet system will remain beyond cyber attack is foolish. Not only could this come from hackers, but war with nations like China, Russia, North Korea and Iran, could see EMP weapons collapsing the internet. And, there goes the money. I suppose, most things will be gone as well if that happens. But, like all centralist dreams, its fault is putting all the eggs in the one vulnerable basket.