The passage of the UK “digital pound”

In London, where the foundations of the banking and financial system were laid in the West, work is now underway on the “digital pound sterling” to be created by the central bank.

As the race of central banks to create a “digital currency (CBDC)” continues around the world, the risks of “digital money”, the use of which is predominantly intended in a world where the use of cash is declining, in terms of Personal liberties and social rights are also a topic of discussion.

In the statement published on the official Bank of England (BoE) website in February 2023, it was stated that the digital currency will be backed by the Bank of England and that a “digital wallet” provided by a private company will be used. for the consumer to use this currency.

Although the digital currency is supported by the Bank of England, it is claimed that the consumer can only receive the financial service through a private company, raising questions about how transparent the private company will act in future and how many personal rights they may have. protect yourself.

While one of the general risks or reservations is reported to be “whether the user can freely spend the British pound on their digital wallet as they wish”, the experts, as previously mentioned in the episode “Nosedive” of the series “Black Mirror “, suggest that people can socialize through algorithms that will be used in the future and stated that he is concerned about the restriction of his spending on credit scores and the refusal to approve expenses considered risky.

Experts stated that nowadays algorithms in human life are considered to play an important role in controlling a digital currency.

It is claimed that the “digital pound sterling” that the Bank of England plans to create is actually a payment system rather than a currency, and cannot be seen as a form of savings as it will not earn interest.

‘IT LOOKS LIKE OUR MONEY IS BEING TAKEN’

Richard Werner, a world-renowned economics professor who coined the name “quantitative easing” and directed central bank policy, said in a statement that people already have a large number of payment system options other than cash, and that there is in fact no need for digital currencies.

Werner, Professor of Economics at the University of Winchester, said: “(Central bank digital currencies) have no distinctive, discernible, direct benefit to most people. We already have an efficient payment system. However, they are pushing very hard and aggressively to make it happen. (Central Bank Digital Currency-CBDC) Is it good for us? Of course, since we came to the conclusion that we don’t need it, we can only say that it can’t be good for ordinary people.” He used the phrases.

‘There will be no money in the usual sense’

Werner claimed that digital money can actually be programmed: “That’s what the central bankers call it. They seem very interested in this programming feature. This means that the new currency is not really a currency in the ordinary sense. It looks like it will replace our money.” saying.

Regarding the programmability of the digital currency, Warner said: “Whenever you want to pay, whatever you buy, whether it’s a bus ticket or a vacation, you’ll need permission from the controller. Being programmable means there is a controller that controls your ability to do what you want to do.” He used the phrases.

Emphasizing that the digital currencies to be developed by central banks will become a weighted payment system in no time, Warner warned that if the public does not apply the necessary pressure, a totalitarian control order can be created.

Stating that the use of the digital currency to be created can be limited where appropriate, or some spending can be declined based on your social profile, Werner said:

“We know that this means they are going to use algorithms. The algorithms are automatic and do not take into account the actual situation on the ground. For example, he refused your attempt to spend. It is unlikely that there is any practical means of arguing against this in any meaningful way. It may be a process, but it will take weeks, maybe months, maybe years.”

‘USING CASH IS FREEDOM’

Recalling that the CBDC tests were carried out in Brazil, Werner stated that a group of hackers revealed that the infrastructure of these digital currencies was designed to allow the restriction of payments when necessary, and even the reduction of money in digital wallets.

Recalling that many people in the UK have recently moved to go back to cash, Werner said: “This is a very practical thing we can do now and we all should. We have to use cash. Basically all the time. Try to use cash for as many transactions as physically possible.” saying.

Werner stated that the main issue is to control the preferences of society and individuals: “If we want to protect our freedom, human rights and the future of future generations, this is what we must do now. This is an attempt to seize power by the elite, the central planners. They want to have control over everything.” he made the assessment of it.

It is noteworthy that recently in the UK, posters appear in the windows of some companies with the words “Cash is freedom, use it or lose it”.

Recalling that the digital sterling that the government and Bank of England plan to create cannot be used in savings accounts, the posters warn that consumer access to their accounts can be frozen when deemed necessary, such as in Australia and Canada.