One currency to rule them all. Since the popularization of crypto-currencies, banks have been working behind the scenes on new currencies to compete with them. Programmable currencies over which they would have full control: the central bank digital currencies (CBDCs). According to one report, 15 of these could be launched in the next few years.
Behind the scenes, central banks fine-tune their currencies
A new report reports on the progress of MNBC, and it’s not just any report. It’s from the Bank for International Settlements (BIS)a Swiss bank owned by 63 central banks. To give you an idea, this represents the equivalent of 95 % of the world economy.
The bank presents the results of a survey carried out among these various central banks, and the conclusions are rather interesting.
According to them, nine central banks have a very good chance of putting their MNBC into circulation within the next six years. Among them are India, England and the UK. the European Union, which is actively working on the subject.
And out of 86 central banks surveyed, 93 % are conducting work on MNBC. A percentage that speaks for itself: almost all of them, without exception, are working on the subject. We’re talking about a worldwide movement that’s set to make its way into our daily lives by 2030.
« Worldwide work on MNBCs has made definite progress (…). If they are issued, their role will be to complement and coexist with current domestic payment methods. »
Central banks are highlighting the support of these MNBCs for the bancarization of citizens, particularly in emerging economies.
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MNBCs: a frightening means of control
« The survey shows that at this date, stablecoins and cryptocurrencies are very little used for payments outside the crypto ecosystem. »
Cryptos, including Bitcoin, would mainly be used for remittance-related transfers. Indeed, the diaspora uses Bitcoin’s Lightning Network to send money from abroad to their families back home. In this way, they avoid the indecent fees and waiting times of organizations such as Western Union.
However, some many voices are raised against the emergence of MNBC. Since they can be programmed, they can be used as a means of monitoring and control. control far too much in the hands of governments. At any moment, the powers that be could decide what we can and cannot do with our money. A power that would inevitably lead to the excesses to which governments are all too often prone. The abuses could be numerous and lead to the gradual disappearance of our freedoms. It’s not for nothing that China is ahead of the game.
In fact, many players, including U.S. congressmen, are fighting the emergence of MNBCs, as few people, apart from central banks and governments, see any use for them. The MNBC are still far from being adopted. In Nigeria, for example, thee-nairaalready in place, is struggling to win over the population. To force adoption, the government has banned cash. A frightening move, but one that doesn’t disguise the government’s designs. When theEU call « Cash + » At MNBC, we know that the goal is to make one of our last currency freedoms.
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