New digital currencies being pushed by global elite will destroy privacy, allow total surveillance of purchases

It is safe to say that any new technology being pushed by the global elite is not being pushed because it’s better, but only because it destroys individualism and freedom.

That is especially true for the new digital currencies being pushed by western adherents of the New World Order, and some of them have even admitted as much.

As reported by Reclaim The Net, “despite privacy being one of the main concerns citizens have about central bank digital currencies (CBDCs), the heads of the United States (US) Federal Reserve and European Central Bank (ECB) have confirmed that their respective CBDCs will not be anonymous.”

In an appearance at a Banque de France (Bank of France) event, U.S. Federal Reserve chair Jerome Powell said if the United States were to ever pursue a central bank digital currency, or CBDC, that currency would be “identity verified” and “not anonymous.”

“We would be looking to balance privacy protection with identity verification, which…has to be done, of course, in today’s traditional banking system as well,” Powell added, without noting that, at present, financial transactions under certain amounts are not traced or tracked.

Reclaim the Net adds:

The President of the European Central Bank (ECB), Christine Lagarde, acknowledged that privacy was one of the main concerns Europeans had about the European Union’s (EU’s) proposed CBDC, the digital euro. Despite these concerns, she confirmed that “there would not be complete anonymity as there is with…bank notes” when using the digital euro.

“There would be a limited level of disclosure and certainly not at the central bank level,” Lagarde said.

She also said that the ECB will soon be deciding whether to move to a prototype phase for a digital euro by next year while also describing some key characteristics of a potential digital currency, one of which would give the central bank the authority to limit individual user balances.

“We also believe that there should be well-designed safeguards that either would include limitations to the holdings or would include a sophisticated tiering system in terms of remuneration, in order to prevent that the digital euro become a very attractive investment more than a mean of payment,” Lagarde said.

The comments about tracking digital currency — which means tracking users of digital currency — obviously reflect concerns hundreds of millions of people have about using it. Mostly, people are shocked at the loss of privacy, which — in the digital age — has been a shrinking right to begin with. But not only that, there are legitimate concerns that central banks are introducing digital currencies so they can exert more control over how people spend and save their money.

“EPIC urged the Fed to take a careful approach to designing and implementing a central bank digital currency (CBDC) that prioritizes privacy and does not repeat or exacerbate the privacy invasions in the current digital payments system,” said a statement from the Electronic Privacy Information Center. “EPIC recommended that the Fed base a CBDC on the work of Advisory Board member David Chaum, who is widely recognized as the inventor of digital cash.

“EPIC argued that a CBDC could improve financial privacy for individuals, but only if the system were designed to facilitate anonymous transactions equivalent to cash,” the organization’s statement continued. “Such a privacy-protective CBDC would require ‘close regulation and testing of the underlying protocols, systems, and devices and should be designed as a cash-like digital currency using a token-based system without a persistent digital ledger.'”

The group added that it “regularly” advocates on behalf of more digital privacy in an age where privacy is regularly invaded by big tech and government alike.

“EPIC regularly advocates for privacy and consumer protection in digital transactions,” the statement added.

Sources include:

EPIC.org

ReclaimTheNet.org