What are the implications of programmable cash
Blog post by Marica Micallef
Telegraph Business has posted a tweet which reads ‘The Bank of England has called on ministers to decide whether a central bank digital currency should be “programmable” ultimately giving the issuer control over how it’s spent by the recipient.’
“British finance minister Rishi Sunak told the Bank of England on Monday to look at the case for a new “Britcoin”, or central bank-backed digital currency, aimed at tackling some of the challenges posed by cryptocurrencies such as bitcoin” because “A BoE-backed digital version of sterling would potentially allow businesses and consumers to hold accounts directly with the bank and to sidestep others when making payments, upending the lenders’ role in the financial system.”[1]
In a nutshell, the Bank of England is floating the prospect of programmable cash which can only be spent on essentials or goods which an employer or government deem sensible.
In the meantime, the same bank has warned over 750 million £20 notes that will no longer be valid and households are being asked to use up these notes before the autumn deadline. “Paper £10 and £5 banknotes have already been withdrawn, but old style £20 and £50 notes will be redundant from September 30, under a shake-up to tackle fake money.”[2]
In my opinion, this is a way for governments to slowly prepare the way to get rid of paper money and replacing it with plastic notes, something which is not new at all. Our banknotes are no longer paper money, but they are plastic. It is obvious that the end goal is that of a cashless society and such articles are being published by the media in order to feed us another narrative so that we divert our energy to it and manifest a cashless society into our third dimensional realm. Banks policies today are to drown us in debt.
Let us divert our energies on the world we want to create and manifest the creation of a new banking system which honours and truly helps humanity in its plight for financial improvement. Digital money can make this possible.
[1] https://www.reuters.com/business/finance/uk-launches-taskforce-potential-bank-england-digital-currency-sunak-2021-04-19/
[2] https://www.mirror.co.uk/money/bank-england-warns-over-millions-26516634