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Beyond the News, Inside the Issues

A Central Bank Digital Currency for Barbados? Part 2

Feb 6, 2023

Last Updated on February 7, 2023 9:18 pm by Editor

In part 1 of this article, we raised the issue of Central Bank Digital Currencies in the wake of the news that Central Bank of Barbados Governor, Cleviston Haynes, would not be reappointed by the Mia Mottley Government.

However, in the short space of time since the publication of part 1, Dr. Kevin Greenidge, hitherto the government’s chief economic consultant/adviser, has been appointed as Governor of the Central Bank, squashing rumours that some “high-powered” African was tipped for the job.  That is another story for another time.

In part 2, our intent is to delve into the rationale for CBDCs (Central Bank Digital Currencies) the phenomenon of cryptocurrencies and the future move to a one-world-payment system.  As usual, we will try to simplify what is really a complex set of matters to bolster basic understanding.  In pursuance of our intent, let us first update ourselves on the global status of CBDCs.

Global Perspective

According to an article by www.verdict.co.uk, from as early as 2017, the governments of several major economies – and some not so major  e.g. Tunisia, Senegal – were in different stages of implementing a digital currency of one form or another.   The list included Ecuador, Venezuela, Russia, Sweden and China.

One of his first acts on becoming the PM of the UK in 2022, Richie Sunak immediately pushed for the introduction of a digital currency not only in the UK but in the G7, as his speech on the following video clip explains.

 

Since then, the Federal Reserve Bank, the Central Bank of the USA has announced its own plan for a CBDC.  The reader should note that not all Central Banks bear that title central bank in their name. For example, the Bank of England is the central bank of the UK.

Here in the Caribbean, the ECCB (Eastern Caribbean Central Bank) which issues the EC dollar, has been hailed as being the first monetary authority to issue a digital currency, even ahead of the EU and other trading blocs.

This is the culmination – or perhaps, a major milestone – in a project entitled “Caribbean Digital Transformation Project” funded partly by the World Bank. You can see a recording of the launch of the project on Facebook here.

Summing up we can conclude that the world is now heavily invested in the development of central bank digital currencies.  It would seem that there is no going back on this.  

Beyond the Hype

With all the hype beneath its wings it is appropriate for us, the ordinary people, to ask a few pertinent questions about CBDCs.  The first and obvious question is: What is a Central Bank Digital Currency and how does it differ from a cash-based currency?

By now most people understand the concept of “digital”.  It means something that is online or in what we call cyberspace; in other words, it has no physical form; you can only have access to it or manipulate it via a digital device such as computer or smartphone.

That is simple – but still not so simple.  In the current cash-based financial system, there are millions of people worldwide who do not have a regular bank account. They are often referred to as “the unbanked”. Many of them are small businessmen/businesswomen who operate in what is called the “informal economy”.

But such individuals do have smartphones! So, one of the arguments in favour of CBDCs is that it will allow such individuals to do business on a wider scale which will enhance their participation in the economy.  Why is that so? Because those individuals, in theory, can now bypass having a commercial bank account and have “digital cash” account issued directly from a central bank! 

Even prior to the hard sell of CBDCs, private organizations operating in the FINTEC (Financial Technology) arena have been creating alternatives to strictly cash transactions: for example, e-wallets and cryptocurrencies.

Those who advance the inclusivity argument above fail to disclose that such inclusivity now means being caught in the government’s tax net. The attempt to bring such individuals from the “informal economy” into the mainstream is perhaps understandable because there have been ongoing complaints, at least in some western countries, about the number of people who avoid the tax collector because they are operating outside of the “formal economy”.

But the possibility that CBDCs can bypass commercial banks means that the role of ordinary commercial banks will change over time.  Will you need so many of them? Will new financial intermediaries be created?

In August 2022, Yahoo Finance published a list of major banks that were closing branches in the UK.  At that time, the tally reached as high as 325. According to the Yahoo report, the tally included well-known banks such as Barclays, Lloyds and Halifax.  On the surface, this may be partly attributed to declining profitability and an uptick in online banking. But is there more than meets the eye here?

Cryptocurrency Challenge

While the technology underlying cryptocurrencies such as Bitcoin is beyond the comprehension of most of us, we can understand the rationale beyond their development.  That rationale, plain and simple, was to remove currency control from the regulation of governments and democratize it – so to speak – by placing control in the hands of the parties engaging in a transaction.  At least that was the plan.

But ironically, because of demand issues (that is, demand for cryptocurrencies) and because they were not backed by a government, this move resulted in the instability of the cryptocurrencies. Moreover, there were also massive scams involving such currencies where people lost millions of dollars of their wealth.

Not wanting to lose control of one of the most powerful elements of human activity on the planet and seizing on the perceived instability of cryptocurrencies, governments have launched a war on cryptocurrencies.  

In effect, CBDCs are the government weapon against “private” cryptocurrencies; they use the same block-chain technology that drives such cryptocurrencies but add the notion of stability in that they (CBDCs) are government backed and guaranteed. In essence, that is the marketing platform of CBDCs.  

Trajectory

Central Bank Digital Currencies are still a work-in-progress.  The big issue of privacy of CBDCs is still a major one to solve. Critics of CBDCs point out that under a cash-based system, transactions are totally private. What that really means is that Uncle Sam (nor anyone for that matter) would not know that you paid $1,200 to an electrician or that a drug kingpin paid an enforcer $10,000 to rub out a competitor.  Criminals absolutely like the privacy of the cash-based system.

However, CBDCs in general have not as yet completely solved the problem of privacy or indeed rid themselves of the suspicion with which some members of society view this financial tool.  Even when the problem of privacy is solved, there will remain the problem of control: the absolute control governments will have to financially shut down anyone connected to the CBDC.  This is currently the case in China where the digital yuan is tied to the country’s vaccine passport and social credit systems. 

Under the current cash-based arrangement where an individual holds cash in a banking institution, that possibility is more remote (with the exception individuals accused of money laundering etcetera).   So, what is on the cards for the development of CBDCs?

Once individual countries start issuing CBDCs, the next step is to ensure that they are all operating under the same technical standards and have comparable functionalities.  That is the current state of development. That explains why UK Prime Minister Richie Sunak is collaborating with other G7 countries to ensure that this standardization actually happens.

The next step is to ensure “interoperability”. This means that CBDCs of different countries can interface with each other; for one, that means that foreign exchange transactions as we know them may become a thing of the past. 

These developments are likely to be accompanied by a marketing phase in which innovators (a Marketing term which means those who like to be the first to try anything new) and social media influencers will be offered “free” (no finance charge) CBDC accounts. This was the process used in China to launch its Digital Yuan.  Those who currently utilize online banking will probably welcome this with open arms.  The case of the launch of the DCash by the ECCB (Eastern Caribbean Currency Authority) is instructive. Click the image to see the full information page.

 But where does it go from there?

The Future

We analyze the news from a Judeo-Christian perspective. For that we are unapologetic.  If you consider Bible predictions (prophecy) to be news about tomorrow (the future) told in advance, then it would be quite negligent of us to leave out reference to the Biblical prediction of a global trading system where no one can buy or sell unless he or she has “the mark of the beast”.  

While it does not offer any direct details about the nature of the technological system that supports this impending development on planet Earth, it is very specific in how such as system will be implemented:

It [the “beast” a symbol for a government in this book] also forced all people, great and small, rich and poor, free and slave, to receive a mark on their right hands or on their foreheads, so that they could not buy or sell unless they had the mark, which is the name of the beast or the number of its name. Revelation 13: 16 -17

The generation in which we live is the only one in which that prediction is at all possible. When we consider all of the technologies available and in use: RFID (Radio Frequency ID) chips, satellite technology, smartphones, under the skin implants etcetera as well as the dictatorial tendencies in governments across the world, such a system of control is not only feasible but is already partly in place in some countries, for example, China. Even so, the Chinese version of a CBDCs is not (yet) an under-the skin deployment but is tied to the smartphone. 

Recall that at the height of the pandemic, a Swedish company offered nationals the option to wear an implant that not only carried their health passport but also access to their financial records, all totally voluntary of course.  

That having been said, it is important to understand that a CBDC is NOT the mark of the beast; that is not what we are saying. It is a stage in its development. We can – and should resist – its deployment here in Barbados but if the Scripture is infallible – and we believe it is- eventually it will be implemented globally. 

Hopefully, you will have passed off the scene before this diabolical system is fully in place. Your other option is to live “off grid” which, however, is not sustainable (no pun intended!).  On the other hand, your best option is to have a “Jesus passport” that will allow you to board the supernatural flight out of here to heaven if you are still alive when this system is about to be set in place!

Perhaps, this is one of those cases where the Borg of Star Trek fame are on the money (no pun intended) with regard to the eventuality of the Universal ID (Mark of the Beast):

We are the Borg. Lower your shields and surrender your ships. We will add your biological and technological distinctiveness to our own. Your culture will adapt to service us. Resistance is futile.


Article by Dr. Aldon D. Tull


Elsewhere on our site we have discussed the concept of the New World Order (Global Reset) and showed how various forms control will be used to usher in one-world-government.  Financial control in the form of CBDCs is a major strategy of control.  If you have not done so already, we invite you to peruse the articles below and follow us on Facebook to receive instant notification of our posts.

 

Additionally, you can peruse our Bible-based articles on our sister site, www.thekingiscoming.net.

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