CBDC Digital ID coming to a country near you?
Central Banks are pushing for mandatory Digital ID to go with their new mandatory CBDC (Central Bank Digital Currency). Banning cash at the same time.
CBDCs will use mandatory Digital IDs. Rather like the mostly failed vax passport digital IDs, CBDC Digital IDs will be mandatory I believe.
They will be required to access your cash, banking, receive payments, make payments, receive UBI, make contracts, sign leases, pay taxes and all other financial transactions.
The push towards eliminating paper cash continues in over 100 countries. And replacing with CDBC. The new twist revealed this week is tying Digital IDs to CBDC. This rather dry article in the Financial Times explains bank policies on CBDC and what they see as the need for mandatory national / international Digital IDs to access CBDC.
Here is the FT article:
https://www.ft.com/content/88f47c48-97fe-4df3-854e-0d404a3a5f9a
I imagine initially CBDCs will be "voluntary", just extremely useful for many citizens. Just like the vax passport was "voluntary", you only needed it to go to restaurants, concerts, discos, bars, some shopping, banks etc. Not really voluntary I would say, more a coercion to use it.
Similar the CBDC Digital ID might at first be for people who want to receive UBI payments. Their was a push for Digital ID to file your US tax return online this year, but after pushback, that idea was shelved for "later".
I am not sure on all the other steps to make CBDC Digital ID mandatory. It might involve a Financial False Flag attack "crisis" that requires a "solution" of mandatory Digital ID. For example a major hacking attack on US banking system during a cyber war. Maybe even the current cyber war between US and Russia over sanctions from the Ukraine war. (The cyberwarfare part was officially acknowledged by the US DoD last month).
Or it might just be a slow drip drip removal of financial access in society until you can not do anything in financial life and business without the Digital ID. Of course this has been going on for years with the KYC and AML rules at banks. But until now we always had paper cash as an escape mechanism.
Another line of attack on cash is the rising inflation worldwide. Even the US govt admits that CPI is over 7.8% now. Using more realistic calculations of inflation (as used by the US govt until they changed the formulas in 1980) the US inflation rate is 16% and climbing fast. Graph from shadowstats site that uses the prior US CPI methods to calculate inflation index.
It looks like we will have at least high inflation rate (20%) not seen in the USA since the 1973 OPEC oil shock this year. Blamed on Russian oil sanctions from the Ukraine war. Just like the 73 one was blamed on another war (the 1973 Arab-Israeli war). And maybe a repeat of the Federal Reserve chairman "Volcker rate shock", that saw interest rates around 18%.
The money printing continued this week with the US govt signing a new $1.5 trillion spending bill. That bill includes a 21% pay raise for Congressional staffers. If many workers notice this then pay generally will increase much more than the traditional 2-3% COLA increases.
It is possible that with continued money printing this US and EU inflation will shift to hyperinflation. As it did in the past in 1920s Germany, Hungary etc or 2001 Argentina and dozens of other countries over history.
Personally I think the main cause of the high inflation is the constant Central Bank money printing with QE and trillions in new govt debt since the 2008 financial crisis. It has doubled in the last few years...
Also add into the mix the moves by Russia and China to stop using the USD as the only world reserve currency