Step 6. Central Bank`s Digital Currency. (CBDC)
The Great Reset`s motivation is the Sustainable Development Goals, and with those there is a need to change our Monetary System. Thus there is a move away from the U.S. dollar standard to Central Banks being more connected to the IMF (International Monetary Fund) as well as to the public. This will be a digital Central Bank currency.
Movement towards CBDC.
Some industry experts say that Central Bank Digital Currencies are coming and it is going to be the biggest overhaul of the global financial system since the Bretton Woods Conference. (see Step 1) And the International debate on central bank digital currency (CBDC) is gaining momentum.
At the beginning of 2020 no one anticipated how much people`s lives would change due to Covid-19 pandemic. People were told how important it was that by working together they could fight this disease. Then in March 2020, the public attention focussed on CBDC`s projects amid fears the Covid-19 virus might live on banknotes and coins.
Soon it became crucial to help those economically vulnerable (people left without a job, citizens in underdeveloped/developing countries, immigrants and many more). Thus governments and central banks around the world began to unleash unprecedented fiscal and monetary stimulus and other support for economies floored by the pandemic. But because many of these people are unbanked, it took longer for the financial aid to reach its destination. `Unbanked` means that people have no direct connection to a bank account, (eg, the poor in Africa.)
Advantages of CBDC.
At a national level, the use of CBDC would enable governments to directly stimulate the economy down to every citizen through `helicopter money.` (QE, see step 3) CBDC could also influence cross-border payments, as they would become cheaper, faster and more secure. In recent years there has been a move away from cash with many businesses embracing digital ways to transact like crypto currencies, tokens etc. Central bank`s digital currency would not only be another way to transact but have distinct advantages.
The Great Reset`s motivation is the Sustainable Development Goals, and with those there is a need to change our Monetary System. Thus there is a move away from the U.S. dollar standard to Central Banks being more connected to the IMF (International Monetary Fund) as well as to the public. This will be a digital Central Bank currency.
Movement towards CBDC.
Some industry experts say that Central Bank Digital Currencies are coming and it is going to be the biggest overhaul of the global financial system since the Bretton Woods Conference. (see Step 1) And the International debate on central bank digital currency (CBDC) is gaining momentum.
At the beginning of 2020 no one anticipated how much people`s lives would change due to Covid-19 pandemic. People were told how important it was that by working together they could fight this disease. Then in March 2020, the public attention focussed on CBDC`s projects amid fears the Covid-19 virus might live on banknotes and coins.
Soon it became crucial to help those economically vulnerable (people left without a job, citizens in underdeveloped/developing countries, immigrants and many more). Thus governments and central banks around the world began to unleash unprecedented fiscal and monetary stimulus and other support for economies floored by the pandemic. But because many of these people are unbanked, it took longer for the financial aid to reach its destination. `Unbanked` means that people have no direct connection to a bank account, (eg, the poor in Africa.)
Advantages of CBDC.
At a national level, the use of CBDC would enable governments to directly stimulate the economy down to every citizen through `helicopter money.` (QE, see step 3) CBDC could also influence cross-border payments, as they would become cheaper, faster and more secure. In recent years there has been a move away from cash with many businesses embracing digital ways to transact like crypto currencies, tokens etc. Central bank`s digital currency would not only be another way to transact but have distinct advantages.
