Central Bank Digital Currencies could lead to everyone in the country being entitled to having an account with the central bank.
This is in some way what India helped to achieve with its Aadhaar biometric ID card system – bank the unbanked.
The following image is taken from the AADHAAR mythbusters page:
But does being entitled to a Central Bank bank account mean that it is an option or that it is mandatory?
And what happens to normal banks if you can do everything via the central bank?
India still has banks. It claims Aadhaar has helped serve the previously unbanked. But what about a country like UK where most people already have bank accounts?
Will a UK Central Bank Digital Currency mean that our transactions are all more easy to track by the tax authorities, local government, and the police?
Will banks still exist but mainly concentrate on offering loans and investment products?
And what about vaccine passports? And Social Credit like in China?
What role do they play in all this?
George Gammon released this video in August.
He is from the libertarian side of things.
You have been warned.
But I strongly advise watching this for a steer on what the future could hold.
I think he is talking about a Chinese system far more than an Indian one.
I learnt about Mr Gammon’s recording on Ellen Brown’s Public Banking blog. Check it out.