{"id":1708274,"date":"2022-10-24T06:01:03","date_gmt":"2022-10-24T10:01:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1708274"},"modified":"2022-10-24T06:03:41","modified_gmt":"2022-10-24T10:03:41","slug":"central-bank-digital-currencies-would-let-governments-control-what-people-spend-money-on-imf-official","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/central-bank-digital-currencies-would-let-governments-control-what-people-spend-money-on-imf-official\/","title":{"rendered":"Central Bank Digital Currencies Would Let Governments Control What People Spend Money On: IMF Official"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcentral-bank-digital-currencies-would-let-governments-control-what-people-spend-money-on-imf-official%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1708274&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The International Monetary Fund (<a href=\"https:\/\/www.theepochtimes.com\/t-imf\">IMF<\/a>) has said that central bank <a href=\"https:\/\/www.theepochtimes.com\/t-digital-currencies\">digital currencies<\/a> (CBDCs) could potentially allow a government to control what people spend their hard-earned cash on.<\/p>\n<p>Speaking at the IMF-World Bank annual meeting on Oct. 15, Deputy Managing Director Bo Li <a href=\"https:\/\/www.youtube.com\/watch?v=2I9HR7BTmn0\">said<\/a> that a CBDC could improve \u201cfinancial inclusion\u201d through programmability.<\/p>\n<p>\u201cA CBDC can allow government agencies and private sector players to program, to create smart contracts, to allow targeted policy functions,\u201d Li explained. \u201cFor example, welfare payments, for example, consumption coupons,\u00a0for example, food stamps.\u201d<\/p>\n<p>\u201cBy programming\u00a0CBDC, that money can be precisely targeted for what kind of people can own\u00a0[CBDC] and for what kind of use this money can be utilized, for example for food.\u201d<\/p>\n<p>Li, who stepped into the role\u00a0of deputy managing director at the IMF on Aug. 23, 2021, added that by allowing the government to precisely target what people need, this will enable said government to \u201cimprove financial inclusion.\u201d<\/p>\n<p>However, his comments were quick to garner a reaction from experts, including\u00a0Nick Anthony, a policy analyst at the Cato Institute\u2019s Center for Monetary and Financial Alternatives.<\/p>\n<p>Anthony\u00a0<a href=\"https:\/\/twitter.com\/EconWithNick\/status\/1581332286338842624?s=20&#038;t=JilDPPXrWe8kkp1Yj1VGBw\">wrote<\/a> on Twitter that the IMF executive\u2019s comments revealed how a CBDC would \u201callow the government to precisely control what people can and cannot spend their money on.\u201d<\/p>\n<p>Prior to joining the IMF, Li worked for many years at the People\u2019s Bank of China, according to the IMF\u2019s official <a href=\"https:\/\/meetings.imf.org\/en\/2022\/Annual\/Schedule\/2022\/10\/14\/imf-seminar-cbdcs-for-financial-inclusion-risks-and-rewards\">website<\/a>.<\/p>\n<figure id=\"attachment_4787325\" class=\"wp-caption alignnone\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2022\/10\/10\/yuan-1200x799.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"lazy size-medium wp-image-4787325\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/white.png\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/yuan-600x399-1.jpg\" alt=\"Epoch Times Photo\" width=\"600\" height=\"399\" \/><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-4787325\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/yuan-600x399-1.jpg\" alt=\"Epoch Times Photo\" width=\"600\" height=\"399\" \/><\/noscript><\/figcaption><\/a> A staff member counts renminbi (yuan) at a bank in Haian, Nantong city, East China\u2019s Jiangsu Province, on May 15, 2022. (CFOTO\/Future Publishing via Getty Images)<\/figure>\n<h2>\u2018I Don\u2019t See How Americans Would Want This\u2019<\/h2>\n<p>In a follow-up <a href=\"https:\/\/twitter.com\/EconWithNick\/status\/1581332415074938882\">post<\/a> on Twitter, Anthony quoted a comment made by\u00a0Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, writing: \u201cI can see how China is for this. I don\u2019t see how Americans would want this.\u201d<\/p>\n<p>Anthony also noted that \u201cgovernments have a historical pattern of misusing these tools,\u201d citing Canadian Prime Minister Justin Trudeau\u2019s move to freeze the bank accounts of\u00a0anti-COVID-19 vaccine mandate protesters earlier this year.<\/p>\n<p>A May report (<a href=\"https:\/\/www.bis.org\/publ\/bppdf\/bispap125.pdf\" target=\"_blank\" rel=\"noopener\">pdf<\/a>)\u00a0from the Bank of International Settlements (BIS) found that almost\u00a090 percent of\u00a0national central banks are planning to launch their own CBDC for release to the general public.<\/p>\n<p>That includes the United States, where\u00a0Washington is currently looking into the possibilities for\u00a0issuing such a digital currency, with officials citing an array of alleged benefits, such as\u00a0efficient and low-cost transactions, boosting\u00a0economic growth, and improved\u00a0access to the financial system.<\/p>\n<p>However, critics fear\u00a0CBDCs will increase government control over money that could be used as a tool for\u00a0financial discrimination while simultaneously tracking purchases, and restricting access to funds, thereby working against\u00a0decentralization, which is one of the main advantages of adopting cryptocurrencies.<\/p>\n<p>Agustin Carstens, general manager of the BIS,\u00a0<a href=\"https:\/\/www.youtube.com\/watch?v=rpNnTuK5JJU\" target=\"_blank\" rel=\"noopener\">noted<\/a>\u00a0in 2021 that central banks would have \u201cabsolute control over the rules and regulations that will determine the use\u00a0of that expression of central bank liability, and then will also have the technology to enforce that.\u201d<\/p>\n<p>Federal Reserve\u00a0Chairman Jerome Powell last month also <a href=\"https:\/\/www.theepochtimes.com\/the-digital-dollar-will-not-be-anonymous-says-fed-chair-powell_4760643.html\">stated<\/a> that a CBDC would not be\u00a0anonymous and would be\u00a0identity-verified, meaning details regarding transactions of a CBDC would\u00a0be public.<\/p>\n<p>The European <a href=\"https:\/\/www.theepochtimes.com\/t-central-bank\">Central Bank<\/a> (ECB) reiterated Powell\u2019s remarks at the same Banque de France event on Sept. 27, with ECB President Christine Lagarde stating: \u201cThere would not be complete anonymity as there is with \u2026 bank notes.\u201d<\/p>\n<p>Lagarde did, though, add that \u201cthere would be a limited level of disclosure and certainly not at the central bank level.\u201d<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-katabella-roberts\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/ttl7dayERL_WEB_KatabellaRoberts.jpg\" alt=\"Katabella Roberts\" \/><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Katabella Roberts is a news writer for The Epoch Times, focusing primarily on the United States, world, and business news.\n<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The International Monetary Fund (IMF) has said that central bank digital currencies (CBDCs) could potentially allow a government to control what people spend their hard-earned cash on.Speaking at the IMF-World<\/p>\n","protected":false},"author":1,"featured_media":1708277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1708274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1708274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1708274"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1708274\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1708277"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1708274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1708274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1708274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}