The Group of Seven (G-7) is an intergovernmental organization made up of the world's largest developed economies: France, Germany, Italy, Japan, the United States, the United Kingdom, and Canada.
On October 14th 2021, the G7 Finance Ministers and Central Bank Governors launched a report setting out public policy principles for issuing central bank digital currencies, a digital version of money that if introduced could be used alongside physical notes and coins.
Rishi Sunak, the UK government's chief finance minister, concluded the following;
''Under the leadership of the UK, G7 Finance Ministers and Central Bank Governors will launch a set of public policy principles for retail Central Bank Digital Currencies (CBDCs), which if introduced could be a digital form of central bank money that would be used alongside physical notes and coins. This report will help support and inform exploration of CBDCs and provides an important contribution to the global policy conversation.''
Rishi Sunak has also cemented the lead in the race to be Britain’s Prime Minister. The former finance minister has been early frontronner in first two rounds of voting, ahead of junior trade minister Penny Mordaunt. Is it hard to make the jump between Rishi becoming Prime Minister of Britain, and Britain introducing a CBDC (Centralised Banking Digital Currency)?
This Digital Currency will reportedly be 'programable' meaning that you will only be able to spend on your money on what the government, and your employer, agree with. For example, you will get a certain amount of your money enabled and programmed to be allowed to buy burgers -if you go over this allocated amount, your debit card will be rejected even if you have the money available.
How will these digital currencies work though?
Firstly, we will need quantum computers that have the capacity to do complex mathematical calculations, and have the ability to integrate blockchain technology. If you haven't already, check out our blog on quantum computers by clicking here.
Once the world leaders have agreed that digital currencies are to be deployed, citizens will need to open bank accounts with the central banks of their country. For the USA, it will be the Federal Reserve, and for the UK it will be the Bank of England. The central banking system will then own all of your money and transform it into programable digital currency -which they can decide what your money is spent on.
We the people.
Journalist at NVTV.