IMF’s deputy director Bo Li lauds CBDC plan.
At the IMF-World Bank Annual Meeting last week the IMF’s deputy director, and former deputy governor of a certain 'People’s Bank of China,' said that the Central Bank's Digital Currency would ultimately help bring about 'financial programmability'.
“A CBDC can allow government agencies and private sector players to programme, to create smart contracts, to allow targeted policy functions,” he explained. What 'targeted policy functions' really means is the ability of those who issued the money to control how it's spent.
Li went on to say that a CBDC can be programmed and targeted for a specific use like welfare payments, food stamps, and consumption coupons.
“This potential programmability can help government agencies to precisely target their support to those people that need support,” he continued.
Li also explained how institutions could take advantage of CBDC data by following the model of Chinese Communist Party where “non-traditional data can be very useful for financial service providers to give me a credit score.”
“…In China, because I personally experience it, right. Because those transaction data can be utilized by service providers in credit underwriting in the sense that you know – those transaction data in terms of how many coffee I drink every day where I buy coffee. Do I use Uber every day? And what kind of working hours I have,” Li said.
What Li is pushing is programmable money, a device that would precisely control what people can and cannot spend their money on.” A programmable currency could also allow governments to control who has access to money. Canadian Prime Minister Justin Trudeau already used this power when attacking the Trucker's Convoy, a chilling predictor of the future for anyone who doesn't tow the party line.
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