Central Bank Digital Currency

The digitalization of the world presents many opportunities to the current crop of entrepreneurs. The most obvious and newsworthy at the moment is "renewable energy" and AI data centers. The homme de la cul de sac doesn't know if all of this commotion is really necessary, especially since it will cost trillions of dollars to develop, implement and operate with no guaranteed benefits if it should even be successful. Digital research and engineering enables the physical exploration and perhaps exploitation of resources away from the earth itself, again something of dubious benefit to contemporary residents of that planet but with enormous expense that could instead be focused on local problems directly. The central issue of this situation is the source of funding. If it comes from private interests there can be no objection. If, on the other hand, public money, ie. taxes, treasury bills, etc., finances the efforts, "democracy" will be perverted, as it has been with US agencies like NASA, perhaps the most Whiggish operation in the country's history. 

The possibilities of the digital revolution have   understandably come to the attention of the always aware financial industry. Foremost among them for the last few years has been the promotion of central bank digital currency.

Of course, in a sense, we operate in a digital currency system now. For many people a transaction at the supermarket,  saloon or gas station doesn't involve coins or paper money. Symbols I and 0 are arranged in a language that can represent almost anything, including the payment to Ronald McDonald for a cheeseburger. While this process isn't free, it is convenient, number 2 on the Yankee list of  priorities (comfort, convenience, entertainment and safety). Companies issuing credit cards tack a fee onto the retailer's price for this, which may make it easier to order on-line than stumble down to the hardware store but when done by millions of couch potatoes adds up to major profits with literally no labor expense, what the digital service industry is all about. Since a paycheck can be deposited electronically there's no need to carry around coins or bills when a plastic card works great.

Now central banks want to do the same thing. Those promoting the idea aren't charities, they plan to derive income for enabling its adoption. There's no doubt that central bank digital currency will make life better than ever for everyone if the proles can only be convinced. It's as though electronic funds transfer isn't currently available. So what is it that they're really up to? It looks like the goal is elimination of the germ-covered bills and the coins that no body wants. Book keeping, on a national scale and individually, will be easy and keeping track of the economy will open new windows for surveillance. Welcome to 1984.