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Digital currencies will be used to turn the world population into slaves, preventing people from owning properties, travelling or buying whatever they want, reads a false narrative reiterated after the publication of an announcement regarding the appointment of the head of the digital currency at the British Treasury. In fact, digital currencies are traditional currencies stored or exchanged on digital systems.
“Digital currency – the mark of the beast”. Orthodox fundamentalism and modern financial systems
NEWS: “The so-called “currency” is tied to your social background and territorial location – if you have no social credit, meaning that you are not a good (and obedient) citizen, or if you don’t use “the currency” within a range of 1.5 km of where you live, then it becomes null. Your house, car or bank accounts become worthless, as you won’t be able to sell them to anyone. To be able to buy and sell, you need to wear the mark – since it binds you to the place you live, like a slave, and forces you to glorify anything your masters give you to survive. It is the mark of the beast”.
NARRATIVE: The Satanist global cabal will enslave mankind by making cryptocurrencies mandatory.
BACKGROUND: “On January 25, His Majesty’s Treasury published a vacation-filling announcement for the position of head of central bank digital currency (CBDC), which will be developed in partnership with the Bank of England. The famous lawyer Gheorghe Piperea, known for disseminating false narratives in the public sphere, used this opportunity to reiterate the narrative about the Satanist plot to eradicate human rights and liberties. The narrative intertwines different conspiracy theories that Veridica previously debunked, for instance about “digital camps” or an eco-dictatorship that will push humanity towards a feudal social system, to which a religious layer is added, reflecting the latest concerns of the sovereigntist-orthodox community, which believes that praying has become a crime.
PURPOSE: Misleading public opinion about the purpose of digital currencies by claiming they are used by occult forces to control people.
Digital currencies issued and regulated by the state – just another financial instrument
WHY THE NARATIVE IS FALSE: The certainty about the Bank of England introducing a digital currency is shattered once you read the first paragraph in the job description: “The successful candidate will be responsible for leadership of HM Treasury’s work on a potential digital pound - a UK central bank digital currency (CBDC).”
As regards CBDCs, it is obvious that Piperea’s opinion is emotional, deliberately misleading and lacking minimum understanding about the nature of digital currencies. The features of a CBDC may differ depending on the role they serve and their structural model, meaning there is no unique CBDC. Each country can decide, if it chooses to issue such currencies, on the future development and use of the CDBC.
The fact that the Chinese government is exploring an expiration date on its digital yuan, a measure that has not yet been implemented, is misinterpreted by lawyer Piperea when he heralds a financial apocalypse and the disappearance of the concept of saving. China’s digital currency might be given an expiration date, but merely to boost its usage at society level. The Chinese can always opt for exchanging their digital yuan for the equivalent cash value, if they should exceed their expiry date. Besides, the idea of introducing an expiration date for CBDCs might also be used to prevent currency loss, in case CBDCs are stored on an offline hardware device. Therefore, the Central Bank will automatically reimburse users for lost offline balances, even in the absence of a request in this respect. To make a forced analogy, the expiry of a payment card does not entail balance loss, as the bank automatically issues a new one in the holder’s name.
As a rule, the success of any project depends on its societal impact. Thus, it is very hard to believe that people would agree to using a digital currency that has an expiration date. The very definition of digital currencies makes them just another version of the national currency, subject to the same regulations. Digital currencies bind the Central Bank to its clients (the population) and represent of a way of preventing devaluation. At any rate, Gheorghe Piperea “forgets” to mention his sources when he announces that some CBDCs will be available for 45 days, others for 60 days. The introduction of a digital currency does not necessarily seek to replace cash. CBDCs serve a complementary role, just as bank accounts. Any physical assets will preserve their original value, which is determined by the same mechanisms of supply and demand.
At its core, the decision to introduce a CBDC would ease the strain on monetary flows and would make centralizing financial processes a more effective process. At any rate, it would not bring an end to the liberties professor Piperea mentions. The best evidence of that is the fact that Piperea’s apocalyptic scenario could have been easily enacted a long time ago, through cell phones and associated payment cards.
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