wef, cbdc, & digital id
A report published in April by the World Economic Forum (WEF) in collaboration with Accenture titled Modernizing Financial Markets with Wholesale Central Bank Digital Currency (wCBDC) described the ongoing interest by the globalist think-tank to institute a digital currency for interbank payments and securities transactions.
While a retail CBDC is a digital currency for general use by the public, a system currently being established, a wholesale CBDC is a digital currency for use by the financial industry.
“…a wCBDC is defined as a tokenized CBDC designed for interbank payments and securities transactions between commercial banks, financial institutions and possibly certain global corporations,” the report said on page 9.
In order to access the digital money, identification verification would be conducted.
“Use digital identity frameworks could enhance compliance with KYC/AML/CFT while preserving privacy,” the report said on page 51.
KYC stands for know-your-customer, AML stands for anti-money-laundering and CFT stands for countering-financing-terrorism. Of course, the definitions of what constitutes money laundering or terrorism falls solely on the hands of government officials.
The WEF stated that corporations will need to work with governments to establish the digital currency future.
“World Economic Forum has collaborated with Accenture to articulate how a wCBDC might provide differentiated value. We took a holistic view of the relevant industry challenges to produce practical insights for policy-makers and the private sector’s planning efforts to realize the full potential of wCBDC, if pursued. Importantly, deep public-private sector collaboration is necessary to modernize wholesale financial markets securely and efficiently,” the report said on page 3.
The report also discussed how governments must work with corporations to mitigate ‘illegal activity’ – or in other words, financial transactions the government decides to ban.
“Public-private cooperation with agencies like FATF and the Office of Foreign Assets Control (OFAC) will be paramount to mitigating illicit activity,” the report said on page 51.
On the conclusion page, the report states that deep public-private partnerships are needed in order to establish the cashless society future.
“Public and private sector leaders should evaluate wCBDC specific to their jurisdictional context,” the report said on page 75. “Still, there are several areas where persistent challenges will require deep private-public sector collaboration and experimentation to overcome.”
Nearly all central banks are investigating the digital payment method.
“Over 98% of the global economy’s central banks are researching, experimenting, piloting or deploying central bank digital currency (CBDC),” the report said on page 3.
An image on page 17 of the report shows which countries are engaged in global wCBDC efforts.
https://www3.weforum.org/docs/WEF_Modernizing_Financial_Markets_with_Wholesale_Central_Bank_Digital_Currency_2024.pdf
Analysis of the report by Reclaim The Net journalist Didi Rankovic proposes that the language from the WEF seems to build the facade that the think tanks is impartial and of a centrist view on the topic while at the same time tacitly guiding global geopolitics via the financial sector.
“The WEF, an informal group gathering global elites, seems aware that CDBCs, in general, are a controversial proposition, and may be trying to control the optics regarding the depth of its involvement, since it doesn’t necessarily help elected national governments if WEF is seen as the main driving force behind the schemes,” Rankovic wrote in Reclaim The Net. “However, the WEF also obviously again trying to position itself at the center of incoming policies.”
Source: IW
