Government Programable Digital Currency

[macca]

Richie Sunak wants to start his PROGRAMABLE digital currency, This would allow governments to decide.

What you can spend your money on.

You are fat, you can eat fruit and veg only

You said something bad about the government, they cut your ability to pay for the internet, your ability to buy a plane ticket, your ability to drive your car.

This has been tested at the Chinese Winter Olympics

Your money will be limited in its use by the Government Bank of England tells ministers to intervene on digital currency 'programming'

Digital cash could be programmed to ensure it is only spent on essentials, or goods which an employer or Government deems to be sensible

The Bank of England has called on ministers to decide whether a central bank digital currency should be “programmable”, ultimately giving the issuer control over how it is spent by the recipient. 

Tom Mutton, a director at the Bank of England, said during a conference on Monday that programming could become a key feature of any future central bank digital currency, in which the money would be programmed to be released only when something happened.

He said: “You could introduce programmability - what happens if one of the participants in a transaction puts a restriction on [future use of the money]?

“There could be some socially beneficial outcomes from that, preventing activity which is seen to be socially harmful in some way. But at the same time it could be a restriction on people’s freedoms.”

He warned that the Government would be required to intervene and make the final decision.

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Mr Mutton said: “That is a really delicate debate that needs to be had. It is not something we can settle ourselves, that is for the Government to lead on.”

A digital currency could make payments faster, cheaper and safer, but also opens up new technological possibilities, including programming: effectively allowing a party in a transaction, such as the state or an employer, to control how the money is spent by the recipient.

One potential use could be control over benefits payments, said Sandra Ro, chief executive of the Global Blockchain Business Council.

She compared a programmed digital currency to the US system of paying benefits in vouchers, as it could have a similar goal of restricting the recipient to buying only essentials such as food with the money.

Earlier this month Sir Jon Cunliffe, a deputy Governor at the Bank, said digital currencies could be programmed for commercial or social purposes, even down to the way children spend pocket money.

He told Sky News: “You could think of smart contracts in which the money would be programmed to be released only if something happened.

“You could think of giving your children pocket money, but programming the money so that it couldn’t be used for sweets. There is a whole range of things that money could do, programmable money, which we cannot do with the current technology.”

A Treasury spokesman said: “Programmability is a potential feature of a Central Bank Digital Currency (CBDC). The Taskforce is coordinating the exploration of a potential CBDC and no decisions have been taken on whether to introduce a CBDC in the UK or its design."

 

 

[Wight Flight]

Bump

[leonardratso]

we spit on your stinking badges.

[Mash]

The bit I don't get with this digital currency thing is  that we live in  a capitalist world, where they want us to buy their tat and lots of it. So why do they now want to retrict us buying stuff? Can someone help my simple brain out. Tia.

[Wight Flight]

1 hour ago, Mash said:

The bit I don't get with this digital currency thing is  that we live in  a capitalist world, where they want us to buy their tat and lots of it. So why do they now want to retrict us buying stuff? Can someone help my simple brain out. Tia.

That's the point.

You have to buy the tat they want you to buy or your money expires.

[23rdian]

On 29/10/2022 at 21:56, Mash said:

The bit I don't get with this digital currency thing is  that we live in  a capitalist world, where they want us to buy their tat and lots of it. So why do they now want to retrict us buying stuff? Can someone help my simple brain out. Tia.

The don't. They want to control and inspect it in real time.  This is the beginning of the end of freedom. The guy in the seat had the right idea. Just made a hash of it.  Traitors the lot of them. 

[Loki]

On 29/10/2022 at 21:56, Mash said:

we live in  a capitalist world

Only in the vaguest sense. Nothing capitalist about the housing market (Props, etc) the car market (Skewed by CO2 bands, company car tax etc), and just plain seizing/freezing of assets of people on the naughty list

[lid]

 

[muggle]

[King Penda]

People on benifits no beer no takeaways no sky rotfl.voters would love it

[Phil]

4 minutes ago, King Penda said:

People on benifits no beer no takeaways no sky rotfl.voters would love it

If I were on it - Home brew, the rest I don’t need , give a fuck about. I think most would feel the same. Good attempt.

[King Penda]

20 minutes ago, Phil said:

If I were on it - Home brew, the rest I don’t need , give a fuck about. I think most would feel the same. Good attempt.

The public would actually agree with it what they won’t realise the next stage is them ie limited petrol allowence limited cigarettes etc etc  these are evouchers you can’t buy alchol or cigarettes with them they are aready here if those on benifits were paid with just these it would get interesting.it’s easy to alter them for clothes etc ie important things warmth food etc.

[Loki]

Considering that #hermitlife 

[HousePriceMania]

On 29/10/2022 at 21:56, Mash said:

The bit I don't get with this digital currency thing is  that we live in  a capitalist world, where they want us to buy their tat and lots of it. So why do they now want to retrict us buying stuff? Can someone help my simple brain out. Tia.

So you can redirect all your money into the housing ponzi 

[belfastchild]

2 hours ago, King Penda said:

People on benifits no beer no takeaways no sky rotfl.voters would love it

And public sector

No btls, pop mercs or cruises for you my dear, you said you needed to go to a food bank.

[King Penda]

4 minutes ago, belfastchild said:

And public sector

No btls, pop mercs or cruises for you my dear, you said you needed to go to a food bank.

Exactly even easier to pay public workers in state credits ie add morgages to it .they will go after the evil people that don’t work or do work but limited hours first and only they will object then they will add full time workers on but the part time won’t care they are used to it