CBDC 'data very useful for financial service providers to give credit score' - IMF managing director

From paper money to bits and bytes? 

While we have become accustomed to making electronic payments for many of our purchases, whether online or in-store, we still anticipate the ability to visit the bank and obtain physical currency for payment if we so desire. If world powers and even states have their way, however, we could face a new reality, one that may usher in a Chinese-style credit score system based on the bits and bytes in one's Central Bank Digital Currency (CBDC) wallet, according to International Money Fund (IMF) managing director Bo Li.

IMF pushing CBDC

The IMF is working, along with other international partners, to push forward a central bank digital currency to replace cash globally. 

Chinese style credit score in the works?

At an IMF seminar in October 2022, titled “CBDCs for Financial Inclusion: Risks and Rewards,” IMF managing director Bo Li explained that one way in which non-traditional data gathered from CBDC transactions can be used and is already being used in China is for credit scoring. He said such data will help improve credit underwriting. Knowing how many cups of coffee a person drinks, or where they buy their coffee is important to a financial service provider giving a credit score, in his view. It will save time ordinarily spent on face-to-face due diligence.

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. Those non-traditional data can be very useful for financial service providers to give me a credit score and based on a credit score the financial service provider give me a credit line without any face-to-face due diligence. (Emphasis added.)

Watch Li explain the value of his cups of coffee for credit scoring in the video below

Crises needed to move citizens from cash to cashless

COVID was the first crisis

At the recent WEF forum in Riyadh, Saudi Arabia, as Frontline News reported, Khalid Humaidan, Bahrain's chief central banker who spoke during the session, stated that people's acquiescence to “going cashless by necessity” during COVID showed trust and that people will not have a problem adopting a cashless system. 

I think the transition to fully digital is not going to be a stretch, people are used to it, people are engaged in it, and circumstances that help is adoption rates increased because of Covid.

This is where contactless [payment systems] started to become something of a necessity, something of a safety, something of a requirement, and because of that there is very little resistance, trust is already there ...

Electronic payments but not electronic cash

It has become customary for many years already to pay for services and products by credit card and more recently through other electronic means of money transfer. Yet, while many were scared into “going cashless” more regularly during COVID, that hadn’t changed US citizens' expectation of being able to go to the bank and get cash if they want to. They also expect privacy. 

Crises led to the abandonment of the gold standard and new “crises” may be the excuse to switch to Central Bank Digital Currency (CBDC), a “currency” that only exists in the cloud, or as Tucker Carlson described it in the video below, not a currency but “software.” Some states are getting in on it, too.

Several states are now trying to centralize currency with the Central Bank Digital Currency which is not by the way currency, at all. It's software.

Formula for tyranny

Steven Forbes, of Forbes, explains in the video below, “Fed's 'Digital Dollar' Idea Has Frightening Implications For Privacy And Freedom | What's Ahead,” that the portent of a digital dollar which would allow the government to track everything you buy is chilling.

Central Bank digital money is ominous the downside of governments being able to track digitally every single product or service you buy and sell is chilling. This is where China is headed . . .

 . . .  if these pubas decide that things are too slow, they could punish people who they conclude are saving too much - spend it or lose it they could decree. . . .  Digital cash would even allow governments to fine-tune monetary policy with individualized interest rates. 
. . . 
 Government digital cash is a formula for tyranny.

Will bird flu be the next crisis?

In the video clip below, Americas Frontline Doctors founder, Dr. Simone Gold, explains in a far-reaching panel discussion about government control and CBDC, the concern she has held since the onset of the “pandemic” that the government will use fear and vaccine mandates to push through a digital currency:

This is incredibly frightening and scary. . . .  This is the fight that I've been in, which is avoiding vaccine mandates which was going to train the American people to have a QR code on their phone which was going to train them to accept digital currency, which would then be the end of human freedom. 

The World Health Organization and now the FDA, as FrontLine News reported, are beginning to fearmonger about a bird flu pandemic, even though there is no human-to-human transmission of bird flu. Could that be the next crisis that will be used to push the US toward CBDC?

Toward the end of the discussion, Dr. Gold emphasizes that they are trying to tell people they can’t understand the science and must listen to the experts, a statement with which she disagreed:

{Regarding COVID] you have all the expert class saying it’s too complicated, we can’t understand, just trust me. It’s a lie. It’s not true, anything can be explained . . .  if you want people to understand. 

That will be good advice to remember as pandemic fear-mongering continues.