Cashless System Being Developed as IMF Releases Virtual Digital Currency Handbook
by Emmitt Barry, Worthy News Correspondent
(Worthy News) – The International Monetary Fund (IMF) has launched a virtual handbook on Central Bank Digital Currency (CBDC) to serve as a reference guide for Central Banks, aiming to facilitate the implementation of CBDCs and the transition towards a cashless society. However, concerns have been raised about potential heightened government interference in individuals’ personal finances.
The CBDC Virtual Handbook, developed by the IMF, is designed to expedite the implementation of Central Bank Digital Currencies (CBDCs). It aims to gather and share knowledge, lessons, empirical findings, and frameworks with policymakers to facilitate a transition to a cashless society.
Last week, IMF Managing Director Kristalina Georgieva said, “CBDCs can replace cash, which is costly to distribute in island economies.”
Critics warn Central Bank Digital Currencies (CBDCs) lack significant anonymity, unlike cryptocurrency transactions. In contrast to cryptocurrency transactions recorded on an anonymous blockchain system, CBDC transactions will be logged by the central bank that issues them.
Pundits warn that a social credit scoring system developed in China is trying to be implemented in the West, with CBDCs playing a pivotal role. Adding to the concerns, many Bible prophecy teachers warn that the framework developed by the IMF could be used in the future to align with a 2000-year-old prophecy “that no one would be able to buy or sell, except the one who has the mark. [Revelation 13:17]“
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