Staff Reports
The leaders of the G20 have agreed to implement the use of digital currencies and IDs on the entire planet. This decision has been met with a lot of backlash.
Critics believe that the establishment of the infrastructure needed for digital currencies and IDs will lead to government control over people. They also believe that the central banks will start regulating cryptocurrencies and eventually replace them with CBDCs.
In response to the concerns about the potential impact of cryptocurrencies on the financial system, Indian Finance Minister, Sitharaman, stated that her country is working on establishing a global framework for regulating them. Although the G20 didn't discuss banning cryptocurrencies, some believe that such measures could be a step toward establishing a social credit score system, though others argue otherwise.
The President of the European Commission, Ursula von der Leyen, called for the establishment of a global regulatory organization for AI and the use of digital IDs. She also praised the EU's COVID-19 certificate as a model for how to implement digital infrastructures.
Despite the positive effects of digital IDs, a lot of people are still against their use. According to a study conducted by the Cato Institute in America, only 16 percent support the use of a CBDC. Senator Ted Cruz of Texas introduced a bill that prevents the Federal Reserve from implementing a CBDC, which he claims would be used for surveillance.
It's clear that the concept of using digital currencies and IDs is a controversial one, with both sides having their own opinions. Some believe it will help improve security and growth, while others think it will lead to a government takeover. The G20's decision shows the ongoing discourse about personal liberty and finance.
