I have been discussing the rise of Central Bank Digital Currencies over the past few years, and we know that in Australia the Treasury is now actively exploring the implementation of a digital Aussie Dollar for consumer use. This mirrors efforts underway in other countries, including both the UK and USA.
Canada Deputy Prime Minister and Minister for Finance Chrystia Freeland announced the government is broadening the scope of the country’s anti-money laundering monitoring and terrorist financing laws to cover crowdfunding platforms and the payment service providers they use. “These changes cover all forms of transactions, including digital assets such as crypto currencies,” she announced during a recent press conference. To underscore the point, the Canadian government made it clear on Monday that it would target cryptocurrency alongside traditional transactions.
But consider how much easier it would be to control the access to money if it was sitting in a Central Bank Digital Currency Account. Potentially total transparency, and control.
The Canadian experience underscores for me the importance of safeguarding our financial system, and we should be aware of the grave risk which exists from those in Government and the Security Services which wants more direct control.
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