The Great Reset: Will a country's constitution hinder or terminate the CBDC rollouts?

The Bank of International Settlements (BIS) worked with seven central banks – Japan, Sweden, Switzerland, England, United States, Canada and European Union – to publish a research paper on CBDC policy, entitled "Central Bank Digital Currencies: ongoing policy perspectives."

"This paper wonders: Are they cash? Deposits? Or something else entirely?

"This is quite the question, because if CBDCs aren’t cash, there has to be a reason why they wouldn’t be. When you start to see where CBDCs are going: expiry dates, programmability, social credit scores – what we’re talking about is almost a kind of anti-cash. Further, the paper wonders, would there need to be changes to banking charters, legislation or even the constitutions of the countries issuing them:

Legislation may need to be enacted or adjusted to specifically authorize the issuance and distribution of a retail CBDC (eg changes to central bank charters/statutes, legislation in other areas related to payments or to the constitution itself)"

In another paper published in 2019 by the European Central Bank, it acknowledges "the CBDC role in the elimination of cash (banknotes) and that they effectively end anonymity in transactions and prevent both 'illicit transactions' and 'store of value', because CBDCs – through tiered remuneration – 'Allows overcoming the ZLB (zero-lower bound) as one may impose negative interest rates on CBDC'."

"…tiered remuneration means: the more SerfCoin you have, the lower your interest rate, even going negative beyond a certain point. It’s like a built-in wealth cap and tax at the same time, where the only way to avoid it, presumably, would be to spend it – thus shoring up money velocity. 

"It overlooks the obvious: that those with any meaningful amount of wealth would have the incentive to avoid storing any of it in a CBDC at all."

More in the article "BIS: CBDC Roll-Outs May Require Changing The Constitution" written by Tyler Durden.