Central Bank Digital Currency (CBDC) is a topic of great interest in the financial world today. While some argue that CBDCs would be a step forward in terms of financial innovation and modernisation, others have raised concerns about their potential negative impacts on the economy and society as a whole, particularly for working people.
Firstly, CBDCs would give central banks unprecedented power over the economy, allowing them to manipulate the money supply to achieve their monetary policy objectives. This could lead to inflation, deflation, or even stagflation, which would have a negative impact on the economy and on working people’s ability to earn a living wage.
Furthermore, CBDCs could be used to track people’s spending and financial activities, which could compromise their privacy and personal freedoms. This would disproportionately impact working people, who are more likely to be subject to government scrutiny and surveillance.
In addition, CBDCs could lead to financial exclusion, as not everyone would have access to the necessary technology to use them. Many working people do not have access to smartphones or computers, and thus could be excluded from the financial system, exacerbating existing inequalities and social unrest.
The potential negative impacts of CBDCs on working people are a key reason why the English Constitution Party (ECP) is completely resistant to any form of government digital currency. The ECP believes that CBDCs would give the government too much power over people’s lives and would compromise their personal freedoms and liberties.
The ECP is committed to promoting economic freedom and security for all, including working people. We believe that the government’s role should be limited to protecting people’s rights and freedoms, not controlling their financial activities.
As such, the ECP advocates for a structured and deliberate rejection of CBDCs. This involves engaging in public discourse and education, forming coalitions and alliances with like-minded individuals and organisations, lobbying policymakers at all levels of government, and using legal means if necessary to challenge the legality of CBDCs.
In conclusion, CBDCs are a potential threat to working people’s economic freedom, privacy, and personal freedoms. The ECP strongly opposes any form of government digital currency and advocates for a structured and deliberate rejection of CBDCs to protect people’s rights and freedoms.
We need to write to our MP’s and say NO to CBDC.