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Turkey links CBDC with digital IDs – farewell to freedom?

 


A CBDC (Central Bank Digital Currency) coupled with digital IDs – the perfect tool for financial repression. Turkey plans to implement this concept as early as 2023. Which states will do the same and will it also come to this in our country?


According to reports from last week, Turkey is now accelerating the introduction of a CBDC. The Central Bank of Turkey plans to launch its digital lira sometime in 2023.


However, this is also to be connected to the country's digital identity system and integrated with the FAST payment system operated by the central bank .


Journalist and political commentator Peter Imanuelsen expressed his concerns in a tweet on October 30, calling this development global communism.


Turkey is currently suffering from inflation of more than 80% . A CBDC could help the state control them.


Does a CBDC mean the end of financial freedom?

This level of control allows the government to program who gets to spend what and when. A system linked to the ID can deprive each individual of the ability to freely dispose of their money .


Earlier this month, the International Monetary Fund (IMF) touted the programmability of CBDCs as an opportunity for financial inclusion . More likely, however, is heightened financial repression.


Nick Anthony, a policy analyst at the Cato Institute's Center for Monetary and Financial Alternatives, warned against the adoption of CBDCs. Earlier this year, he opined that a CBDC would also wipe out every last bit of financial privacy in the United States .


Imanuelsen went a step further in his warning, even claiming that after digital ID linking, carbon trackers could be next. This would enable the state to monitor the CO₂ footprint of each person and control it as it sees fit .


In a previous report , he pointed to a credit card in Sweden that automatically blocks itself when the carbon limit is exceeded. "The possibilities for control and tyranny are endless," he pointed out.


Central Bank Digital Currency: The Instrument of Suppression

A CBDC linked to an ID could be the perfect tool for authoritarian states to repress dissidents and opponents of the government.


This would be of great benefit to countries with dictatorial regimes such as China, Iran, Saudi Arabia, Syria, Thailand and Laos. There, the dissemination of anti-government views is sufficient grounds for arrest.


According to the Atlantic Council, many of these countries are already developing or piloting CBDCs .


In addition, a national digital currency linked to the ID would also exclude foreigners from using it . In many countries it is already difficult for these people to get an identity card. However, digitizing identity would make the process even more difficult.


The World Privacy Forum has a list of countries with digital ID cards, and many of them (especially in Africa and Asia) also have biometrics.


A CBDC is the latest government tool to control the population and further erodes our financial freedom. It is no coincidence that the world's more authoritarian states are at the forefront of developing such systems.


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