Canadians love the convenience of online (digital) banking. According to the Canadian Bankers Association (CBA) “Canadians value convenient and dependable access to banking technology. To that end, banks are continuing their decades long leadership in developing new innovations that make banking more flexible, secure, consistent and accessible for all customers.”

They have surveys to back up their claims. These demonstrate that:

• 90 percent of Canadians believe that banking has become a lot more convenient because of new technologies.
• 78 percent of Canadians are using digital channels (online and app based) to conduct most of their banking transactions.
• 49 percent say it is their most common banking method, making online the most used digital banking channel.

All this sounds great, doesn’t it? But it is not stopping there by any means. The CBA says: “Led by younger Canadians, more than half (56 percent) of consumers would consider using a private cryptocurrency; 64 percent of Canadians say convenience is the main reason they use, or would use, a cryptocurrency; [and] one third (36 percent) of consumers expect to be using an alternative currency in five years.”

The Bank of Canada, like central banks all over the world, is actively working to create and manage central bank digital currencies (CBDC), that is: “. . . virtual money backed and issued by a central bank. As cryptocurrencies and stablecoins have become more popular, the world’s central banks have realized that they need to provide an alternative—or let the future of money pass them by.”

What could possibly go wrong?

So, is there a downside to CBDC? Let’s look at the “other side of the coin.” There are two outcomes of special interest: the amount of control by the central bank (government) over the use of the digital currency, and the elimination of cash, which would facilitate the ascendance of total monetary control.

An October 2022, Slay News story reported on a video of one of the world’s most powerful bankers boasting about plans to eliminate cash and gain “absolute control” over the global population through the use of digital money. The video features Agustin Carstens, the General Manager of the Bank of International Settlements (BIS) and a World Economic Forum (WEF) member, discussing the “advantages” of a cashless society. Carstens, who previously served as the Deputy Managing Director of the International Monetary Fund, issues a disturbing message about the future of the financial surveillance state and central banks’ plans to gain “absolute control” of everyone’s money.

The story goes on to say: “. . . world governments have been advancing the development of Central Bank Digital Currencies [and these currencies] are being touted by global power elites as a means to usher in a cashless society. Carstens boasts that by getting rid of cash and using CBDCs, governments and their financial oligarchs will be able to track purchases globally and see exactly who’s buying what . . . . “The key difference with the CBDC is the central bank will have absolute control on the rules and regulations that will determine the use of that expression of central bank liability,” Carstens said. “And also, we will have the technology to enforce that,” he added.

The Atlantic Council operates a fascinating website called the Central Bank Digital Currency Tracker. The site reports: “105 countries, representing over 95 percent of global GDP, are exploring a CBDC. In May 2020, only 35 countries were considering a CBDC. A new high of 50 countries are in an advanced phase of exploration (development, pilot, or launch).” Canada is listed as having a system under development using the moniker Project Jasper. Carolyn Wilkins is the senior deputy governor of the Bank of Canada, where she oversees the central bank’s strategic planning and economic and financial research. She says: “We want to understand the implications for our mandates – monetary policy, currency issuance and financial stability – and also for the financial technology we use ourselves to run our business. There’s no better way to understand an innovation than to collaborate with experts around the world and to get in at the ground floor and experiment.”

So, government agents will theoretically have knowledge of every item purchased by the citizens of their country. But, more critically, the Slay News story concludes, “. . . concerns are mounting about how much control over a person’s finances such [a] system would allow. Much like Big Tech companies shut down the accounts of users who “violate” their policies, a person could, in theory, lose access to their own money due to their political views. People would think twice about questioning climate change or vaccine mandates if it means they will be blocked from buying food for their families.”

Losing access to your own money is no longer a “theory.” Did we in Canada not see this exact scenario in relation to the Freedom Convoy supporters? Testimony during the Public Emergency Order Commission hearings told of Canadians having their bank accounts frozen, insurance policies cancelled, mortgages foreclosed (for lack of insurance), child support payments missed and so on because all these elements were linked financially. Individuals were forced to accede to the government’s (read: Trudeau’s) world view. Tyrants and dictators must be rubbing their hands in glee.

And the control is easy to exercise. On the basis of enhancing security, most financial institutions, and more and more businesses and services, are instituting two factor identification. This involves logging in to your account and waiting to receive a text or call providing a code necessary to complete the login process. But what if that code never arrives? You are totally locked out of your account.

Is the Canadian’s trust in their financial institutions misplaced? The CBA says: “Canadians place high trust in banks because they have delivered convenience through technology for decades – always with a focus on security and privacy.” Time to take the blinders off and look at the implications of allowing such control in the hands of institutions that have shown their willingness to follow the directives of the government – no questions asked. It was reported that the only reason the freezing of bank accounts did not involve more Canadians was the fact that everyday Canadians began a run on the banks – asking for their money in cash. But, banks do not have money in the till to give their depositors. It is all “digital” or fiat currency. Reportedly, one Canadian bank had to shut down all of its ATMs because of the demand for withdrawals. Good for those Canadians! Power in numbers!

Before the end of this decade, we could face the prospect of only having a digital currency in Canada. Consider how the Royal Canadian Legion has had to adopt point of sale digital technology for their annual poppy campaign. Similarly for the Salvation Army kettle campaign – “tap to donate.” Some churches have terminals for tithing and do not “pass the plate” any longer.

Can you imagine a pay station at your child’s bedside for use by the Tooth Fairy? Or the panhandler on the sidewalk or road median holding out a tap device?

The move to an all digital world, encouraged by the Bank of Canada and its partners all over the world, means you cannot buy anything with privacy. And your life is 100% dependent on a power source and the internet. What possibly could go wrong (think: Rogers outage earlier this year)?

The CHP believes your personal information should remain as your personal property unless you decide to share, sell or trade the information to a third party. Join us in defending our fundamental rights and freedoms, including our right to privacy.