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(by Mind Matters | The Stream ) – Recently, we looked at a new idea governments are looking at — programmable digital currency. It’s all digital, issued by government, constantly trackable, and can’t be spent on items not approved by government (or only with penalties). The Federal Reserve Board (the United States’ central bank) explains, bureaucratically, Potential benefits of the ‘digital cash’ model using programmable UTXOs are the ability to specify spending constraints on any discrete amount of value and a greater facility to trace the provenance of any particular ‘virtual banknote.’ ALEXANDER LEE , “ WHAT IS PROGRAMMABLE MONEY? ” AT FEDS NOTES (JUNE 23, 2021) In other words, the two benefits of these central bank digital currencies (CBDCs) are that the government can potentially control what the money is spent on and can trace the transactions in great detail.
In more straightforward language, we learn from Nasdaq that it can go right down to the cereal you buy: In terms of distributing stimulus or emergency funds, the U.S. government and Federal Reserve would have a level of fine-tuned control like never before. Payments could be sorted out by income level, employment status, geographical location, or any number of other things… And attempts to purchase a restricted item — like, say, a firearm without proper background clearance — could be automatically denied. In many ways, programmable digital money would be a fantasy come true for economists. This is because economists believe economies are driven by human behavior, and human behavior is driven by incentives, and all kinds of incentives could be built into digital money… For example, fossil fuel use might be embedded with a higher VAT (value-added tax) surcharge than green energy use. Buying sugary cereal might create a small debit, whereas buying broccoli creates a small credit. […]
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