Mind Matters Natural and Artificial Intelligence News and Analysis

TagCanadian banks (freezing accounts)

young-man-putting-goods-on-counter-in-supermarket-stockpack-adobe-stock
Young man putting goods on counter in supermarket

Government Mulls Money That Can Only Be Spent on Approved Items

Programmable digital currency restricts citizens’ freedoms for “socially beneficial outcomes”

A story from mid-last year reveals a creepy side to digital currency: “The Bank of England has called on ministers to decide whether a central bank digital currency should be ‘programmable’, ultimately giving ‘the issuer control over “how it is spent by the recipient”: Tom Mutton, a director at the Bank of England, said during a conference on Monday that programming could become a key feature of any future central bank digital currency, in which the money would be programmed to be released only when something happened. He said: “You could introduce programmability – what happens if one of the participants in a transaction puts a restriction on [future use of the money]? “There could be some socially beneficial outcomes…