The EU intends to launch its central bank digital currency—the digital euro—in October of this year.<br /><br />European Central Bank head Christine Lagarde: "It is piloted on a fairly large scale in China, [where it] is of use and of service to all citizens."<br /><br />"So it is not something that is good for the elite, or is good for the young, or is good for some versus others."<br /><br />"If it is well done, and if it is well implemented, it would be of service to all citizens."<br /><br />CBDCs not only enable authorities to track who spends what, where, and when—they are programmable, allowing money to be restricted for specific uses, the imposition of expiry dates, and the ability to freeze or limit spending based on user behaviour or location.<br /><br />Once integrated with digital ID, facial recognition, social credit scores and carbon allowances, CBDCs facilitate totalitarian control on an unprecedented scale.