BRITCOIN is a honey-trap
Introduction
The concept of a Universal Basic Income (UBI) has been gaining popularity in recent years, as a potential solution to poverty and income inequality. The idea is to provide all citizens with a regular, unconditional payment to cover their basic needs. The Tony Blair Institute for Global Change has proposed a UBI based on the upcoming UK's Central Bank Digital Currency (CBDC) network. However, some experts believe that this proposal is a honey trap that could lead to more harm than good. In this article, we will examine the proposal and explore the potential benefits and drawbacks of a UBI based on a CBDC network.
What is a Universal Basic Income?
A Universal Basic Income (UBI) is a system in which all citizens receive a regular, unconditional payment from the government, regardless of their employment status. The goal of a UBI is to provide a basic standard of living to all citizens, reducing poverty and income inequality. Supporters argue that a UBI could simplify the welfare system, reduce bureaucracy, and provide a safety net for those in need.
What is a Central Bank Digital Currency network?
A Central Bank Digital Currency (CBDC) is a digital version of a country's currency, issued and backed by the central bank. CBDCs are designed to be used for everyday transactions, just like physical cash. The UK is currently exploring the possibility of creating a CBDC network, which would allow for faster and more secure payments, as well as greater financial inclusion.
The Tony Blair Institute for Global Change proposal
The Tony Blair Institute for Global Change has proposed a UBI based on the upcoming UK's CBDC network. Under this proposal, every UK citizen would receive a regular payment of £1000 per month, directly into their CBDC account. The payment would be funded through a combination of new taxes, government borrowing, and savings from existing welfare programs. The Institute argues that this proposal could reduce poverty, stimulate economic growth, and provide a safety net for all citizens.
The potential benefits of a UBI based on a CBDC network
There are several potential benefits of a UBI based on a CBDC network. First, it could simplify the welfare system, reducing bureaucracy and administrative costs. Second, it could provide a safety net for all citizens, regardless of their employment status or income level. This could reduce poverty and income inequality, and ensure that all citizens have access to basic necessities such as food, housing, and healthcare. Third, it could stimulate economic growth, as citizens would have more disposable income to spend on goods and services. Fourth, it could promote financial inclusion, as all citizens would have access to a digital currency account.
The potential drawbacks of a UBI based on a CBDC network
Despite the potential benefits, there are also several potential drawbacks of a UBI based on a CBDC network. First, it could be expensive to implement, requiring significant investment in infrastructure and technology. Second, it could be difficult to determine the appropriate level of funding, as the cost of living varies across the country. Third, it could lead to inflation, as the increased demand for goods and services could drive up prices. Fourth, it could discourage work, as some citizens may choose to rely solely on the UBI payment rather than seeking employment.
Is the Tony Blair Institute proposal a honey trap?
Some experts believe that the Tony Blair Institute proposal is a honey trap, designed to lure citizens into accepting a digital currency that would give the government unprecedented control over their financial transactions. They argue that a UBI based on a CBDC network would require citizens to use a government-controlled digital currency, rather than traditional forms of currency.