Digital IDs and Digital Money Coming to Your Country Soon

The German Parliament has ratified the implementation of Agenda ID2020 whereby there will be centralized data collection on every citizen. the digital id will be linked to all information available about each person–financial, health (including inoculation records), purchasing activity, other personal habits, etc. In principle, it seems like a great idea…a fully integrated system that creates a unique identifier for every person and ties all the disparate data pieces about you together. It seems simplifying…efficient. But do you trust the people who are organizing the effort and who will have access to your information? From a risk/exposure/data breach perspective, does it make sense to put all the your data “eggs in one basket”? Have a look at who is supporting the effort. What kind of track record do those leading this effort have?

In what appears to be a separate effort, countries around the world are moving quickly to implement digital currencies. I include a link that describes how China is working with the SWIFT system to test the use of its coming digital currency system in global trade.

It seems that the effort to develop digital ids with vaccine passports, etc. is separate from the adoption of digital currencies. I think they should be viewed as a a globally coordinated effort. I personally think these systems will be used to impose greater control over people; I have little faith in those implementing these systems. So I try to share information in an effort to push back.

Published by markskidmore

Mark Skidmore is Professor of Economics at Michigan State University where he holds the Morris Chair in State and Local Government Finance and Policy. His research focuses on topics in public finance, regional economics, and the economics of natural disasters. Mark created the Lighthouse Economics website and blog to share economic research and information relevant for navigating tumultuous times.

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