Approximate reading time: 8min
Summary: The European Union is working on a comprehensive regulatory framework that could give authorities unprecedented access to the personal finances of their citizens. By combining the Savings and Investment Union with a Central Bank Digital Currency (CBDC), a surveillance system is created that can track your financial decisions in real-time – from saving to spending to investing. Experts warn of possible parallels to China's social credit system, where financial control is used as a tool for social governance.
Three critical questions arise:
How is this happening? What mechanisms enable such control? And most importantly – how should you prepare while there's still time?
There are 2 parts to this new control system:
1. The Saving & Investment Union
2. The ECB’s CBDC
1. The Savings & Investment Union (SIU)
On the Blog site of the ECB, it says:
“There is now an urgent need to channel retail savings1 into European capital markets in order ...
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