At a recent digital currency forum put on by the World Economic Forum (WEF), partners and financial leaders discussed the accelerated push towards Central Bank Digital Currencies (CBDCs) and a cashless society, where one member said that COVID-19 “expedited” the transition.
Titled Open Forum: The Digital Currencies’ Opportunity in the Middle East, Khalid Humaidan, Governor of the Central Bank of Bahrain (CBB), spoke of the region’s rapid adoption of digital financial services, and said it won’t be long until cash is completely eliminated.
“I think the transition to fully digital is not going to be a stretch,” Humaidan told the panel.
Humaidan said that people are used to cashless already, noting that adoption rates increased during COVID.
“This is where contactless started to became something of a necessity, something of a safety, something of a requirement,” he said.
Humaidan added: “And because of that, there is very little resistance. Trust is already there.”
He further said building towards a fully cashless world needs to safeguard the risks, in particular with cross-border usage.
WEF expands program to make third-world countries cashless
The WEF has been plotting a move towards cashless for a while, and last year celebrated turning more third-world countries away from cash in the name of “digital inclusion.”
A September 2023 update from the unelected organization states that its global initiative launched the year prior has grown from three partner countries to six.
Small businesses in the partner countries are being encouraged to move away from cash and instead become dependent on loans, digital payment solutions, and “micro-credit opportunities” from Mastercard.
Poilievre wants out of the WEF
In Canada, federal Conservative Party leader Pierre Poilievre last year said that, as Prime Minister, he would ban all ministers from the WEF, never implement vaccine mandates, and never require digital IDs or CBDCs.
Alberta Premier Danielle Smith later supported Poilievre when asked whether she also rejects the WEF’s role in shaping Canadian policies and laws.
