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Top cryptocurrency news: People’s Party of Canada founder says ‘monetary reset’ is coming, terms CBDCs totalitarian

14-Aug-2022 By: Sudeep Saxena
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Maxime Bernier, the founder of the People's Party of Canada, has proposed that the existing fiat currency system needs to be updated.

During an interview with a local media outlet on August 12, Bernier slammed the current monetary system for being debased as a result of excessive printing by central banks.

According to Bernier, he is confident that the reset will occur in the future and that it will be backed by a commodity such as gold. He identified nations such as China and Russia as intending to launch commodity-based currencies.

“There will be a commodity-backed currency system. I'm not sure when, but a fiat currency system can't last forever. Following that, I believe we need a global monetary reset, with money based on gold or other commodities, as we had in the nineteenth century,” according to Bernier.

Impact of fiat system on inflation 

Notably, Bernier, who was a minister from 2006 to 2015, stated that excessive printing and growing federal debt loads are driving inflation rates to all-time highs.

It should be noted that central bank digital currency (CBDC) has been promoted as a potential substitute for the fiat monetary system. Notably, some central banks have begun investigating CBDCs.

Possible effects of CBDC

Bernier, on the other hand, expressed his opposition to the currency, claiming that it would give the government authority over the populace and fuel totalitarian regimes.

"A CBDC will allow the government to watch and regulate everything you do. It would be another tool for us to keep track of our expenditures and bank accounts. It's another way of life in a totalitarian state." He went on to say, "We don't want it, and we don't need it."

He stated that CBDC is unnecessary because current debit cards and e-transfers achieve the majority of the proposed digital currency's aims.

Bernier went on to say that he would use his position to educate the public about the alleged risks of CBDC.

As CoinGabbar earlier reported, Robert Kiyosaki, author of the personal finance book 'Rich Dad, Poor Dad,' has also slammed CBDCs, alleging that they may be used to spy on residents.

Read also: Top cryptocurrency news: South Korean authorities make first arrests in multi-billion cryptocurrency probe

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