In the 18th century the philosopher Jeremy Bentham designed an observation system called The Panopticon.
It comes from the Greek for “all seeing”.
It was simple.
And devious.
The Panopticon allowed a single guard to observe prisoners at all times.
But the guard was out of sight.
So while all prisoners could be observed…
It was impossible to know whether they were actually being watched, or not.
It was a tool of observation… and of control.
But what’s the modern incarnation of the Panopticon?
How about a money system where every single transaction can be tracked, recorded and even controlled by the state, at any time?
Because – in theory – that’s exactly what a Central Bank Digital Currency, a CBDC, could do.
Central Banks over the world are exploring this new kind of money system.
The Bank of England is one of them. So is the USA. China has already launched its CBDC.
What could it mean for you and your money?
Nick Hubble
Editor, Fortune and Freedom