Social credit scores and digital currencies

The rapid digitisation of finance has paved the way for state-controlled digital currencies, with central bank digital currencies (CBDCs) emerging as a revolutionary financial tool. Simultaneously, the rise of social credit systems, initially popularised in China, has introduced a new layer of government oversight on individual citizens behaviour. As governments explore ways to integrate CBDCs with behavioural tracking mechanisms, questions surrounding privacy, civil liberties and financial autonomy are becoming more pressing than ever. Whilst China has pioneered this integration, other nations are also exploring similar frameworks. Indeed, not so long ago in Canada, President Justin Trudeau used emergency powers to freeze the bank accounts of Canadian truckers who were blocking traffic in and out of the US. Therefore, could the future of finance be one where state-controlled digital money is directly tied to social behaviour and government-imposed metrics? And if so, what are the imp…