By Eden Kironde
Africa-Press – Uganda. Outspoken German economist Professor Richard Werner has consistently warned about the gloomy realities of central bank digital currencies, revealing that “the powers of CBDCs are so extraordinary that even the worst dictators in past centuries could only have dreamt of having such enormous power over the lives of so many people. We are talking about a very dystopian future. It will be a completely totalitarian system of such frightening proportions it’s hard to imagine.”
Specifically, he has exposed the perils of CBDC programmability. This, he notes, transforms CBDCs from being your money to potentially your money. How? Because the usage of “your money” depends on the whims of those in charge. They reserve the power to reject or permit you to spend your money in a given location, on particular goods and services, and in pre-determined volumes.
Yet in spite of these dangers, the Bank of Uganda (BoU) adamantly continues its pursuit of the CBDC. In June this year, BoU released the Final Report of the Consultation on Central Bank Digital Currency for Uganda.
The final report is a result of the Bank of Uganda stakeholder consultation on Central Bank Digital Currencies held in March 2025, where the core subject of discussion was the findings from the research commissioned by BoU in June 2024 on Uganda’s potential issuance of a CBDC.
The report speaks in glowing terms about the endless possibilities of CBDCs. It states that:
83.4% of respondents trust a CBDC as a safe and reliable digital payment method.
78.8% would prefer using a CBDC over cash.
88.7% agree that a CBDC would have a positive impact on the economy.
70.9% believe it would reduce currency-related costs.
88.7% of respondents either strongly agree or agree that the issuance of a CBDC would have a positive impact on the economy.
83.4% would trust a CBDC as a safe and reliable form of digital payment.
The report also returned overwhelming support for a programmable CBDC, citing various benefits including:
a) Achieving control over conditional payments for specific goods or targeted transfers, smart contracts for more efficient payments.
b) Traceability and transparency to improve measures that combat fraud and money laundering.
c) Implementation of more nuanced monetary policy.
d) Creation of products suitable for the unbanked, which would support financial inclusion.
e) Facilitation of cross-border payments through inbuilt features that enhance currency conversion and provide privacy, efficiency and security, given the ability to impose restrictions.
Describing the functionality of programmable CBDCs, the report reveals that it “enables currency to be coded with specific rules, restrictions, or conditions on how it can be used, transferred, or stored,” echoing the profound fears many observers have expressed.
But in spite of this evident threat to freedom, 65.6% of respondents supported issuing a programmable CBDC in Uganda. 19.9% disagreed, while 14.6% remained stuck between the altar and the door.
It is exactly what Prof. Werner warns about — when discussing programmability, the positive side is overplayed and the negative downplayed. Other observers reason that the notion that some entities can decide for us what is essential also infers that they inadvertently assume the powers to tell us what isn’t essential.
Besides the professor’s warnings, we have a more sure word of caution from Prophet Elvis Mbonye on this matter. On July 25, 2025, during the launch of the new Christian faith umbrella organization, the Remnant Identity Coalition, he put his fellow ministers on notice about Central Bank Digital Currencies — an evil agenda being rolled out across the world.
This was the second time the prophet publicly spoke out against the issuance of a Central Bank Digital Currency. On January 7, 2025, during his weekly Tuesday fellowship, he also warned about the same move towards a cashless world that would demand total allegiance to “the system.”
Knowing that the issuance of CBDCs is not even a local proposition but rather a global agenda — a brainchild of “the system” — classifies BoU’s persistence as betrayal, only likened to Judas Iscariot, who for 30 pieces of silver handed over his Master to His tormentors.
BoU should seek to serve only our interests. Anything that deviates from that should not be accorded a second thought. Yet they seem determined to serve the interests of global entities at the expense of Ugandans. That’s betrayal. Judas would be proud of you.
Source: Nilepost News
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