Inventing a new digital currency is nothing: all currencies are already digital. Just modify SWIFT a little bit so it remembers what was send to whom, et voila!. On the other hand, programmable money would generate large datasets to direct fiscal transfers to some people, and not to others. And also connect those people to central banks directly. And that’s the key when talking about Central Bank Digital Currencies (CBDCs): they are not money, but social engineering tools.
Central banks dont want ‘helicopter money’, or ‘money for all’. They want money to go to some people and not others, customized interest rates for each social group, and linking the whole thing to a digital ID and social credit system. Their worry is that people otherwise would save it, buy crypto or even gold with it. So they have to direct it to whom will be guaranteed to spend it on the spot.
CBDCs will come under stealth of X-border payments, but they will mean so much more. They will allow central bankers to circumvent the banking and fiscal system, and give or take money (tax or transfer payments) directly. This completely changes monetary vs fiscal policy for ever: central banks will now be able to manage fiscal policy, outside of governments balance sheets.
They can give, for example, restaurant owners a direct payments for stimulus whilst at the same time charging negative interest rates on larger savers. They can create direct tax payments too, in the rails of the payments system.
Multi-interest rates set centrally will be the norm, because they see monetary policy as a key part of their social engineering agenda. Yet not many realize that controlling society through goods allocation is part of the Marxist doctrine.