Programmable Money and the Climate Mandate

By Peter J. Merrick, TEP® and Adrian C. Spitters, CFP® Co-authors of the international bestseller It Starts With Gold™ and the forthcoming Killing Crypto™ 

This is the second article in a three-part series examining how financial and political systems across Canada and the United States are being re-engineered. In Part One, we explored how mortgage resets, banking fragility, and credit contraction are reshaping ownership and wealth. In this second part, we examine how the emergence of programmable money, digital identity, and climate finance is transforming money itself into a tool of behavioural control and geopolitical power.

Why This Matters:

Money is no longer just a medium of exchange or a store of value. It is becoming programmable, conditional, and tied to identity and ideology. Central Bank Digital Currencies (CBDCs), digital IDs, and net-zero greenhouse gas emissions (Net Zero) policies are converging into a system that can track, restrict, and direct how people spend, save, and invest. This new financial infrastructure is being designed not just to modernize payments, but to reshape societies and economies at a fundamental level. For investors and households, understanding this shift is essential to protecting wealth and sovereignty in the decade ahead.

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For centuries, money has been understood as a neutral tool, a medium of exchange and store of value that individuals could use freely within the bounds of the law. That assumption is no longer safe. Across the world, governments, central banks, and global institutions are building a new type of financial architecture, one that makes money programmable and links it to personal identity, social behaviour, and political objectives.

This transformation is happening faster than most realize. Central banks representing more than 95 percent of global GDP are actively developing or piloting digital currencies. The Bank of Canada and the United States Federal Reserve are among them, working alongside the Bank for International Settlements (BIS) to build new settlement and payment systems designed for programmable digital money. At the same time, the International Monetary Fund (IMF) and the World Economic Forum (WEF) are pushing coordinated frameworks that combine digital identity, climate finance, and ESG compliance into a unified global standard.

These developments are not about convenience alone. Programmable money offers governments and financial institutions unprecedented control over how money is used. It can be designed to expire if not spent by a certain date. It can restrict purchases of goods deemed harmful to the environment. It can enforce tax compliance automatically and limit cross-border transactions without traditional capital controls. In short, it transforms money from a passive instrument into an active policy tool.

The implications of this shift are enormous. If money can be programmed, then access to it can be conditioned. That means financial participation could one day depend on compliance with policies unrelated to banking or payments. The infrastructure for such a system is already being built in Canada, the United States, and across the global financial system. And it is being justified under a cause that is difficult to oppose: the fight against climate change.

The shift toward programmable money is often presented as a technical evolution, a way to modernize payments and improve efficiency in a digital economy. But beneath the surface, it represents a profound shift in the balance of power between individuals, governments, and financial institutions.

In a programmable system, every transaction is a potential point of policy enforcement. Central banks could limit how much fuel an individual buys in a month or restrict travel spending in line with carbon budgets. Social programs could be distributed in digital tokens that only work at approved merchants. Tax credits could be issued in currencies that expire if not used quickly, forcing recipients to spend rather than save. What was once voluntary becomes automatic, embedded in the code of money itself.

This is not theoretical. In 2025, the Bank for International Settlements reported that around 137 countries and currency unions, representing about 98 percent of global GDP, are now exploring or developing central bank digital currencies (CBDCs). This rapid expansion reflects how governments are preparing to embed programmable features directly into national currencies and financial infrastructure.

China’s digital yuan pilots have tested smart-contract-like functions that enable conditional or purpose-limited payments in certain contexts. These capabilities are already demonstrating how programmable money can enforce spending parameters and shape behaviour. In Europe, the European Central Bank has clarified that its digital euro will not include public-authority programmability, but it will include a compliance framework for anti-money-laundering and counter-terrorist-financing enforcement through intermediaries. Canada’s central bank has confirmed it is developing “contingency plans” for a digital Canadian dollar and continues to emphasize that no decision has been made to issue one.

In the United States, the Federal Reserve, through the New York Fed’s Innovation Center, continues to experiment with wholesale CBDC platforms and cross-border settlement pilots, such as Project Cedar, while making no commitment to a retail digital dollar. These initiatives are focused on institutional payment rails, large-scale settlement systems, and the infrastructure that would underpin any future digital dollar rollout.

At the same time, the United States is pursuing a parallel strategy through the regulation and adoption of stablecoins. Federal legislation advancing in 2025, including the Clarity for Payment Stablecoins Act, establishes a national framework for dollar-pegged stablecoins issued by supervised financial institutions. This approach enables the U.S. to integrate programmable, blockchain-based money into its financial system without directly issuing a retail CBDC.

Major banks and payment processors are already piloting tokenized dollar stablecoins for settlement, cross-border payments, and compliance automation. These initiatives aim to deliver many of the same capabilities as a retail CBDC, including real-time transactions, traceability, and programmable features. By allowing private-sector issuers to take the lead, policymakers are positioning stablecoins as a bridge to programmable finance that faces less political resistance while still laying the groundwork for more centralized forms of digital money in the future.

The growing alignment between CBDC research and stablecoin regulation suggests they are not competing technologies but complementary pillars of the same evolving financial system. As the underlying infrastructure matures, stablecoins and CBDCs are likely to become interoperable within shared settlement networks, blurring the line between public and private digital money. This convergence would allow governments to harness the speed and innovation of private stablecoins while maintaining ultimate control over monetary policy, surveillance, and enforcement.

The endgame is not innovation but control. By merging public digital currencies and private stablecoins into a single programmable network, authorities could gain the ability to approve or deny transactions, dictate how and where money is spent, and tie financial access to identity, social behaviour, or political compliance. What begins as a convenience could evolve into a system where economic freedom is conditional and where opting out is no longer an option.

The coming transformation of money is not about efficiency, innovation, or convenience. It is about power, who holds it, who loses it, and how it will be exercised in a fully programmable financial system. Once currency becomes conditional and tied to identity, dissent, or behaviour, the ability to transact freely will no longer be guaranteed by law but granted by permission. That shift changes everything. It turns money from a neutral medium of exchange into a lever of compliance and a tool of control.

For individuals and families who want to preserve autonomy, protect wealth, and retain the freedom to choose how they live, the path forward begins with moving part of their assets outside the programmable system altogether. Tangible stores of value, especially physical gold, cannot be altered, frozen, or rewritten by code. They operate on principles that have outlasted empires, fiat experiments, and financial regimes.

As programmable money expands its reach, building a defensive foundation of real assets — from physical gold and farmland to income-producing private real estate — becomes essential to maintaining both financial sovereignty and generational wealth.

It starts with gold because gold exists beyond the reach of digital control. It cannot be switched off, reprogrammed, or denied at the push of a button. And in an era where money itself is being redesigned to condition and constrain human behaviour, that makes it more than a store of value, it makes it a lifeline.

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The private sector is also deeply involved. Payment giants, technology firms, and major asset managers are working with central banks to integrate programmable features into future financial infrastructure. The result will be a tightly woven system that merges public authority with private execution, a financial-industrial complex that wields unprecedented influence over how money moves and how it can be used.

Programmable money by itself is powerful, but its true potential is unlocked only when linked to identity. That is why digital identity has become the central focus of governments, central banks, and global institutions. Without it, programmable money would remain just code. With it, it becomes a complete system of behavioural governance, able to link transactions to individuals, track every movement of funds, and enforce compliance with laws, policies, and social objectives.

Canada is at the forefront of this transformation. Ottawa is advancing a national digital identity strategy that would tie personal data, financial access, and government services together. Ontario has been piloting its own digital ID program, designed to integrate with federal systems and private-sector platforms. These initiatives are part of a broader global push led by the WEF, which has called digital ID “the linchpin” of a new data-driven economy, and by the IMF, which has linked digital identity to future financial-inclusion programs.

Digital identity is not just about convenience or security. It is about control. Once identity is tied to money, every transaction can be linked to a person, their location, and their behaviour. That enables a level of policy enforcement far beyond what is possible today. Governments could automatically restrict transactions based on age, location, or social status. They could block purchases that exceed personal carbon limits or that involve disfavoured industries. They could even suspend access to money altogether if a person fails to comply with certain requirements.

Canada’s proposed Bill C-8, the Critical Cyber Systems Protection Act, illustrates how this infrastructure is being built. Introduced in 2025, Bill C-8 grants the federal government sweeping powers over telecommunications and critical infrastructure providers. It allows authorities to designate essential systems, issue binding security orders, and compel companies to share sensitive data. It also empowers the government to direct telecom providers to block or remove technologies deemed a threat. Although framed as a cybersecurity measure, Bill C-8 lays the groundwork for a financial system in which identity and network access can be centrally controlled, and in which compliance can be enforced at the infrastructure level.

These capabilities gain even greater significance when combined with environmental, social, and governance (ESG) frameworks and carbon-tracking systems. Global institutions such as the BIS and the IMF have promoted the integration of ESG metrics into financial regulation. Banks and asset managers are already incorporating carbon-intensity scores into lending decisions. The next step is linking those scores to individuals and households.

A plausible scenario is emerging for the near future. By 2030, Canadians could be required to use a government-approved digital wallet tied to their verified identity. That wallet could include a carbon account that tracks emissions from purchases, travel, and energy use. If a household exceeds its annual carbon allowance, its wallet might automatically restrict additional fuel purchases or increase transaction fees. Subsidies and tax credits could be delivered as programmable tokens that work only for approved green products or expire if not used promptly. Businesses could be required to integrate similar systems into their payment platforms, aligning commercial activity with government climate targets.

The United States is moving in the same direction, albeit through different channels. The Department of Homeland Security has been testing digital-identity standards for cross-border travel and federal services, while the Federal Reserve explores digital-dollar pilots that could integrate identity and compliance features. In Europe, the European Union’s digital-identity wallet, now in development, is expected to become a gateway not only for government services but also for payments and financial access.

This fusion of identity, money, and policy represents a profound shift in the relationship between citizens and the state. It creates the technical capability to reward or punish behaviour directly through financial access. It also raises fundamental questions about sovereignty, privacy, and property rights. Who decides what constitutes acceptable behaviour? Who controls the algorithms that set carbon limits or assign ESG scores? And what recourse do individuals have if they are excluded from the financial system for non-compliance?

These are not abstract concerns. They go to the heart of what it means to participate in an economy and who gets to decide the terms of that participation. Digital identity, once fully integrated with programmable money, will make those decisions far more consequential and far harder to resist.

The justification for programmable money and digital identity is most often framed around climate change. Policymakers, banks, and global institutions argue that existing financial systems cannot meet Net Zero goals unless they embed carbon limits and ESG standards directly into the way money flows. This shift has quietly transformed climate finance from a voluntary framework into a mechanism of behavioural enforcement.

Across Canada, banks are piloting green-lending products that link credit terms to environmental performance. Some mortgage products already offer interest-rate discounts if a home meets certain energy-efficiency standards, effectively rewarding borrowers who comply with government climate priorities. In Europe, major lenders such as BNP Paribas and ING have tied corporate lending rates to carbon-intensity scores, reducing credit access for firms that fall short of Net Zero commitments. American institutions are not far behind, with asset managers incorporating ESG scores into investment decisions and credit models.

These products are marketed as incentives, but they represent the first stage of financial conditioning. What begins as a discount for compliance can easily evolve into a penalty for non-compliance. A carbon-linked mortgage may one day not just reward energy upgrades but also punish households whose emissions exceed thresholds. A business loan tied to ESG performance could cut off credit altogether if environmental targets are not met. The infrastructure of programmable money makes such enforcement automatic, coded into the transaction itself.

Mark Carney has been central in building this architecture. After his roles as Governor of the Bank of Canada and Governor of the Bank of England, Carney became the United Nations Special Envoy on Climate Action and Finance and Vice Chair of Brookfield Asset Management. Under his leadership, Brookfield launched one of the world’s largest climate-focused private funds: a 20-billion-dollar energy-transition vehicle raised in 2025. Backed by investors such as Norges Bank Investment Management, it channels capital into renewable energy, carbon capture, and green-infrastructure projects. But these funds also shape financial norms by steering trillions of dollars toward climate-compliant investments and away from industries deemed incompatible with Net Zero.

Carney’s influence extends beyond Brookfield. He co-chairs the Glasgow Financial Alliance for Net Zero (GFANZ), a coalition representing more than 150 trillion dollars in assets. GFANZ has called on banks and asset managers to align their portfolios with Net Zero targets, embedding climate criteria into every investment and loan decision. The effect is to institutionalize climate compliance as a core condition of access to capital.

This is where programmable money and digital identity converge with climate finance. Imagine a Canadian household in 2030 applying for a mortgage. Instead of a traditional credit check, the process could include a review of the family’s carbon score, calculated from their digital-ID-linked spending and energy use. If their footprint is above target, the mortgage could come with a higher rate, a smaller credit limit, or a requirement to invest in home upgrades. If the family refuses, the loan may not be approved at all. This is not speculation; it is a logical extension of trends already visible in pilot programs today.

The same principle can be applied to consumer spending. A programmable-carbon wallet could limit gasoline purchases, restrict flights, or enforce penalties for exceeding monthly allowances. Subsidies could be issued as tokens that work only for approved products. Over time, financial systems become engines of behavioural compliance, shaping what people can buy, where they can travel, and how they must live in order to remain in good standing.

What makes this shift especially concerning is its global coordination. The BIS is developing frameworks for integrating climate risk into central-bank operations. The IMF is tying financial-stability assessments to climate resilience. The WEF continues to promote the fusion of digital identity, ESG scoring, and programmable payments as the future of finance. Canada and the United States, through their central banks and regulatory agencies, are aligning with these global standards, often with little public debate.

The result is a system in which climate goals are enforced not through persuasion or policy incentives but through financial access itself. Compliance becomes the price of participation in the economy. Resistance becomes costly or even impossible. This is the new face of climate finance: a system where money is not just a measure of value but a tool of control.

Behind the rise of programmable money, digital identity, and climate-linked finance is a powerful network of global institutions shaping standards and strategies that transcend national borders. At the center of this network are the BIS, the IMF, and the WEF. Together, they are building a blueprint for a new financial system in which money, identity, and behaviour are governed not only by national governments but by international bodies with far-reaching influence.

The BIS, often described as the “central bank of central banks,” is coordinating the technical development of CBDCs and cross-border payment systems. Projects like mBridge, a collaboration between the BIS and the central banks of China, Thailand, Hong Kong, and the United Arab Emirates, are testing cross-border CBDC platforms designed to bypass traditional banking networks. Similarly, Project Icebreaker, involving the central banks of Sweden, Israel, and Norway, explores how CBDCs can enable seamless transactions between different national currencies. These initiatives show how programmable money is being built as part of a global network, not as isolated national projects.

The IMF is playing a complementary role. Through its Digital Money Strategy and Financial Stability Assessments, the IMF is guiding member nations, including Canada and the United States, on how to integrate CBDCs into their monetary systems and regulatory frameworks. The IMF is also advocating for climate risk to be embedded into central-bank policy, linking financial stability to environmental performance. This creates a powerful incentive for governments to align their financial systems with Net Zero goals, even if it means limiting domestic policy choices.

The WEF acts as the public-private bridge in this architecture. Through its Digital Currency Governance Consortium and initiatives like the Global Digital Identity Framework, the WEF is bringing together central banks, governments, and major financial institutions to shape the design of future financial systems. Its emphasis on public-private partnerships means that some of the most consequential decisions about money, identity, and access are being made not in parliaments or legislatures, but in closed-door working groups where corporate and institutional interests are deeply embedded.

Canada and the United States are not passive observers in this process. Both are aligning their domestic policies with global standards. The Bank of Canada has participated in multiple BIS innovation projects and is developing a contingency plan for a digital Canadian dollar designed to integrate with cross-border systems. The U.S. Federal Reserve is working with the BIS and the Bank of England on CBDC research, while U.S. Treasury officials collaborate with the IMF on digital-asset regulation and global payment infrastructure. Both countries are also integrating climate risk into financial regulation, aligning with the IMF’s recommendations and the goals set out in international climate agreements.

The sovereignty implications are profound. Monetary policy, once the exclusive domain of national governments and their central banks, is increasingly shaped by global standards. Compliance with these standards often becomes a prerequisite for participation in global payment networks or access to international capital. This creates a new form of pressure on national governments: deviate from the emerging consensus, and risk financial isolation. For individuals, it means that the conditions governing their access to money could one day be set not by elected representatives but by unelected international bodies.

The potential for automated enforcement amplifies these concerns. Programmable money can embed sanctions, capital controls, or trade restrictions directly into the code of financial transactions. If a government, company, or individual falls out of compliance with global standards, whether on climate policy, sanctions regimes, or financial regulations, their access to funds could be limited or blocked without the need for traditional legal processes. The same infrastructure could be used to enforce tax collection, restrict capital flows, or penalize activities deemed harmful to the environment.

This is not a distant possibility. It is the logical endpoint of systems already under development. Once programmable money, digital identity, and climate-linked finance are fully integrated, they will enable a level of control over financial behaviour that goes far beyond anything seen before. The question is no longer whether this system will exist, but how much influence national governments and individual citizens will retain within it.

The convergence of programmable money, digital identity, and climate-linked finance is not just an institutional story. It is a transformation that will reach directly into the daily lives of households and the strategic decisions of investors. The implications are profound and, in many cases, disruptive.

For households, the most immediate impact will be on how they access and use money. In a programmable system, every transaction can be conditioned, limited, or tracked. Social benefits could be issued as digital tokens that work only for specific goods or expire after a set time, forcing recipients to spend them quickly. Subsidies for electric vehicles or home retrofits could be tied to verified carbon scores. Spending on high-emission activities such as air travel or meat consumption could be capped or taxed automatically, with limits enforced directly through digital wallets.

Access to credit could also become contingent on compliance with environmental or social policies. Mortgages might require proof of home energy-efficiency upgrades. Car loans could be restricted to electric vehicles. Small-business lending could be tied to carbon disclosures or ESG ratings. Over time, these conditions would become embedded in the financial system, making participation increasingly dependent on behavioural conformity rather than purely financial metrics like credit scores or income.

The potential consequences for savings and investment are equally significant. Programmable money allows for the automatic application of taxes, fees, or penalties based on spending patterns, asset holdings, or emissions profiles. Wealth taxes, for example, could be deducted in real time from digital accounts, while carbon penalties could be applied to investment portfolios with heavy exposure to fossil fuels. Even access to basic financial services could be restricted for individuals or companies deemed non-compliant with regulatory or ESG standards.

For investors, the implications extend beyond compliance to capital allocation itself. As ESG metrics become embedded in financial regulation, capital will increasingly flow toward sectors and projects aligned with Net Zero objectives. Companies in traditional energy, mining, or agriculture may face higher borrowing costs, reduced investment, or exclusion from major funds. This reallocation of capital could reshape entire industries, creating winners and losers not based on market performance but on alignment with political and environmental goals.

Investors must also consider the potential for liquidity and convertibility constraints. In a programmable system, authorities could impose limits on cross-border transfers, restrict the use of funds for certain assets, or even freeze accounts during periods of political or economic turmoil. These powers, once available, will be difficult to resist deploying, and history suggests that tools built for narrow purposes often expand over time.

At the individual level, the cumulative effect of these changes could fundamentally alter the relationship between citizens and their financial lives. Money would no longer be a neutral tool that individuals control. It would become a conditional resource, governed by algorithms and policies that reflect the priorities of governments, central banks, and global institutions. The freedom to save, spend, and invest according to personal goals and values would be replaced by a system that channels behaviour toward predetermined outcomes.

For investors seeking to preserve autonomy and flexibility, these shifts demand a strategic response. Reliance on traditional financial assets that are fully integrated into programmable systems will expose portfolios to new forms of regulatory, political, and behavioural risk. Diversification into tangible, non-programmable assets such as gold, silver, farmland, and energy infrastructure becomes not just a hedge against market volatility but a defence against systemic control. These assets exist outside the reach of central bank code and cannot be programmed, censored, or devalued at the stroke of a policy directive.

The bottom line is clear. The transformation of money into a programmable tool is not a distant prospect. It is unfolding now, and its effects will shape household finances, investment strategies, and the structure of the economy in the years ahead. Those who adapt early, by understanding the new risks and repositioning their wealth, will be best prepared to navigate what comes next.

The transformation of money into a programmable instrument is not just a technical evolution. It is a fundamental shift in how power is exercised and how individuals relate to the financial system. In such an environment, wealth that exists solely within programmable frameworks becomes vulnerable not just to market volatility but to political decisions, regulatory mandates, and algorithmic enforcement. That is why the ability to hold assets outside that system, assets that remain tangible, independent, and beyond the reach of centralized code, becomes essential.

History provides a stark reminder of how control over money has always been a lever of power. In 1933, President Franklin D. Roosevelt issued Executive Order 6102, forcing Americans to surrender their gold to the Federal Reserve at a fixed price under threat of fines and imprisonment. The stated purpose was to stabilize the economy during the Great Depression, but the result was a massive transfer of wealth from citizens to the state. In 1971, President Richard Nixon severed the last link between the U.S. dollar and gold, ending the Bretton Woods system and ushering in the era of fiat currency. Both events show how quickly monetary systems can be reshaped and how those shifts often come at the expense of individual wealth holders.

The lesson is clear. Money that exists entirely within systems controlled by governments or global institutions is always at risk of being redefined. It can be devalued, reprogrammed, or restricted without consent. Gold and silver, by contrast, are tangible stores of value that exist outside programmable networks. They cannot be printed, censored, or digitally frozen. They have served as money across every civilization and crisis precisely because they are immune to manipulation by code or policy. In a future where financial behaviour is increasingly governed by algorithms, the ability to hold physical wealth becomes not just a financial strategy but a form of sovereignty.

This logic extends beyond precious metals. Farmland, energy infrastructure, water rights, and critical minerals share the same quality of being tangible and non-programmable. They provide intrinsic value and utility regardless of the rules embedded in digital financial systems. These assets are also central to geopolitical power, which is why they are increasingly at the heart of trade wars, industrial policy, and national security strategies. As the global system becomes more fragmented and contested, control over these foundational resources will shape the economic and political order of the coming decades.

The transformation of money, identity, and climate-linked finance is only the beginning. These systems are converging into a single programmable framework that governs access, spending, and investment. What began as an effort to modernize payments has evolved into a restructuring of power itself. The next phase will extend beyond digital transactions into the physical economy, where control over trade, energy, and natural resources determines who thrives and who is left behind.

In Part Three, Trade Wars, Energy Battles, and the Next Commodity Supercycle, this series will explore how the global reordering of trade and energy systems is accelerating a new struggle for economic sovereignty. It will reveal how nations, corporations, and investors are positioning themselves for the greatest redistribution of tangible wealth in modern history, and how those who act early can preserve their independence.

• Programmable money is becoming a tool of policy enforcement, allowing central banks and governments to shape spending, credit, and savings in real time.
• Digital identity is emerging as the control layer beneath financial access, linking transactions to individuals, carbon limits, and compliance metrics.
• Environmental, social, and governance (ESG) scoring is expanding from corporations to households, embedding carbon tracking and behaviour-based restrictions into finance.
• Central Bank Digital Currencies (CBDCs) are being coordinated across 130 countries through the Bank for International Settlements, the International Monetary Fund, and the World Economic Forum.
• Canada’s Bill C-8 and national digital-ID programs illustrate how data, infrastructure, and finance are being fused into a single system of compliance.
• The integration of climate finance and programmable money is turning voluntary incentives into mandatory conditions for access to capital.
• Investors who hold only digital or institutional assets will face rising exposure to algorithmic restrictions and policy risk.
• Tangible, non-programmable assets such as gold, silver, farmland, and energy infrastructure remain the most resilient stores of value.

At our firm, we assist clients in structuring wealth by Owning Assets in Order of Asset Security. We prioritize the most secure assets and safeguard those that are most vulnerable. This means building a foundation of tangible assets, such as physical gold and silver, that exist outside programmable systems, then layering on private investments and secure public market strategies that align with long-term resilience. It is a strategy designed not just for return, but for control, autonomy, and the ability to withstand systemic change.

👉Book your complimentary review to learn how to structure your wealth around the principles of Owning Assets in Order of Asset Security.

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These insights connect directly to the themes explored in It Starts With Gold™, co-authored by Peter J. Merrick, TEP® and Adrian C. Spitters, CFP®. Inside the book, we show how to establish a tangible-asset foundation, measure security across asset classes, and safeguard against systemic shocks while maintaining control of your future. Visit www.ItStartsWithGold.com.

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The shift to programmable money, climate-linked finance, and digital identity is not inevitable, nor is it beyond our ability to navigate. But it demands foresight, strategy, and the courage to act before the system fully hardens into place. Those who wait will find their choices narrowed and their control diminished. Those who prepare now will retain the power to decide how they live, invest, and pass on their wealth. The next stage of this transformation will unfold not in the code of digital currencies but in the arenas of trade, energy, and resource control, and that is where we turn next.

1. Bill C-8: An Act Respecting Cyber Security, Amending the Telecommunications Act – openparliament.ca
2. Back From the Grave: Bill C-8 Revives Comprehensive Cybersecurity Law – McMillan LLP
3. Bill C-8 Revives Canadian Cybersecurity Reform – BLG Insight
4. Project mBridge Reached Minimum Viable Product Stage – BIS Innovation Hub
5. Project mBridge: Connecting Economies Through CBDC – BIS Publication
6. BIS to Leave Cross-Border Payments Platform Project mBridge – Reuters
7. Explainer: BIS Backs Out of CBDC Project mBridge – The Banker
8. Saudi Arabia Joins BIS’ CBDC Project mBridge as Full Participant – CoinDesk
9. Central Bank Digital Currency Adoption: Inclusive Strategies for Intermediaries and Users – IMF Fintech Notes
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14. Reimagining Digital ID – World Economic Forum
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17. Future Focus 2025: Pathways for Progress – WEF
18. Technology Convergence Report 2025 – WEF
19. Digital 2025: Global Overview Report – DataReportal
20. A Framework for Digital Currencies for Financial Inclusion in Latin America and the Caribbean – arXiv
21. Making Tax Smart: Feasibility of DLT for Tax Compliance in a CBDC – arXiv
22. Digital Identity in 2025: A Trends Report – OneID
23. Central Bank Digital Currency Tracker – Atlantic Council
24. Central Bank Digital Currencies: 2025 Progress Report – BIS (2025)
25. Clarity for Payment Stablecoins Act – U.S. House Financial Services Committee(2025)
26. Project Cedar Phase II: Cross-Border Settlement Pilot – Federal Reserve Bank of New York (2025)
27. Digital Identity Program: Government of Canada Update (2025)
28. Ontario Digital ID Beta Pilot Overview – Government of Ontario (2025)
29. Global Digital Identity Framework – World Economic Forum (2025)
30. Integrating Climate Risk into Central Banking – IMF Policy Paper (2025)
31. GFANZ Progress Report – Glasgow Financial Alliance for Net Zero (2025)
32. Brookfield Announces $20 B Energy Transition Fund Close – Press Release (2025)
33. JPMorgan Tokenized Deposits Pilot – Institutional Report (2025)
34. Visa Programmable Payments Pilot – Company Report (2025)
35. CBDCs and Policy Enforcement: Expiry and Targeted Use Cases – BIS Working Paper (2025)
36. Digital ID, Carbon Accounting, and Financial Access – World Economic Forum White Paper (2025)

This publication is intended for informational and educational purposes only. It does not constitute financial, legal, tax, or investment advice, and should not be relied upon as a recommendation to buy or sell any security, investment fund, or financial product. The views expressed are those of the authors and do not necessarily represent those of any affiliated organization or regulated firm. While every effort has been made to ensure accuracy, completeness, and reliability, no representation or warranty, express or implied, is made as to the accuracy or timeliness of the information contained herein. Market conditions, government policies, and economic environments are subject to change without notice, and such changes may materially affect the opinions or projections discussed. All investments carry risk, including the potential loss of principal. Past performance is not indicative of future results. Real estate values, interest rates, and government regulations can fluctuate significantly, impacting the outcomes of any financial or investment decision. Readers are encouraged to consult directly with a qualified financial advisor, tax professional, or legal expert before taking action based on the content of this article. The discussion of laws, markets, and asset classes is presented for general insight only and should not be interpreted as personalized advice. The authors, Peter J. Merrick, TEP®, and Adrian C. Spitters, CFP®, provide professional advisory services through independent affiliations with regulated financial firms. Neither the authors nor any related entity accepts liability for any losses or damages arising from reliance on this publication or the information contained herein. By reading this article, you acknowledge and agree that the authors shall not be held responsible for any actions taken based on the information presented. For personalized advice tailored to your financial situation, please consult with a licensed financial professional.