Glenn Beck is raising concerns about a new banking initiative in Canada that would allow money to move between financial institutions as programmable digital tokens, warning that the same technology designed to make payments faster and more convenient could also be used to restrict access to funds.

Beck said the six largest banks in Canada are working together on the effort: Royal Bank, TD, BMO, Scotiabank, CIBC, and National Bank.

"Last week, the six biggest banks in Canada announced they're building something together. Oh goody! I love that. The Royal Bank, TDBMO, Scotia Bank, CIBC, and the National Bank," Beck said.

According to Beck, the project would convert traditional money held in bank accounts into digital tokens capable of moving quickly between participating institutions.

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"What are they doing? They're gonna just-they're helping you. That's what they're doing. They're turning your money in your accounts into digital tokens that can move between banks instantly," Beck said.

He mocked the idea that instant movement between banks is necessarily something consumers have been demanding.

"Because I know that's what I want my money to do. I don't want my money just sitting there. I want my money to move between banks instantly," he said.

Beck focused much of his criticism on the concept of programmable payments, which would allow rules or conditions to be attached to transactions.

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"You know, and the word that delivers all of this to you is programmable payments. Ooh, programmable means rules can ride along with your money," Beck said.

He offered examples of how those conditions could be used for ordinary transactions. A contractor could receive money that does not become usable until an inspection is completed, while a landlord could receive funds that activate only when rent is due.

"Okay, so in other words, because this is for you, that when you when you have to pay a contractor, that money only it could be in their bank account, but it only becomes valid when the inspection passes. Isn't that convenient?" Beck said.

He continued, "You can put money into your landlord's account, but it only becomes active when the rent is due on the first of the month. Oh, so useful, so handy."

Beck argued that the same technology capable of automatically approving or activating money under certain conditions could also be programmed to prevent money from being used.

"You know, because you know any rule that can say go can also say stop, and if they can program it, I wonder if you're the only one that can say, 'Yeah, I want this money to be valid here at this time with this rule," Beck said.

He questioned whether banks or governments could eventually gain the ability to impose their own restrictions.

"I wonder if any government or any bank would be able to program that in case you happen to do something, maybe the government didn't like. No, no, this is for you," Beck said.

Beck placed those concerns in the context of the Canadian government’s actions during the trucker protests in February 2022. He said banks were ordered to freeze accounts belonging to some protesters and people who financially supported them.

"These are the same banks. Remember that in February of 22, along with every other bank in Canada, were ordered by their government to freeze the accounts of truckers and some of the people who gave them money, but that was a hassle. That was a lot of work," Beck said.

He emphasized that the government action did not involve a judge approving the account freezes.

"No judge signed off. No, no," Beck said.

Beck also pointed to the subsequent federal court ruling regarding the government’s response.

"Canada's federal court later ruled it was unreasonable and violated their Charter rights," he said.

His larger argument is that programmable payment systems could make future financial restrictions easier to implement because controls could potentially be built directly into the money itself rather than imposed through a separate process after the fact.

Beck closed with a dark joke about where such a system of conditional money could ultimately lead.

"Oh, well, the only thing they didn't do to the truckers is offer them MAID, but that'll come. But their money paying for MAID will only become valid in the banks of the hospitals or the doctors once you're dead."

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