TORONTO (LifeSiteNews) — A video from the Canadian Bankers Association outlines how they have teamed up with the World Economic Forum implement a nationwide digital identification system.

In a promotional video from 2018 that went viral following the recent freezing of private bank accounts by Prime Minister Justin Trudeau’s federal government, Canadian Bankers Association (CBA) then-President and CEO Neil Parmenter explained how Canada’s financial institutions, inspired by the World Economic Forum, are working to create a national and highly regulated digital identification system.

“Canada is on the cusp of a revolutionary innovation that will transform the way Canadians authenticate themselves online and protect their identity – Digital ID,” Parmenter, who stepped down from his post at the end of 2021, explained in the widely circulated video.

“All of us are living in a digital world, but we’re tethered to an analog model of how identify ourselves. Memorizing countless online passwords, carrying government issued licenses, plastic cards and more,” he added.

Describing Canada’s plan for the future, Parmenter mentions that a digital ID system will allow Canadians to “identify themselves” to “government, businesses, and to each other electronically, with ease and rock-solid security… [through] one interconnected network.”

Unveiling what the network would look like, Parmenter says the plan involves a “federated digital ID ecosystem – developed in collaboration with Canada’s best and brightest talent, from our banks, telecommunications companies, law enforcement, and government.”

According to Parmenter, the federally-controlled digital ecosystem would “have the power and security to store every Canadian’s electronic identity and attributes” while providing a “fast, eas,y and secure way to bank, sign up for government services, renew driver’s licenses or health cards, shop, travel, and more.”

Parmenter states that “Canada’s banks” are “perfectly situated to help lead the creation of a federated digital ID system between government and the private sector” and that the “World Economic Forum agrees that banks and financial institutions should lead the path forward for digital ID.”

Relaying the WEF’s position, Parmenter explains that “banks are highly regulated and trusted” while also having “advanced cyber security” and the necessary “infrastructure to operate provincially and nationally.”

While the video was initially released in 2018, it went viral last week as discussion about Canadian Finance Minister Chrystia Freeland’s connection to the World Economic Forum grew in Canada. Many have speculated whether her membership with the WEF may have played a part in her decision to expand government control over financial institutions and take the unprecedented step of freezing the bank accounts of protesters during the anti-COVID mandate Freedom Convoy demonstration.

According to the “White Paper” about the digital ID system released by the CBA in 2018, the WEF has instructed financial institutions globally to push governments towards the direction of a digital ID system. In the CBA’s paper, they also outline the importance of government’s role in creating legislation that would allow for a digital ID system, as well as the necessity of “harnessing the private sector” as a means to spread the system to the entire economy.

In addition, the CBA states that “Digital ID must be solved before we move into open banking.” According to Investopedia, under an open banking system, “banks allow access and control of customers personal and financial data to third-party service providers” for purposes such as “comparing the customer’s accounts and transaction history to a range of financial service options, aggregating data across participating financial institutions and customers to create marketing profiles, or making new transactions and account changes on the customer’s behalf.”

The Canadian banks involvement with the WEF is a cause of concern for many, as the WEF is the organization behind the “Great Reset” agenda.

The Great Reset is a radical plan designed by global elites that “seeks to ‘push the reset button’ on the global economy” and establish a New World Order that seems to closely emulate many aspects of the Chinese Social Credit System.

In an op-ed written in the National Post, economic and international affairs expert Rupa Subramanya posits that Finance Minister Freeland’s ties to the WEF are “endangering Canadian democracy” and her connections are a prime example of how “global elites” attempt to “subvert local democracy.”

According to LifeSiteNews correspondent David James, “We live in an era of hyper-transactionalism whereby far more of our daily activities than ever before are subject to monetary exchanges. Most of us are now bound to the globalised monetary system. How it evolves is not just a technical matter; it is about how ultimate power will be exerted.”

“To stop control being exclusively in the hands of political and bureaucratic overlords, the best way out is to use cash.”