CBDCs: Financial Exclusion

Karlysymon

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Lagarde would be the second person saying that the system goes online in the Fall. There'd have to be a falseflag for gun confiscation between now and then, it seems. Ofcourse MSM has perpetuated the narrative that cash will disappear in 5yrs and that digital currencies will come into use "later in the decade"....i guess that means later in the year.

 
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Karlysymon

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If you read any article about secession, this, for example, the first plausible aftermath always brought up is the dollar and the loss of it's status as a reserve currency. With the recent developments in regard to the demise of the dollar, we now have to ask whether it's a move that simply sets the stage for grander stage shows that the average person is likely not anticipating or taking into consideration.

 

Karlysymon

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In my investigations of various CBDC programs and how quickly they are progressing I came across an interesting program called “Project Icebreaker” being run by the Bank for International Settlements (BIS). For those not aware, the BIS is a globalist institution with a clandestine past known as the “central bank of central banks.” It is the policy making hub for most of the central banks in the world. If you ever wondered how it was possible for so many national central banks to operate in tandem with each other instead of acting in the interests of the countries they reside in, the BIS is the answer. In other words, organizations like the Federal Reserve are not necessarily loyal to Americans or to American officials, they are loyal to the dictates of the BIS.

The BIS is at the forefront of the movement towards the adoption of CBDCs. They have been funding a vast array of projects to test and refine CBDC technology and as of this year they estimate that at least 81 central banks around the world are in the midst of introducing digital currency systems.

Project Icebreaker in particular grabbed my attention for a number of reasons. The BIS describes the project as a foreign exchange clearing house for Retail CBDCs (retail CBDCs are digital currencies used by the regular public and businesses), enabling the currencies to be traded from country to country quickly and efficiently. This is accomplished using the “Icebreaker Hub”, a BIS controlled mechanism which facilitates data transfers for an array of transactions while connecting banks to other banks.

Investigating further I realized that the Icebreaker Hub in theory functions almost exactly like the SWIFT payment system used currently by governments and international banks. More than 10,000 financial institutions in 212 different countries use the SWIFT network to transfer funds overseas for their clients; it is an incredible centralization bottleneck that gives its shareholders considerable power.

Consider this, however – What if all monetary transactions were centralized through CBDCs and the BIS controlled the hub in which all retail CBDCs are exchanged globally? This is what Icebreaker is.

Now imagine that you operate a business that relies on overseas transactions; say you need to pay manufacturers in Vietnam or Taiwan to produce your products. With CBDCs in place you will most likely be completely dependent on a system similar to the Icebreaker Hub to move than digital money to Vietnamese banks and into the accounts of your manufacturers. Say officials at the BIS, for whatever reason, decide they don’t like you and they initiate Russian-style sanctions denying your access to the hub. Your business is now dead.


What if you had to meet certain standards in order to be allowed use of the hub, and the BIS dictates the standards? What if the BIS decides that your company needs to meet woke ESG related categories before you can get permission for Icebreaker transactions? Now the BIS has the ability to manipulate social and cultural trends using your business and millions of other businesses as forced messengers.
 

e-Enoch

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In my investigations of various CBDC programs and how quickly they are progressing I came across an interesting program called “Project Icebreaker” being run by the Bank for International Settlements (BIS). For those not aware, the BIS is a globalist institution with a clandestine past known as the “central bank of central banks.” It is the policy making hub for most of the central banks in the world. If you ever wondered how it was possible for so many national central banks to operate in tandem with each other instead of acting in the interests of the countries they reside in, the BIS is the answer. In other words, organizations like the Federal Reserve are not necessarily loyal to Americans or to American officials, they are loyal to the dictates of the BIS.

The BIS is at the forefront of the movement towards the adoption of CBDCs. They have been funding a vast array of projects to test and refine CBDC technology and as of this year they estimate that at least 81 central banks around the world are in the midst of introducing digital currency systems.

Project Icebreaker in particular grabbed my attention for a number of reasons. The BIS describes the project as a foreign exchange clearing house for Retail CBDCs (retail CBDCs are digital currencies used by the regular public and businesses), enabling the currencies to be traded from country to country quickly and efficiently. This is accomplished using the “Icebreaker Hub”, a BIS controlled mechanism which facilitates data transfers for an array of transactions while connecting banks to other banks.

Investigating further I realized that the Icebreaker Hub in theory functions almost exactly like the SWIFT payment system used currently by governments and international banks. More than 10,000 financial institutions in 212 different countries use the SWIFT network to transfer funds overseas for their clients; it is an incredible centralization bottleneck that gives its shareholders considerable power.

Consider this, however – What if all monetary transactions were centralized through CBDCs and the BIS controlled the hub in which all retail CBDCs are exchanged globally? This is what Icebreaker is.

Now imagine that you operate a business that relies on overseas transactions; say you need to pay manufacturers in Vietnam or Taiwan to produce your products. With CBDCs in place you will most likely be completely dependent on a system similar to the Icebreaker Hub to move than digital money to Vietnamese banks and into the accounts of your manufacturers. Say officials at the BIS, for whatever reason, decide they don’t like you and they initiate Russian-style sanctions denying your access to the hub. Your business is now dead.


What if you had to meet certain standards in order to be allowed use of the hub, and the BIS dictates the standards? What if the BIS decides that your company needs to meet woke ESG related categories before you can get permission for Icebreaker transactions? Now the BIS has the ability to manipulate social and cultural trends using your business and millions of other businesses as forced messengers.
Remember when there was a clamor by "powerful" countries for Russia to be "banned" from SWIFT as part of the sanction for invading Ukraine...?

"How expelling Russia from SWIFT could impact the country. And why there's reluctance to do so"

"UPDATE: After this story was published, news broke that the U.S., U.K., Europe and Canada plan to block Russia's access to the SWIFT international banking communications platform as part of another round of sanctions against Moscow."



 

Karlysymon

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Games people play...

"Federal Reserve Governor Michelle Bowman expressed skepticism over the possibility of a digital U.S. dollar, noting Tuesday the multiple risks such a system could impose.

A central bank digital currency (CBDC) could intrude on the privacy of users and harm the banking system while providing few benefits that aren't otherwise available for banked and unbanked consumers alike, Bowman said in a speech.

"We must ensure that consumer data privacy protections embedded in today's payment systems continue and are extended into future systems," she said in prepared remarks at Georgetown University.

Bowman further noted "the risk that a CBDC would provide not only a window into, but potentially an impediment to, the freedom Americans enjoy in choosing how money and resources are used and invested."

However, the speech mostly noted counterarguments. For instance, she said fewer than 5% of U.S. households are without a checking or savings account, and most of that group is voluntarily unbanked.

"Approximately one-third cited a lack of trust in banks as the reason for not having a bank account," Bowman said. "I think it is unlikely that this group would find the government somehow more trustworthy than highly regulated banks."
 
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I propose to establish a movement "Sisters - women leaders of the VC against biotechnology and transhumanism".
I'm running for first member.
there has to be many movements in place today right, pls dont tell me we are that hopeless, or most people dont care? mind pointing some sources?
 

Karlysymon

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Russia’s central bank digital currency (CBDC) project, the digital ruble, has taken a step closer to reality. On July 11, the lower chamber of the Federal Assembly of the Russian Federation, the State Duma, passed the digital ruble bill in the third reading. The legislation now moves to the assembly’s upper chamber, the Federation Council, and, if passed, to the president’s desk.
The bill, which was last amended at the end of June, sets the legal definitions of “platform, ” participants,” and “users,” as well as the general guidelines for the CBDC ecosystem.
In the current framework, Russia’s central bank, the Bank of Russia (BoR), will become the principal operator of the digital ruble infrastructure. It also bears the responsibility for all the stored assets.
The main aim of the CBDC, according to the BoR, is to serve as a payment and transfer method. Hence, its users won’t be able to open savings accounts. As the BoR emphasizes, payments and transfers would be free for individual customers and cost 0.3% of the payment amount for corporate clients.
 

Karlysymon

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The Bank of Israel has released a document on how to manufacture acceptance of Central Bank Digital Currencies (CBDCs).

The blueprint lays out how a digital shekel could be legitimized by a “network effect.”
The State of Israel would have to offer tax refunds, benefits, and wages in the digital currency, as well as accept payments of fines, fees, and taxes.

According to the Bank of Israel, state endorsement of the currency would create a ripple effect that encourages citizens and businesses to adopt the digital shekel.
“Like many other central banks, the Bank of Israel is in the process of building a work plan so that it can be prepared to issue central bank digital currency (CBDC) should it be decided to do so,” the press release states.

It adds, “A digital shekel would have the potential to become an important means of payment in the Israeli economy, but in order for that to happen, it is necessary to create a broad user base.”


@Red Sky at Morning

 

Karlysymon

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View attachment 90366

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The cost of living crisis is thought to be behind a surge in cash withdrawals, the first time use of coins and banknotes has increased in 13 years, according to research from Nationwide Building Society. The amount withdrawn from ATMs rose 19pc in 2022 compared to the previous year.

More than 30.2m cash withdrawals were made from Nationwide cash machines last year, compared to 25.5m in 2021. The average number of withdrawals per month was just over 2.5m.

The average amount taken out from ATMs was £105, down 2pc on the previous year but still up 25pc on 2019 levels, as inflation pushes up prices and bank customers increasingly choose to take out lump sums for weekly budgeting purposes.

Sarah Coles, personal finance analyst at Hargreaves Lansdown, said that a growing number of people are finding physical money preferable for monitoring finances, and that the prophesied death of cash had been “greatly exaggerated”.



I was going through some old bookmarked material from like a decade ago and found this article that i had saved
 

Karlysymon

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Banking giant Morgan Stanley says that central bank digital currencies (CBDCs) may contribute to a shift away from the US dollar’s hegemony.
In a new research note, Andrew Peel, executive director and head of digital asset markets at the bank says that CBDCs are capable of creating a new standard for cross-border payments, reducing the need for the dollar and traditional payment structures.
 

Karlysymon

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The World Economic Forum (WEF) made a big move in the digital currency space this week with the launch of the Crypto Sustainability Coalition.

The coalition includes 30 different groups and institutions merged to investigate how to leverage Web3 tech like cryptocurrencies and blockchain to help the world become carbon neutral.

“An important and unique aspect of Web3 is that it uses technology to support and reward direct community engagement and action,” said WEF head of digital assets Brynly Llyr.

The coalition will examine how to add “carbon credits” to the blockchain. Partners include Accenture, the Crypto Council for Innovation, Rainforest Partnership, the Sustainable Bitcoin Standard, Zero Labs and others.


The WEF has been scrutinized for promoting the COVID-19 pandemic to achieve a “great reset” where global economies use private and public organizations to fight climate change.

During this year’s forum, WEF speaker and Norwegian Finance CEO Kjerstin Braathen said people should expect “pain” and “energy shortages” as the world pursues the WEF’s climate change agenda.

“We need to accept that there will be some pain in the process,” Braathen said.

“The pace that we need [to end climate change] will open up for missteps. It will open up for shortages of energy. It will create inflationary pressures, and maybe we need to start talking about that — that pain is actually worth it.”

“Because if we don’t, there’s no business case; there’s no economy; there’s no welfare. But so far, I think we have been a little bit careful actually talking about the pain in the short term that is likely to come from this very important change.”

Its move into the digital currency space is not the only concerning WEF move
Web 3 and Passkeys (In the Economist video, Web3 and the digital wallet/digital ID are mentioned at the 7-8min mark)
11mins

2mins
 

Karlysymon

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Emmer's revelation comes just days after Fed Chair Jerome Powell provided reassurance to a Senate committee that the central bank was not even close to recommending a CBDC.

"First of all, I wanna say that we're nowhere near recommending or let alone adopting a central bank digital currency in any form," he said before the Senate Committee on Banking, Housing, and Urban Affairs. He acknowledged concerns about the government possibly looking into the public's financial transactions through a digital currency. "That's just something we would not stand for, or do, or propose here in the United States," he reiterated.

He said the American public shouldn't even worry about a CBDC, since "nothing like that is remotely close to happening anytime soon."

 

Karlysymon

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Will the United States survive the death of the dollar?
Aug 23, 2019 Aug.23 -- Mark Carney laid out a radical proposal for an overhaul of the global financial system that would eventually replace the dollar as a reserve currency with a Libra-like virtual one. Bloomberg's Brian Swint has more on "Bloomberg Markets: The Close."
(3mins)

Link , Link
CBDCs automatically end the dollar’s global reserve currency status

So what do all these globalist projects with CBDCs have to do with the dollar?
The bottom line is this: A unified CBDC system excludes the need or use-case for a global reserve currency entirely.

The Unified Ledger model takes all CBDCs and homogenizes them into a pool of liquidity, each CBDC growing similar in characteristics over a short period of time.
The dollar’s advantages disappear in this scenario. The value of all currencies becomes relative to the middle-man. In other words, the IMF, BIS and other related institutions dictate the properties of CBDCs and thus there is no distinguishing aspect of any individual CBDC that makes one more valuable than the others.

All the world’s currencies, from dollars to Malaysian ringgit, would become nothing more than line items on the Universal Ledger.
Eventually the globalists will make two predictable arguments:

1) A world reserve currency under the control of one nation is unfair and we as global bankers need to make the system “more equal.”

2) Why have a reserve currency at all when all transactions are moderated under our ledger anyway? The dollar is no better for international trade than any other CBDC, right?

Finally, the dollar has to die because it’s an integral part of the “old world” of material exchange. Remember, originally the dollar was defined as “three hundred and seventy-one grains and four sixteenth parts of a grain of pure silver.” Tangible assets like physical precious metals have no place in the purely digital future the globalists envision.
 
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