CBDCs: Financial Exclusion

Karlysymon

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The European Central Bank (ECB) says the introduction of digital cash in the form of central bank digital currencies (CBDCs) appears to be the "only solution" that will guarantee a "smooth continuation" of the current monetary system.

The comments were made as part of an ECB Working Paper Series, which was published in August, discussing monetary policy and financial stability as it relates to CBDCs — gathering insights from 150 academic papers on the subject.

Nonetheless, the paper concludes that the introduction of CBDCs is “the only solution to guarantee a smooth continuation of the current monetary system” as physical money loses its economic “fitness” and cryptocurrencies and BigTech (large digital platforms) continue to make inroads into the financial system, noting:

"There is no regulatory alternative that promises to eliminate the threat to the two‐layer monetary system. Since cash is only available in physical form, it is by construction not “fit” for the digital age."
 

Karlysymon

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The U.S. DOJ has established a group of federal prosecutors which it calls the “Digital Asset Coordinator (DAC) Network” consisting of over 150 prosecutors whose goal is to “combat the growing threat posed by the illicit use of digital assets to the American public.” The department announced on Friday that its Criminal Division had created the nationwide DAC Network.
 

DavidSon

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Wasn't sure which thread to post this article in! :D

How the Federal Reserve is using the 'green transition' as a pretext to build an American Social Credit System

"If it mirrors the Eurosystem process, the Federal Reserve’s pilot exercise will indeed become the first step for the framework of a Federal Reserve imposing a social credit score system attached to the U.S. Dollar. The banks are arguably incentivized to go along with the program, as those who go along with the agenda become the ultimate middlemen for all U.S. banking activity.

...The banks involved in the exercise — Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo — hold a combined majority of all U.S. banking assets, meaning a Fed decision would likely have the top-down effect of crushing small and community banks that do not have the resources to to comply with its monetary edicts.

If the Big Banks comply with this hyper activist Federal Reserve (which, more than ever, needs a manufactured crisis to take weight off of its monetary policy failures), the American Social Credit Score system will be here a lot sooner than many project."
 

Karlysymon

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Iran has begun experimenting with a central bank digital currency (CBDC), launching a pilot scheme in partnership with two local banks.

The launch of the Ramzrial (digital rial) by the Central Bank of Iran places the country among the digital currency frontrunners in the region.

Only a few countries have fully launched a CBDC, including the Bahamas, Jamaica and Nigeria. Around 26 other central banks have run pilot projects, according to the Switzerland-based Bank for International Settlements, which also says most central banks around the world are at least looking into the area.

The plans for the Ramzrial were announced in January, when a central bank official was cited by the local Ibena news agency saying a CBDC had been approved earlier that month. In June, central bank governor Ali Saleh Abadi said the currency would be launched in September.

That deadline has been met, with Abadi saying in recent days that a limited number of people had given 1 billion tomans ($311,000) by two of the country’s larger financial institutions, Bank Melli and Mellat Bank, and that two shops had been designated for the use of the currency.
 
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