The press release said:
“The 12-week PoC [proof of concept] will test a version of the RLN design that operates exclusively in US dollars where commercial banks issue simulated digital money or ‘tokens’ — representing the deposits of their own customers — and settle through simulated central bank reserves on a shared multi-entity distributed ledger.”
“The PoC will also test the feasibility of a programmable digital money design that is potentially extensible to other digital assets, as well as the viability of the proposed system within existing laws and regulations.”
The project will be tested using simulated data and will release its findings after the conclusion of the test, according to the press release.
“It is not intended to advance any specific policy outcome, nor is it intended to signal that the Federal Reserve will make any imminent decisions about the appropriateness of issuing a retail or wholesale CBDC [central bank digital currency], nor how one would necessarily be designed,” the release said.
HSBC
Mastercard
PNC Bank
Swift
TD Bank
Trust
US Bank
Wells Fargo
A New York Fed official said one of the most significant benefits of CBDC is faster cross-border transactions.
As The Daily Fetched reported earlier this month, IMF Managing Director Kristalina Georgieva said the government is preparing to deploy Central bank digital currencies (CBDCs) to replace cash, arguing it can increase so-called “financial inclusion.”
“CBDCs can replace cash, which is costly to distribute in island economies. They can offer resilience in more advanced economies,” she said at the Singapore FinTech Festival on Wednesday.
“And they can improve financial inclusion where few hold bank accounts.”
However, the CBDCs will also be used to surveil the entire population’s activities.
The Daily Fetched reported in June globalist elites and entities like the IMF are preparing to usher in a techno-communist dystopia with a CCP-style social credit score system.
Rich Dad Poor Dad author Robert Kiyosaki recently issued a stark warning against CBDCs, arguing it would open the doors for unprecedented surveillance of Americans and the world.
“By tracking every financial transaction, they will have access to every detail of our spending, the recipient of our money, and how we allocate our resources,” said Kiyosaki.
Bartering will make a significant come back. Trading goods and services avoiding taxes and surveillance will be more common place.
ReplyDeleteThese geniuses think they have it all covered until they find out they don’t. There are always loop holes, hacks, etc.
ReplyDelete