Tuesday, December 19, 2023

INTRODUCING CBDCS IS A MATTER OF “URGENCY”

This Week in the New Normal

1. INTRODUCING CBDCS IS A MATTER OF “URGENCY”

Talking to the media this week, the head of South Korea’s central bank claimed that the rise of “stablecoins” made the introduction of Central Bank Digital Currencies (CBDCs) a matter of urgency.

Coindesk reports:

“This underscores the urgency for central banks to consider introducing central bank digital currencies (CBDC), whether retail or wholesale…Their widespread adoption could diminish the role of central bank money and impair the effectiveness of monetary policies.”

South Korea is already piloting a wholesale scheme and is planning a retail trial early next year.

In related news, Taiwan’s central bank announced they had completed their own wholesale CBDC technical study this week, while the Bank of Japan’s CBDC trial has moved into phase 2, but don’t worry it’s only going to store “minimal user data”.

Meanwhile, hot on the heels of the Bretton Woods Committee report from last month, the Bank of International Settlements published their report on “High-level technical requirements for a functional central bank digital currency (CBDC) architecture”.

2024 gonna be a fun year for CBDC watch.

2. NEW VARIANT HITS JUST IN TIME FOR CHRISTMAS

Have you guys heard of JN.1? It’s the new Covid strain – an evolution of “Pirola” – and it’s being “closely monitored” due to its “rapid spread”.

You know, just like all the other ones.

Yahoo News reports:

Scientists are closely monitoring JN.1, which has sparked some concern due to its rapid growth rate and large number of mutations. However, the new variant is closely related to a strain we’ve seen before. It’s a direct offshoot of BA.2.86, aka “Pirola,” which has been spreading in the U.S. since the summer.

Oh, and it has symptoms that include “Sore throat, Congestion, Runny nose, Cough, Fatigue, Headache, Muscle aches, Fever or chills”

You know, just like all the other ones (and the colds everyone has at this time of year every year for all of human history but never mind).

This is barely news and the hallmark of the narrative in hibernation, little updates and developments that do nothing but remind the public that “Covid” is a thing.

To quote Krusty the Klown: “Here’s a headline for ya, nobody cares!”

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