Tuesday, March 29, 2022

An Update on the Evolution of Central Bank Digital Currencies - March 2022

Over the past two years, it has become very apparent that certain nations including Canada, the United States, Australia, New Zealand and the United Kingdom have been chosen as test cases for the new globalist reality that is being undertaken by the ruling class.  One of the key aspects of our "better future" is the rollout of Central Bank Digital Currencies or CBDCs which will form an essential role in how individuals are governed in the future.  While the world was distracted with all things COVID-19 and is now distracted with the situation in Ukraine, the global powerbrokers are moving ahead with their cashless future agenda as you will see in this posting.


Let's look at some recent moves by three key nations:


1.) Canada:  Here is a recent announcement from the Bank of Canada:


MIT's Digital Currency Initiative (DIC) claims that it is "...empower(ing) individuals by making it as fast and easy to move value across the world as it is to move information".  Here is the announcement from MIT's standpoint:


MIT's Digital Currency Initiative has the following goals:


1.) Conduct research on blockchain and digital currency, broadly defined within two categories:

a.) Core software and infrastructure development that addresses questions about security, stability, scalability, privacy, and the internal economics of these systems

b.) Pilot projects and other research initiatives aimed at exploring and testing applications and use cases for the technology within business, government and society at large.

2.) Be a neutral convener for governments, nonprofits, and the private sector to research and test concepts with high social impact.

3.) Foster diversity and inclusion in the development and adoption of this technology by promoting access to educational resources among a wider body of students inside and outside MIT.


4.) Equip students with skills to drive innovation blockchain technology.


 ...and the following values:


1.) Serve the public good

2.) Have real-world impact

3.) Act with integrity and rigor

4.) Have the courage to rethink everything from the ground up

5.) Challenge everything and be fearless


The goal of DCI was to bring together the brightest minds at MIT and elsewhere to conduct research that is necessary to support eh development of digital currency and blockchain technology and is working together with other educational and research institutes to research, run polio use cases of the technology and develop open source software that will aid in the roll-out of CBDCs.


2.) United States: The Biden Administration recently issued an Executive Order on Ensuring Responsible Development of Digital Assets as shown here:


In this wide-ranging Executive Order, the Biden Administration outlines its game plan for digital assets including cryptocurrencies and, most importantly from the Federal Reserve's viewpoint, the issuance of a United States CBDC since the Fed does not have the legal authority to issue a CBDC....yet.  


Here are some pertinent extracts from the EO:


"Policy and Actions Related to United States Central Bank Digital Currencies.  

(a)  The policy of my Administration on a United States CBDC is as follows:


 (i)    Sovereign money is at the core of a well-functioning financial system, macroeconomic stabilization policies, and economic growth.  My Administration places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC.  These efforts should include assessments of possible benefits and risks for consumers, investors, and businesses; financial stability and systemic risk; payment systems; national security; the ability to exercise human rights; financial inclusion and equity; and the actions required to launch a United States CBDC if doing so is deemed to be in the national interest. 


 (ii)   My Administration sees merit in showcasing United States leadership and participation in international fora related to CBDCs and in multicountry conversations and pilot projects involving CBDCs.  Any future dollar payment system should be designed in a way that is consistent with United States priorities (as outlined in section 4(a)(i) of this order) and democratic values, including privacy protections, and that ensures the global financial system has appropriate transparency, connectivity, and platform and architecture interoperability or transferability, as appropriate.


(iii)  A United States CBDC may have the potential to support efficient and low-cost transactions, particularly for crossborder funds transfers and payments, and to foster greater access to the financial system, with fewer of the risks posed by private sector-administered digital assets.  A United States CBDC that is interoperable with CBDCs issued by other monetary authorities could facilitate faster and lower-cost cross-border payments and potentially boost economic growth, support the continued centrality of the United States within the international financial system, and help to protect the unique role that the dollar plays in global finance.  There are also, however, potential risks and downsides to consider.  We should prioritize timely assessments of potential benefits and risks under various designs to ensure that the United States remains a leader in the international financial system."


Under the Executive Order, within 180 days of the EO, the Secretary of the Treasury in consultation with the Secretary of State, the Attorney General, the Secretary of Commerce, the Secretary of tHomeland Security, the Director of the Office of Management and Budget, the Director of National Intelligence and the head of other relevant agencies shall provide a report to the President which included the following regarding a U.S. CBDC:


"(i) the potential implications of a United States CBDC, based on the possible design choices, for national interests, including implications for economic growth and stability;


(ii) the potential implications a United States CBDC might have on financial inclusion;


(iii) the potential relationship between a CBDC and private sector-administered digital assets;


(iv) the future of sovereign and privately produced money globally and implications for our financial system and democracy;


(v) the extent to which foreign CBDCs could displace existing currencies and alter the payment system in ways that could undermine United States financial centrality;


(vi) the potential implications for national security and financial crime, including an analysis of illicit financing risks, sanctions risks, other law enforcement and national security interests, and implications for human rights; and


(vii) an assessment of the effects that the growth of foreign CBDCs may have on United States interests generally."


Under the EO, the Chairman of the Board of Governors of the Federal Reserve is also encouraged to continue to research the implementation of a CBDC.


3.) Australia: While not directly related to the issuance or research into a CBDC, recent news from the world's largest COVID-19 penal colony gives us a sense of what lies ahead as the timeframe for the end of the era of cash payments comes to a dystopic end: 


The planned closing of a significant proportion of Australian banks and ATMs is the "canary in the cashless society coal mine".  One of Australia's big four banks, the Commonwealth Bank of Australia or CBA had 1121 bank branches in 2017 and now has 875.  The number of CBA's ATMs has also fallen from 4398 in 2017 to 2492 according to the company's 2021 annual report as shown here:

It's pretty obvious, if there's no cash, you don't need ATMs and if you are living off a very modest Universal Basic Income and owning nothing, you probably don't need the services offered at a bank branch.


As you can see, the global financial system is rushing headlong into what will be a historical evolution in the economy.  The implementation of a Central Bank Digital Currency will forever change the ability of consumers to maintain any semblance of privacy since both governments and central banks will have access to all of our spending habits.  With the issuance of a digital identity (aka a vaccine passport by another name) and the ability to program the use of digital currencies, the totalitarian governments of the world that exposed their agendas during the pandemic will have further control over their citizens.  Just ask Canadians who donated a few dollars to the recent truckers' protest how it feels having your savings frozen by government decree.  Welcome to our collective futures.


Remember, today's conspiracy theories have proven to be tomorrow's reality.

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