Digital (Control) Money Being Tested

New York Fed announces test of digital dollar with major banks

The Federal Reserve Bank of New York and major banks will launch a three-month test of a digital dollar in hopes of studying its feasibility.

The initiative was announced by the regional Federal Reserve bank and nearly a dozen financial institutions on Tuesday. A news release referred to the experiment as a “proof-of-concept project” in which the banks will work with the Fed’s New York Innovation Center to simulate digital money representing the deposits of their own customers and settle them through simulated Fed reserves on a distributed ledger.

“The [project] 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,” according to the news release.

The news comes as cryptocurrency and blockchain technology have exploded to prominence in the mainstream financial world. While the flagship cryptocurrency bitcoin peaked a year ago and has since been in precipitous decline, the technology behind such tokens has attracted interest from not only private financial institutions but also central banks across the globe.

FED’S POWELL SAYS HE IS ‘LEGITIMATELY UNDECIDED’ ON CENTRAL BANK DIGITAL CURRENCY

In January, the Fed took a first step toward weighing the use of a central bank digital currency when it released its much-anticipated discussion paper and opened a four-month public comment period to receive input.

The paper said that a CBDC could streamline cross-border payments and could further enshrine and preserve the dominance of the dollar’s international role, including as the world’s reserve currency.

The findings of the new pilot project will be released after the 12-week test concludes, and the Fed has stressed that the experiment is not intended to advance any specific policy outcome or hint that the Fed is planning to make any big decisions about a central bank digital currency in the near future.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

Still, the project is sure to excite proponents of a digital dollar because it at least shows that the central bank is engaged with the concept enough to partner with private banks and run tests about its feasibility. Still, critics have warned that a digital currency maintained by the government could lead to a loss of privacy.

“The NYIC looks forward to collaborating with members of the banking community to advance research on asset tokenization and the future of financial market infrastructures in the U.S. as money and banking evolve,” said Per von Zelowitz, director of the New York Innovation Center.

https://www.washingtonexaminer.com/policy/economy/fed-banks-digital-dollar-test

Digital Currencies = Digital Control

WARNING: Rishi Sunak Will Usher In A Technocratic Age Of Global Totalitarianism Using Central Bank Digital Currencies

With the appointment of Rishi Sunak as Prime Minister, the United Kingdom has jumped from the frying pan into the fire. Sunak is an outspoken advocate for Central Bank Digital Currency (CBDC) that would replace the existing system of fiat currencies in the world. This would be the capstone for Technocracy. ⁃ TN Editor

The financial infrastructure of the Great Reset has arrived as Rishi Sunak was named the next UK Prime Minister without a vote – welcome, global currency.

On 14 October 2021, the Group of 7 (“G7”) published a set of Public Policy Principles for Retail Central Bank Digital Currencies (“CBDCs”).  This was published “alongside a G7 Finance Ministers and Central Bank Governors’ Statement on CBDCs and digital payments.”

If you are still unsure why CBDCs will bring about the end to our freedoms there are numerous resources available but you can start by exploring articles we’ve previously written about this subject HERE.

The G7 report was compiled by the CBDC drafting group consisting of representatives from finance ministries, and central banks of the G7 alongside invited contributors from other central banks and international organisations.  The list of contributors to the public policy principles can be seen on pages 26 and 27 of the report and includes representatives from the G7 countries as well as the European Union, Switzerland, Bank for International Settlements (“BIS”), Organisation for Economic Co-operation and Development (“OCED”), International Monetary Fund (“IMF”) and the World Bank.

Recently installed Prime Minister Rishi Sunak proudly announced the launch of the G7’s new report on Central Bank Digital Currencies.

 

With Japan feeling the pressure as China moved forward with a digital yuan in February 2020, the G7’s formal discussions about digital currencies started later that year when The Bank of Japan set up a digital currency working group.  CBDCs were raised again in 2021.

The 2021 G7 Leaders’ Summit held in Cornwall, England, on 11-13 June was presided over by the UK with the aim to “help the world build back better from the Covid-19 pandemic and create a greener, more prosperous future.” The UK invited Australia, India, South Korea and South Africa as guest countries to the meeting.

However, what the stated aims didn’t mention was “digitalisation.” After the Summit, International Institute for Sustainable Development (IISD) wrote that G7 leaders endorsed a shared agenda on a series of trade topics. They called for new rules that would reflect “transformations underway in the global economy, such as digitalisation and the green transition.”  It’s worthwhile noting that IISD is chaired by BlackRock Managing Director Michelle Edkins.

A week before the G7 Summit, on 4-5 June 2021, G7 finance ministers met in London joined by the Heads of IMF, World Bank Group, OECD and Eurogroup to discuss CBDCs. As UK Chancellor of the Exchequer, Rishi Sunak hosted the meeting of the G7 finance ministers. And now he is Prime Minister.

The financial markets are effectively an extension of the World Economic Forum (“WEF”).  The markets didn’t like Liz Truss. They reacted instantly to her government’s proposed policies and by doing so revealed who really drives the UK government’s policies.  Upsetting the markets could have been the reason for her resignation but we could also speculate whether the sabotage of the Nord Stream Pipeline had a part to play.

Whatever the reason for Truss’ resignation, it is no coincidence that the markets like Sunak.  Sunak is WEF’s puppetSimply Wall St wrote in its latest Market Insights report:

Things continue to move quickly in the UK, with Rishi Sunak taking over as Prime Minister less than a week after Liz Truss resigned. The Conservative Party has come full circle, from electing a leader seemingly oblivious to market forces, to electing a former hedge fund manager who we presume knows all about markets.

Simply Wall St may want to revisit what Sunak’s previous role as a “hedge fund manager” entailed while working for Patrick Degorce at The Children’s Investment Fund Management and Thélème Partners.  It seems he knows less about markets than has been claimed.

Last week Jack Posobiec, host of Human Events Daily, commented on the significance of Sunak’s appointment.  “The financial infrastructure of the Great Reset has arrived as Rishi Sunak was named the next UK Prime Minister without a vote – welcome, global currency,” he said.

Read full story here…

from:    https://www.technocracy.news/warning-rishi-sunak-will-usher-in-a-technocratic-age-of-global-totalitarianism-using-digital-currencies/