Posted on 09/03/2021 11:08:46 AM PDT by RomanSoldier19
The Bank for International Settlements (BIS) will test the use of central bank digital currencies with Australia, Malaysia, Singapore and South Africa in an experiment that could lead to a more efficient global payments platform.
Codenamed “Project Dunbar,” the study aims to develop prototypes for a common platform that will enable international settlement in digital fiat currencies issued by central banks, BIS said in a release Thursday. The system would allow direct transactions in central bank digital currencies, or CBDCs, between institutions, while reducing time and cost, according to BIS.
Globally, central banks are trying to come to terms with emerging payment technologies pioneered by tech firms including China’s Ant Group Co. Additionally, Facebook Inc.’s Diem project, formerly known as Libra, is building out a global payments network that could service its own stablecoin or central bank digital currencies.
The rapid growth of cryptocurrencies — which are distinct from digital currencies issued by central banks — is posing a potential threat to existing monetary regimes and adding urgency to debates on handling cross-border money transfers.
“We are confident that our work on multi-CBDCs for international settlements will break new ground in this next stage of CBDC experimentation and lay the foundation for global payments connectivity,” said Andrew McCormack, head of the BIS Innovation Hub Singapore Centre.
(Excerpt) Read more at mybroadband.co.za ...
Wait until they have control of you personnel bank accounts
Here we go - the Feds version of Bitcoin. Sell your cyrpto currencies - here comes the Fed.
The whole point of bitcoin is its finite supply. A digital dollar is just a convenience like a debit card. But it offers nothing special to a person concerned about the devaluation of the dollar.
Cashless society incoming.
‘ The e-rand must be traceable.’
Money, a means of exchange. An easy means of exchange.
easier that trading bread for gas in your car which is very inconvenient. The gas station may have enough baked goods that day and doesn’t need your bread.
Now our money states backed by the full faith and credit of the United states. That statement is relative. Meant a lot at one point. Not so much now but it still has some value.
Now were is the backing for all this digital currency? Where is your trust placed? Folks, it works until it doesn’t work and then one morning it gets deleted.
Now there are two issues here.
1) exchange
2) Wealth storage
My issue with digital currency is it is “sold” as a medium of exchange, but every one treats it as a “wealth/storage/lottery ticket/stock purchase.
There is NOTHING to back this up. Like tulip bulbs it can disappear overnight.
Earnings, exchange, and wealth storage are way different critters. Do no confuse them.
“Four central banks test digital currencies for cross-border payments”
why is this that much more “efficient” than wiring money online?
The crypto market is about 2.3 TRILLION. Not sure where it's headed but clearly we are way past the tulip stage.
Not sure where it’s headed but clearly we are way past the tulip stage.
I am just trying to get people to think. Notice how lottery tickets aren’t in the news anymore? This is the new lottery ticket.
IF someone wants to buy a lottery ticket, more power to them.
Blackstone and Goldman Sachs are not buying lotto tickets but they are buying crypto. Many of the biggest financial players on the planet are heavily involved in crypto. These institutions have access to super computer models and resources unimaginable to the average investor yet many have taken large positions in crypto. Crypto is not tulips.
Sorry I meant BlackRock
Because most digital currencies can be direct payments, whereas wiring money online goes through a bank that takes their cut
Crypto is not tulips.
Exchange and storage.
Brokers make money on exchange, don’t care if it goes up or down. They like volatility, encourage it. Banks get a handling fee, they pass on the risk to investors. The more chaos, the better for them. Of course they like it.
If this is exchange for us as individuals. Why is it better than my credit card or wired funds? At least with a cc or bank I have some recourse. They own something here in the US that in theory I can get to if they screw up or go bankrupt. What is my recourse if digital go down which we have to admit it can.
Again, if you want to sell digital currency as a means of exchange, that is one thing. But that is not how people are viewing. They VIEW IT AS A LOTTERY TICKET.
There is a disconnect here, understand it.
Wealth storage is a whole nother discussion.
“Because most digital currencies can be direct payments, whereas wiring money online goes through a bank that takes their cut”
and yet even the HEADLINE says “four central banks” are testing this, AND you really believe that these four central banks will be offering this service gratis out of the goodness of their hearts by not taking a “cut”?
I had a much longer, humorous version.
Igg, Ogg, and Uggs: A Caveman's Introduction to Entitlements, or, The Tragedy of The Commoners
These institutions have access to super computer models and resources unimaginable to the average investor yet many have taken large positions in crypto.
Their model says the sea level is going to rise 532 feet in 5 years. I forget the decimal points in their model.
I built financial models to make me a billionaire in 5 years.
I worked with these fool financial people. Their focus was on internal rate of return. The assumption in that calculation is more and faster deals. Buy a loan for 30% of value, settle the loan for 50% of value even if worth full collection and do it all day long. Do you see any thing wrong with that assumption?
. All that remained of the once-proud Poohbahdom was a pile of Uggs.
You really think these people are financially illiterate?
I’m not suggesting anyone get into crypto but I can see you don’t really understand how massive the global crypto market really is. Try convincing Blackrock they don’t know what they are doing.
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