Posted on 11/24/2022 6:57:26 PM PST by ransomnote
Banking giants including BNY Mellon, Citi, U.S. Bank and Wells Fargo will be issuing tokens and settling transactions through simulated central bank reserves as part of the pilot.
The Federal Reserve Bank of New York’s Innovation Center, or NYIC, announced that it would be launching a 12-week proof-of-concept pilot for a central bank digital currency, or CBDC.
In a Nov. 15 announcement, the New York Fed said the program would explore the feasibility of an “interoperable network of central bank wholesale digital money and commercial bank digital money operating on a shared multi-entity distributed ledger” on a regulated liability network. Banking giants including BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank and Wells Fargo will be participating in the pilot by issuing tokens and settling transactions through simulated central bank reserves.
“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 NYIC Director Per von Zelowitz.
MORE AT LINK: https://cointelegraph.com/news/ny-fed-launches-12-week-cbdc-pilot-program-with-major-banks
Many people are unaware that the Biden regime is planning to replace paper money, which he can't monitor or strip you of very well, to digital currency, which they could use to freeze bank accounts if people attend protests the regime deems 'wrong'.
It's actually intentionally hard to track what's going on because they don't want us to object to the fact that the Contitution of the United States forbids the creation of such currencies. Some articles ask "Do we need to ask Congress" but since the Federal Reserve is not part of the United States, they probably won't ask.
A trial of the new system is described above. I believe if they implement it we will have very little information when it occurs. Once it occurs, they can simply cut off access to your funds if you protest, as other countries have done (Canada, Brazil, China etc.).
Here's the Biden Regime's EO 14067 outlining details and defining dates when plans will be ready.
FTX was the proof of concept of using a government-controlled cryptocurrency to launder stolen taxpayer dollars and disappear it.
It worked so well they are moving on to Phase II.
Yes. Section 7.d of the President’s EO talks about protecting against money laundering. Yeah, like they want that exposed. Right.
https://www.whitehouse.gov/briefing-room/presidential-actions/2022/03/09/executive-order-on-ensuring-responsible-development-of-digital-assets/
Call it cryptomoney
Transfer your money from your bank to a credit union
Get cash and valuable metals ready. Including brass and lead
If Mellon bank of NY is involved, WE ARE DOOMED. THIEVES TO THE BONE. Evil slime.
You’re right.
Even at our local town fair wifi went down and they could only do cash transactions.
Has anyone thought through this?
What happens when there is no internet connection?
Bills or coin (US currency, silver or gold bullion and the like) still work when there’s no internet or electricity.
The icing on the cake is they can use their cryptocurrency crimes to justify going after all the other cryptocurrencies.
What fortuitous timing…
Jeez, I don’t have near enough of a stockpile of metals including brass and lead. Good Idea.
That’s when you wear a mask and just steal whatever.
Simulated reserves?
L
The thing that makes blockchain tech better than the Fed plan is that the ledgers are public. If you know an “address” you can see every transaction. Everyone can see every transaction.
Can you imagine a government where every expenditure is open to public scrutiny?
Fed coins aren’t going to work. Because it’s all secret…they will know what YOU are doing, but you won’t see what they are doing.
Yup. Most people look at FTX and see a great big failure.
But, clearly, some people see a big success. And now we will get a lot more of it.
I expect they will they shortly introduce digital currency in conjunction with the existing paper money. Money will be moved back and forth between paper and digital for a number of years. This is enough power to freeze bank accounts on demand for any made up reason. While in parallel, they will come up with the necessary solutions to eliminate paper money. Once those are in place, it will move from mostly game over to completely game over for freedom.
May not be crypto as most people know it and it will be programmable. A few keystrokes and they can limit your spending for whatever reason.(think social/carbon credit score) They could even force you to spend by putting a time limit on your funds. Limits on how much you can have as well.
How will strippers receive tips?
They wouldn’t be doing this if they didn’t think this through. Consequences be damned when you have a monopoly on force.
“How will strippers receive tips?”
Swipe your card?
Hoping the lawsuits are ready to be filed
Did they name it after Hunter Biden? The Crackcoin?
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