NY Fed launches 12-week CBDC pilot program with major banks

cointelegraph.com ^ | Nov 15, 2022 | Turner Wright

[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

[glorgau]

I remember when the Euro was implemented back in 2001. All theexisting paper currency notes (marks, francs, lira, ...) had to be exchanged for euros. All sort of unknown paper money came out of the woodwork. Lots and lots of collectibles (artwork, etc.) were exchanged for soon to be illegal cash.

[rlmorel]

Digital currency is pure, unadulterated evil. There are no ifs, ands, or buts about it.

Vaccine Passports are one thing. We have seen how a totalitarian government could use them as we watched the ChiComs restrict the movement of their dissident citizens using it. They would undoubtedly do that here. No doubt. As currently implemented in Communist China, this affects your ability to cross a state or even city line, use public transportation, or check into a hotel

Another part of it is that using the Vaccine Passport, they could easily link that to your bank account in a heartbeat even without a digital currency. They link to it and then to your bank accounts, and you have to have enough cash on hand all the time. With a digital currency, they just put the stop on you period, turning off the valve at the source. So you can't buy food. Can't check into a hotel. Can’t fix a flat tire. You can't buy anything. You won't be able to disappear.

It is going to be interesting, watch how they present this to the public. These are the things they will say:

• It will be convenient. your money everywhere!
  
  
• Printing of money is too expensive. We can save billions of dollars by not designing, printing, transporting, cycling paper and metal currency over [‹i›insert time frame here] (some time frame adjusted to make the savings billions not just millions)
  
  
• You already are using digital currency anyway. 70% of people make 95% of their money transactions using cashless methods. This just makes it even easier, everywhere! (I just made that statistic up out of thin air-they will too, and far, far more extravagantly)
  
  ‹LI›All this will be done with an electronic networking/communication digital device (Digi-Vice) issued by the government at no charge to you, instantly replaceable if you ever lose it, at no charge! No insurance plan will be necessary. No liability for losing or damaging it. You get an additional Digi-Vice handed to you simply for the asking. The FBI will take care of disabling and finding the old one. You won't have to carry around a cell phone for communication. It can verbally guide you to a destination. If you need a screen for some reason, you can purchase a flexible polymer screen you can integrate. It is actually feather-lite, can be crumpled up and stuffed in a pocket, and restored with a sweep of the hand to perfect, un-marred high-resolution flatness.
  
  
• You will have the envy-inducing option of having a chip implanted in you, which will open a whole new world of freedom for you. If you implant the chip, you will be able to go everywhere without your Digi-Vice. Everywhere you go, you can do everything without fingerprinting, retinal scans, signing papers, putting in passwords, or even filling out forms. Your workplace can identify you so that you won't have to carry or swipe cards.
  
  
• Your Digi-Vice will communicate on the fastest 5G networks maintained and kept secure and stable by the US Government via The Treasury Department to build and maintain it, and the FBI to investigate threats. The military will have full responsibility for security of the system, specifically the critical elements of the network. There will be no dead spots, anywhere. You will be able to communicate in real time at the bottom of a mine shaft or the top of a remote mountain range with 100% reliability. All this is simply built into your Digi-Vice.
  
  
• But most importantly-Your money will belong to you. It will utterly and completely be yours, inyour control. You are the only one who will have any access, viewing, or control of it. It will be encrypted, and safe for you. You won't lose it, have it burn up in a fire, have it stolen from your pocket by a mugger. Even the government will not have access to the details of your monetary transactions unless you specifically grant it. Okay-the last lie is the biggest lie of them all.

They will make this so attractive to their target audience (people who are accustomed to being habitually electronically connected 24 hours a day, seven days a week) that vast swaths of people will break down brick walls to voluntarily get this deadly threat to their liberty. This is what they are aiming for.

That part will be like selling heroin to heroin-addicts.

At this point, they despotic government have one of the most effective wedges ever invented to drive between people.

It will be more effective than religion. It will be more effective than education. It will be more effective than class. It will be more effective than simply having money. It will be more effective than skin color.

It will be more of a wedge than money, because it is total control of money.

Digital Currency is EVIL.

[politicket]

Money is only created through the issuance of debt - debt being the promise of future labor of yourself and/or others.

Money is backed by that future labor (debt).

Money is a "claim" on that future labor.

There are still ways to use Federal Reserve Notes (FRN's) in a way that they don't act as debt - which can be done by keeping them out of the banking system and treating them as a "claim on completed labor".

With CBDC, there is no more tangible currency.

There is no more possibility of treating money as anything except the claim on debt that it is.

Our last vestige of honest money will disappear.

It will simply be a game of who owns your future labor. Of who owns the future labor of your family. Of who owns the future labor of your state. Of who owns the future labor of your nation.

What is the desire of those perpetrating this debacle? Is it to become even more wealthy?

No - their goal isn't "wealth". Instead, it is power - being defined as controlling the future actions (labor) of other.

This is a main goal of mankind. To have power and control over others.

[Vermont Lt]

The differences between things like Bitcoin and Etherium compared the Fed stuff is none of that crap is possible.

They are better tools. But, they have lousy PR.

[rlmorel]

I have no problem with people using a digital currency of their own accord, voluntarily.

Being forced to do it is another thing altogether.

[V K Lee]

“Transfer your money from your bank to a credit union”

---

Done. now the more time consuming part, moving electronic banking deposits from bank to the CU (SS checks).
The hoops WTP must master just to keep our money from being
stolen. There ought to be a law; the filthy pork bellied swine beasts.

[CPT Clay]

It Begins

[Karliner]

And here we go. Social credit scores next up? Easier to freeze accounts?

[LegendHasIt]

"How will strippers receive tips? "

One way to keep the "ambiance" would be for each institution to issue tokens or scrip, good only within their facility. Go in, and at the door, let them scan your MOTB to debit your account and get your tokens / scrip use it to tip, after their shift, the girls turn in their scrip, it is rtallied and direct deposited to their MOTB account.

[Deaf Smith]

I have found those on the ground.

They say Chucky Cheese.

[SaveFerris]

[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?]

A single EMP weapon in the right place, say Manhattan, or just very few EMP weapons detonated over the right places and...

...wait for it...

boom, boom - out go the (financial) lights

[EEGator]

Good rant, Carlin-esque.

[SaveFerris]

Get me a 52 inch big screen while yer out there, if ya don’t mind

Oh and some toilet paper

and some new sneakers

Don’t steal any job applications though

Thanks in advance

[desertfreedom765]

The states have the power to stop this by enforcing the Constitution but its going to take strength and will. No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

[SaveFerris]

[Another part of it is that using the Vaccine Passport, they could easily link that to your bank account in a heartbeat even without a digital currency. They link to it and then to your bank accounts, and you have to have enough cash on hand all the time. With a digital currency, they just put the stop on you period, turning off the valve at the source. So you can't buy food. Can't check into a hotel. Can’t fix a flat tire. You can't buy anything. You won't be able to disappear.]

THE FOLLOWING IS SOMETHING I SAVED FOR MULTIPLE POSTINGS

Covid-19⁽⁸⁴⁾

Covid-19⁽⁸⁴⁾ is not the Mark of the Beast.

(I'm just saying that for the thread)

BUT:

The parallels are downright eerie.

A clear warning of things to come.

Covid-19 came as a snare. Now it's not THE snare.

But still, it came as a snare. UPON THE ENTIRE WORLD.

A snare that came upon the entire world and institutionalized Global tyranny almost overnight.

Determining if you can travel, buy and in some cases sell.

Or if you can even work a job.

Tyranny upon tyranny.

The parallels are just too eerie and too spot-on.

This is a very clear foreshadowing of Revelation chapter 13 and the sheep are blind to it.

[SaveFerris]

[FTX was the proof of concept of using a government-controlled cryptocurrency to launder stolen taxpayer dollars and disappear it.]

I expect, ummm, more “upheavals” to come in the crypto world. /shiny side out

[EEGator]

I’m by Philly, so it’s no problem.

You want the Yeezy kicks?...

https://www.stadiumgoods.com/en-us/shopping/yeezy-boost-350-v2-light-17253887?size=36&gclid=CjwKCAiAyfybBhBKEiwAgtB7fgmjSJ8VuyNyVIeXn5PogDgbzgUbtABfIcaxtNMFnb3h8qLQcO8FFBoCQVsQAvD_BwE

[SaveFerris]

And once more - this thing kept popping up on my YouTube over and over and over - I finally watched the first two minutes

---

The Jim Rickards Commercial

https://www.youtube.com/watch?v=fCfzQNhi_ns

[SaveFerris]

We’ll work it out.

LOL

[SaveFerris]

[This is a main goal of mankind. To have power and control over others.]

It worked for Adolph Hitler. For awhile

Especially 1938-1945