Not to worry. It’s only proof of concept. No booster required.
If my bank went down and I had $0, I would have gained $24, because I’m slightly over drafted.
The world’s elites want a purely digital money system. One glitch OR deliberate flip of a switch and YOU HAVE NO MONEY.
No gasoline. No food. No shopping of any kind.
Who are you gonna call?
Without currency in circulation, you cannot even buy a coffee pot at a garage sale.
I feel that lead will be more valuable than gold.
Dry run. like the FB outage, for a larger outage?
Hugh transfers ?
make of this what you will:
6 Oct: Carnegie Endowment for International Peace: Beijing’s Global Ambitions for Central Bank Digital Currencies Are Growing Clearer
by ROBERT GREENE, nonresident scholar at the Carnegie Endowment for International Peace’s Cyber Policy Initiative and Asia Program
Beijing is pursuing alternative cross-border payments channels built upon central bank digital currencies as a way to erode the dominance of existing arrangements that rely heavily on the U.S. dollar and U.S.-regulated entities...
As central banks around the world contemplate the risks and benefits of issuing central bank digital currencies (CBDCs), Beijing is likely to leverage frustrations with the inefficiencies of existing cross-border payments channels to strengthen support for its vision of lower-cost alternatives built upon CBDCs. If realized, such arrangements could allow Chinese firms and their trading partners to reduce usage of the U.S. dollar for cross-border transactions and circumvent payments channels that the U.S. government can shut off to entities it sanctions for national security reasons...
HOW BEIJING COULD USE CBDCS TO ERODE THE U.S. DOLLAR’S DOMINANCE
These dynamics help explain why some in Beijing are hopeful that the global proliferation of CBDCs could give Chinese policymakers what they perceive as the best of both worlds: the opportunity to maintain a slow and steady pace of renminbi internationalization, while decreasing the use of U.S. dollars, SWIFT, and CHIPS for transactions between Chinese firms and businesses in emerging markets.
Notably, a recent survey (LINK) of sixty-five central banks found that over 60 percent are experimenting with CBDCs and that central banks in emerging markets are “more likely to have advanced to a pilot or implementation phase” given a stronger perceived need for CBDCs. Because China is a first mover in CBDCs, its central bank—as recently observed (LINK) by one senior official from the Bank for International Settlements (BIS), a global organization owned by sixty-three central banks—is well-positioned to teach other monetary authorities that are in the developmental stages of adopting CBDCs...
The People’s Bank of China is already working with the BIS and the monetary authorities of Hong Kong, Thailand, and the United Arab Emirates (UAE) to launch a multi-CBDC arrangement—an effort initially called Project Inthanon-LionRock but recently renamed mBridge...
https://carnegieendowment.org/2021/10/06/beijing-s-global-ambitions-for-central-bank-digital-currencies-are-growing-clearer-pub-85503
FReeper Travis McGee has been saying for years that the turning point for chaos will be when banking systems stop working. This is a precursor. Hope everyone’s got commodities of value with which to barter.
My Credit Union on line banking is down this Thursday morning. 20 branches.