Posted on 11/29/2023 4:51:33 PM PST by Twotone
Ten members of the banking community are working with the New York Innovation Center (NYIC), which is part of the Federal Reserve Bank of New York, to explore the feasibility of the regulated liability network (RLN) — an interoperable digital money platform.
The proposed RLN would use distributed ledger technology to improve financial settlements and would include central banks, commercial banks and regulated non-banks, the participating firms said Tuesday (Nov. 15) in a press release.
“The 12-week PoC [proof of concept] will test a version of the RLN design that operates exclusively in U.S. dollars where commercial banks issue simulated digital money or ‘tokens’ — representing the deposits of their own customers — and settle through simulated central bank reserves on a shared multi-entity distributed ledger,” the release said. “The PoC 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.”
The project will be conducted in a test environment, will use only simulated data and will release its findings after the test is concluded, according to the press release.
“It is not intended to advance any specific policy outcome, nor is it intended to signal that the Federal Reserve will make any imminent decisions about the appropriateness of issuing a retail or wholesale CBDC [central bank digital currency], nor how one would necessarily be designed,” the release said.
The firms participating in the project include BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, Swift, TD Bank, Truist, U.S. Bank and Wells Fargo, per the release.
In related news, a New York Fed official said Nov. 4 that one of the most significant benefits of a United States CBDC could be faster cross-border transactions.
Michelle Neal, executive vice president and head of markets at the Federal Reserve Bank of New York, cited research that is underway at the NYIC in a project dubbed Project Cedar.
Is crypto currency backed by insurance or government or gold reserves or any tangible assets?
An alternative to ACF is needed by conservatives, because there is a risk that it would be used to discriminate against conservatives by excluding them from the banking system.
Unfortunately, a pilot conducted by the NY Fed plus BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, Swift, TD Bank, Truist, U.S. Bank and Wells Fargo ... does not offer any additional safety to conservatives.
thats ACH not ACF
FJB has printed 70% of the US dollars that have ever existed in the past 18 months.
Doesn't matter what it's backed by when the collapse comes.
them...”you SAY you had a positive balance in your account but we can’t seem to find your account in our computer”. you...”can’t you just look up my balance”? them...”we could if you had an account on our computer”.
WITH CRYPTO & FTX & SBF, I have heard the word TOKEN ALL I EVER NEED TO.
MULTI ENTRY LEDGERS?????
THERE IS AN ACCOUNTING NIGHTMARE.
HARD ENOUGH TO DO DOUBLE ENTRY BOOKKEEPING LEDGERS.
CROSS BORDER TRANSACTIONS———
WHICH BORDERS?????
Dangerous, dangerous stuff. Digital currency will be weaponized against those with unpopular political views, and equity will dictate that somebody else’s money is worth more than yours.
Think that story about the DOJ demanding the names of Twitter/X accounts for all users who liked, retweeted or followed DJT was just so much B.S.? Well, it’s B.S. alright, but that would be a good place to start for deciding who should be allowed the full value of their $ before it was converted to a digital asset.
bkmk
FJB has power to tax the shyt out of every living being. WHat power crypto has?
I think anyone...ANYONE...conservative or Leftist, who thinks ANY aspect of a digital currency (no matter how innocuous) is a good idea needs to have their heads examined.
Financial freedom and Political freedom are inextricably intertwined. You cannot have one without the other.
And the point of digital currency is a pathway to tyranny.
I voiced this opinion right here on Free Republic, and I had someone tell me I am making a mountain out of a molehill, because if I use a credit card, I am already using a digital currency!
I actually had someone say that, right here on this forum.
The analogy is the difference between making a personal decision to drive one of these electric vehicles, and being FORCED to drive an electric vehicle.
Astonishing.
That was practice for global digital currency and them doing it to US.
There can only ever be 21,000,000 bitcoin.
19,000,000 have already been mined, and it will take years to mine the rest.
Government cannot inflate or cancel it.
The globalists intend to destroy the US dollar.
The Central Bank Digital Currency they want to force us onto is backed by nothing.
I’m aware of ACH transfers.
This looks to me like a whole bunch of bad news.
There are only 6 pairs of shoes worn by me.
Nobody can duplicate my worn shoes. And I am not buying any more at age 83. My used shoes are very rare. But that does not make it valuable. Gold is also rare on earth but it is beautiful color and malleable to make intricate jewelry, which makes it valuable. Why do you trust people who control quantity of bitcoins? What can you do if they decide to triple the quantity?
Because it is built into the base code and since it is open source people can confirm it. It is the ONLY crypto with a finite number of coins. All the others can have more coins added and be manipulated in other ways.
You need to wrap your head around the idea that the globalist psychopaths intend to destroy the entire world economy so they can "build back better" after they have exterminated 90% of the world population. They hate bitcoin because they cannot steal it from you. They can take your bank and investment accounts any time they want.
I would never even consider any cryptocurrency if I didn't see what's coming. What do you thing World Economic Forum founder Klaus Schwab meant when he said "You will own nothing and you will be happy?"
https://imprimis.hillsdale.edu/what-is-the-great-reset/.
This is not a conspiracy theory. The globalists told us they were going to do this to us in UN Agenda 21 and UN Agenda 2030. When somebody tells you they are going to kill you, you probably ought to believe them.
Almost all money is, and has been, digits in a computer for 30+ years.
IRL if a bank had a SQL error and did a + instead of a minute, nobody would really notice unless it was over a million.
Money is an illusion of wealth. It’s as real as angels dancing on a pinhead. It’s so funny to me that people will kill and do almost anything over a few bits in a computer as if it really matters.
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