Zero Hedge: A cashless society would be the nail in the coffin for liberty and freedom, offering centralization, the likes of which Marx could only dream.
The existence of a government backdoor or spyware becomes a real possibility, and given the State’s track record, a real likelihood.
Then, of course, the ability to track, freeze, and even set expiry dates on money, will be marketed as “features” to protect the public.
As for the 5.9 million Americans considered “unbanked,” i.e., those who have no checking or savings accounts, (the poor, weak, and vulnerable) they can expect life to get more difficult. This is the price we pay for free market intervention.
Earlier in the week, the Federal Reserve Bank of New York made the announcement:
Members of the U.S. Banking Community Launch Proof of Concept For A Regulated Digital Asset Settlement Platform
The explanation may only make sense for those well versed in crypto technology:
Members of the U.S. banking community today announced the launch of a proof of concept (PoC) project that will explore the feasibility of an interoperable digital money platform known as the regulated liability network (RLN). Using distributed ledger technology, the proposed platform would create innovation opportunities to improve financial settlements and would include participation from central banks, commercial banks of various sizes and regulated non-banks.
Basically, Fedcoin is advancing and is now in the testing stage:
The 12-week PoC 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.
Some of the largest financial institutions are involved in this 12-week program:
BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank and Wells Fargo. Read More …
Opinion: There will be no need for a dreaded social credit score depicted perfectly with the article’s illustration …
Central Bank Digital Currencies will accomplish all that the social credit score could never achieve, complete control over the spending and behavior of citizens.
In our most read post (July 9) this year “Biden to Replace the US Dollar” HERE, I quoted analyst Jim Rickards predictions:
- Don’t want an electric car? Money won’t work to buy gas
- Don’t want the vaccine? You will if your money is turned off
- Like to donate to Conservative candidates? That donation may never get to the candidate
- The US paper dollar will be made obsolete
- Soon your cash will be confiscated or become worthless paper
- The cash currency we have now will be replaced with a new programable digital token
- The new currency will provide total control of all American citizens
- Every digital dollar will be programed by the government
- Government will be able to track and control every purchase you make
- This has nothing to do with online banking and nothing to do with crypto currency
- AOC has pledged her support for what she calls “Spyware Currency” that will control social media content that the government doesn’t like
- It is starting now and should be in use by 2023-24
And that was before the multi-billion scandal called FTX that a 30 year old cryptocurrency trader appears to have pulled off, that may turn out to be the biggest financial scandal ever giving the government the excuse to take control of un-regulated cryptos, and put them under the watchful eye of the Federal Reserve.
And when the rest of the word’s 95 central banks see the amazing never seen before control CDBCs will provide, the stage will be set for a new kind of dictator who will be able to seize control of ALL global commerce.
“He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, 17 and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name.” Rev. 13:16-17
Open wide it takes like cherry.