Difference between revisions of "Central bank/Digital currency"
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|caption=[[Agustín Carstens]], general manager of the [[Bank for International Settlements]], explains the advantages of CBDCs | |caption=[[Agustín Carstens]], general manager of the [[Bank for International Settlements]], explains the advantages of CBDCs | ||
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| + | ==Development== | ||
| + | Curiously several Western Central Banks are cooperating with the same entities, such as the [[Bank of International Settlements]]<ref>https://www.cnbc.com/2021/05/20/the-fed-this-summer-will-take-another-step-ahead-in-developing-a-digital-currency.html</ref><ref>https://www.bankofcanada.ca/2020/06/bank-canada-partners-bank-international-settlements-launch-innovation-centre/</ref>, and the [[Massachussetts Institute of Technology]], towards developing their "own" CBDC.<ref>https://www.bankofcanada.ca/2022/03/central-bank-digital-currency-collaboration/</ref><ref>https://www.bostonfed.org/news-and-events/press-releases/2022/frbb-and-mit-open-cbdc-phase-one.aspx</ref><ref>https://www.bankofengland.co.uk/news/2022/march/boe-and-massachusetts-institute-of-technology-joint-cbdc-collaboration</ref> | ||
==Problems== | ==Problems== | ||
Revision as of 08:51, 6 May 2022
 Central bank/Digital currency  (Social control, Money/Creation)   | |
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| Interest of | "Smart city" |
A central bank digital currency (CBDC) (also called digital fiat currency[1][2] is a digital currency issued by a central bank, rather than by a commercial bank. It will be implemented using a blockchain hosted on central servers of a central bank.
| Agustín Carstens, general manager of the Bank for International Settlements, explains the advantages of CBDCs |
Development
Curiously several Western Central Banks are cooperating with the same entities, such as the Bank of International Settlements[3][4], and the Massachussetts Institute of Technology, towards developing their "own" CBDC.[5][6][7]
Problems
The General Manager of the Bank of International Settlements (BIS), Agustín Carstens, stated in October 2020 that:
“We intend to establish the equivalence with cash and there is a huge difference there, for example in cash we don’t know who is using a 100 dollar bill today ... the key difference with the CBDC is that the central bank will have absolute control on the rules and regulations that will determine the use regarding that expression of central bank liability and also we will have the technology to enforce that.”
Agustín Carstens (October 2020) [8]
The emphasis is on social control; a global central authority could - based on automated, computerized decisions - decide who may buy what and when, based on compliance levels of citizens. Moreover automated punishments could be dished out. This would be a monetary revolution comparable to the 1913 Federal Reserve Act.
References
- ↑ http://www.itu.int/en/ITU-T/focusgroups/dfc/Pages/default.aspx
- ↑ https://www.ecb.europa.eu/press/key/date/2017/html/sp170116.en.html
- ↑ https://www.cnbc.com/2021/05/20/the-fed-this-summer-will-take-another-step-ahead-in-developing-a-digital-currency.html
- ↑ https://www.bankofcanada.ca/2020/06/bank-canada-partners-bank-international-settlements-launch-innovation-centre/
- ↑ https://www.bankofcanada.ca/2022/03/central-bank-digital-currency-collaboration/
- ↑ https://www.bostonfed.org/news-and-events/press-releases/2022/frbb-and-mit-open-cbdc-phase-one.aspx
- ↑ https://www.bankofengland.co.uk/news/2022/march/boe-and-massachusetts-institute-of-technology-joint-cbdc-collaboration
- ↑ https://www.globalresearch.ca/covid-19-ukraine-bouncing-from-one-crisis-next-importance-staying-focused/5773585 (emphasis added)
