EDITOR NOTE: The fiat monetary system has designed an upgraded arena for its exploitative schemes. It now lives in the digital world, where its electronic eye can access your accounts, observe your spending habits, and with the help of central banks, use its virtual lever to reach into and control the physical manifestations of your financial destiny. We’re talking about central bank digital currencies (CBDCs). And 80% of the world’s central banks have shifted gears to jockey for dominance in this emerging space and develop CBDCs. Our entry into the CBDC world is our exit from fiat cash, and with it, our financial privacy and transactional freedoms. Cash cannot compete with a tightly controlled CBDC system. Private cryptocurrencies will either have to comply--that is, “centralize” under the yoke of fiat command--or face legal measures that’ll virtually extinguish it as a potential monetary competitor currency, rendering them nothing more than gambling instruments (which they are today). In the end, CBDCs, intangible as they are, cannot compete with the only currencies whose values are evident by virtue of their mere presence and global recognition--physical gold and silver. Money “substitutes,” no matter how sophisticated they’ve become, are still substitutes. And money, no matter how old and unchanging it remains, is still money. With the threat of a global cyber-attack on the horizon, one that would make those seen in the Eastern US and Ireland this month seem like a small disturbance, isn't it wise to have some non-CUSIP gold and silver in your possession?
About 80% of central banks are exploring use cases involving central bank digital currencies (CBDCs), with 40% already testing proof-of-concept programs, according to a new report by blockchain infrastructure platform Bison Trails.
The report by Bison Trails, a unit of crypto exchange Coinbase, examines digital currency proof-of-concepts launched by more than 11 countries and cities, including Hong Kong, Thailand, China, Australia, Singapore and Japan. The report also looks at the role of private digital currencies such as Diem.
CBDCs are moving toward global implementation, and the infrastructure of a digital currency is critical for a successful rollout, according to the report.
As Crypto Market Booms, Central Banks Around the World Develop CBDCs to Catch Up
From Sweden to South Africa, central banks around the world are developing digital currencies. John Velisarrios, Central Bank Digital Currency Lead at Accenture, discusses what goes into developing a CBDC and whether or not the digital yuan will shake up the global financial system.
Facebook-backed cryptocurrency Diem, formerly known as Libra, is motivating many central banks to develop CBDCs, the report noted. Most recently, Diem formed a partnership with Silvergate Bank with plans to test the U.S. dollar-pegged stablecoin later this year.
Originally posted on Coindesk