Nine U.S. financial institutions, including Citibank, Wells Fargo, and Mastercard launched a pilot program working with the Federal Reserve Bank of New York to test the feasibility of a digital dollar based on distributed ledger technology. It’s the path to the Central Bank Digital Currency, CBDC.
This isn’t really a pilot in the true sense. They plan to go ahead with it and just want to work out the kinks.
Participants include BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank, and Wells Fargo. The New York Innovation Center, part of the New York Fed, is also involved.
The pilot will run for 12 weeks in a test environment and involve central banks, commercial banks, and regulated non-banks.
DIGITAL DOLLAR AND THE CBDC
The digital dollar gives the alliance of banks and the government more control over us and our money.
Proposed maneuvers to a Central Bank Digital Currency, which would further embolden the censorship regime, is deeply troubling.
NEW – Powell: “Rapid changes are taking place in the global monetary system that may affect the international role of the dollar.”
A US central bank digital currency is being examined to “help the US dollar’s international standing.” pic.twitter.com/htP6r1brNz
— Disclose.tv (@disclosetv) June 17, 2022
SOCIAL CREDIT SYSTEM
The feds are looking to set up an ESG social credit type system to better manage their leftist goals of exaggerated climate change and so on.
According to reporter Jordan Schachtel, in September, the people in charge of the Ethereum token, a popular digital asset previously marketed as a decentralized money, decided to finalize its transition into what amounts to WEF (World Economic Forum) coin. It secures the network’s path on the road to state capture (takeover), and perhaps, the birth of the ruling class’s 1.0 version of a global Central Bank Digital Currency.
It’s digital fiat currency.
Ethereum already relies on companies like JP Morgan and Amazon Web Services to secure its critical infrastructure.
WEF is excited because it represents a future CBDC. Ethereum is now completely vulnerable to a complete regulatory and state takeover. Any hostile or international state could take them over.
Should a powerful government want to invalidate the ETH tokens held by Jon Doe, a labeled opponent of the regime, they can simply pressure Coinbase and the gang to blacklist his transactions. The same goes for Jane Doe, who a random bureaucrat could determined is a “criminal,” and force a major stakeholder to change the rules to punish Mrs Doe. Her Ethereum wallet can be blacklisted with the click of a button, rendering her entire wealth in this currency instantly worthless.
For years, globalist, authoritarian legislators, regulators, and central bankers throughout the United States, Europe, and Asia have sought to find a way to lure creative minds into their CBDC projects, with very few in the space showing much interest.
Then along came Ethereum.
The stage has been set. It’s Bitcoin versus WEF/ETH Coin. Freedom Money versus CBDC tyranny.