Bank for International Settlements: CBDCs: an opportunity for the monetary system

Well the Bank for International Settlements is very excited this week. There is tremendous progress being made in the new economic prison being developed for us. The latest CBDC report has been released. Fantastic news eh!


Here are their own "takeaways":


Key takeaways

  • Central bank digital currencies (CBDCs) offer in digital form the unique advantages of central bank money: settlement finality, liquidity and integrity. They are an advanced representation of money for the digital economy.

  • Digital money should be designed with the public interest in mind. Like the latest generation of instant retail payment systems, retail CBDCs could ensure open payment platforms and a competitive level playing field that is conducive to innovation.

  • The ultimate benefits of adopting a new payment technology will depend on the competitive structure of the underlying payment system and data governance arrangements. The same technology that can encourage a virtuous circle of greater access, lower costs and better services might equally induce a vicious circle of data silos, market power and anti-competitive practices. CBDCs and open platforms are the most conducive to a virtuous circle.

  • CBDCs built on digital identification could improve cross-border payments, and limit the risks of currency substitution. Multi-CBDC arrangements could surmount the hurdles of sharing digital IDs across borders, but will require international cooperation.


Here is there conclusion:


Conclusion


Central banks stand at the centre of a rapid transformation of the financial sector and the payment system. Innovations such as cryptocurrencies, stablecoins and the walled garden ecosystems of big techs all tend to work against the public good element that underpins the payment system. The DNA loop, which should encourage a virtuous circle of greater access, lower costs and better services, is also capable of fomenting a vicious circle of entrenched market power and data concentration. The eventual outcome will depend not only on technology but on the underlying market structure and data governance framework.


Central banks around the world are working to safeguard public trust in money and payments during this period of upheaval. To shape the payment system of the future, they are fully engaged in the development of retail and wholesale CBDCs, alongside other innovations to enhance conventional payment systems. The aim of all these efforts is to foster innovation that serves the public interest.


CBDCs represent a unique opportunity to design a technologically advanced representation of central bank money, one that offers the unique features of finality, liquidity and integrity. Such currencies could form the backbone of a highly efficient new digital payment system by enabling broad access and providing strong data governance and privacy standards based on digital ID. To realise the full potential of CBDCs for more efficient cross-border payments, international collaboration will be paramount. Cooperation on CBDC designs will also open up new ways for central banks to counter foreign currency substitution and strengthen monetary sovereignty.


I recommend reading the entire article here.


My thoughts:


Now, we've been through the risks of this new monetary system. Indeed, there is absolutely no benefit to the people in having a CBDC instead of a cash economy. You can never save money again, everything you own and do will be taxed, it will be joined with the digital ID and introduce the social credit system. The list goes on. There is absolutely nothing to gain for the people - it is purely a design to encapsulate all wealth, track and control every person's actions in the entire world. If you fall for the bullshit about "privacy","innovation" and "we must compete with China" please think a little deeper.


If link a few things together, we can form a larger picture:


  1. Vaccine Passports - Digital IDs

  2. The Council on Foreign Relations discussing a new international order

  3. Central Banks introducing CBDCs underpinned by the central body, the IMF

  4. Build Back Better and Greener - The Great Reset

  5. Small businesses across the world devastated

  6. Billionaires buying up all the assets and commercial banks buying up properties to rent out

Please, pause and think for a minute. These actions are not going to benefit us in the long run. This is the largest wealth redistribution we've ever witnessed, and it is not in the people's favour.