Advisory: Be careful of what you read on social media. The algorithms used by these platforms have no regard for Biblical truth. They target your emotions to keep you engaged on their site so their advertisers can drop more ads. These platforms exist to enrich their stockholders. Consider God’s promise to Believers in James 1:5, “If any of you lacks wisdom, you should ask God, who gives generously to all without finding fault, and it will be given to you.”
The Bank for International Settlements (BIS) has created two prototypes for a common platform that would allow international settlements to be made with digital currencies issued by numerous central banks.
The infrastructure, codenamed “Project Dunbar,” is meant to allow financial institutions to conduct cross-border transactions in many currencies. The solution has the ability to eliminate reliance on middlemen, lowering transaction costs and speed. The Bank of International Settlements (BIS) worked on the project with the Bank Negara Malaysia, the Reserve Bank of Australia, the Reserve Bank of South Africa, and the Singapore Monetary Authority.
The Bank for International Settlements (BIS) was founded in 1930 and is owned by 63 central banks representing 95 percent of global GDP. Its goal is to serve as a bank to central banks. Through international cooperation, the BIS aims to assist central banks in their pursuit of monetary and financial stability.
Banks pay each other directly or through a single national payment network for making domestic payments. However, no single international platform for making payments exists for cross-border transactions. Banks, on the other hand, maintain foreign currency accounts with one another.
It may be necessary to go through numerous banks to make a single cross-border payment. Every step adds to the length and cost of international transactions.
A single platform that allows for multi-currency cross-border payments, such as the one being created at BIS, would make things easier because transacting parties would be able to pay each other directly without having to go through several banks.
In a March 22 BIS press release, Andrew McCormack, Head of the BIS Innovation Hub Centre in Singapore, said: “A shared platform is the most efficient model for payments integration, but it is also the most challenging to implement.”
“Project Dunbar proved that important concerns about trust and shared control can be addressed through governance processes enforced by solid technology means, establishing the groundwork for future global and regional platforms to emerge.”
Central banks all across the world are grappling with a fast shifting payment landscape. Facebook is working on a payment network that will employ its digital currency.
The increasing use and trading of cryptocurrencies poses a challenge to existing monetary institutions, necessitating the urgent need to make cross-border transfers via banks more simple and efficient.
While allowing entities to directly hold and transact in central bank digital currencies can reduce the need for intermediaries when making cross-border payments, it must be done in a way that ensures the payments’ “security and resilience,” according to Michele Bullock, Assistant Governor (Financial System), Reserve Bank of Australia.
“While there is certainly more work to be done in terms of considering the practicality and design of multi-CBDC platforms,” she continued, “the findings from Project Dunbar give an excellent platform for future work in this area.”
The project’s next phases include creating a platform rulebook, assessing the regulatory and legal frameworks of participating nations, and testing the payment platform on a large-scale industry scale, among other things.
The looming threats to democracy are now backing us into a corner. The Biden administration spent 6.8 Trillion dollars in 2021. Our currency cannot afford to be inflated in such a manner, but what if there is something over the horizon? The perfect solution, maybe something like artificial intelligence. Take a look at how China is governed, and think about the timely manner of the Pandemic. We can’t utilize this innovative technology in America because it dismantles our freedom. Technological innovation is satans chariot, if you can’t step back and see that, I pray that you find the wisdom to do so.
I’m not saying all technology is bad, i’m simply saying that once it goes far enough we wont be able to stop it. There are people facilitating the rapid growth of AI integration into all kinds of systems. Think about the fundamental idea of computing. In the context of biblical times, this is very advanced technology. One might dabble into programming and notice that there is a peculiar feeling about a clean slate without having anything visualized or no boundaries set. The power of raw creation in a technological space is put on full display when you see how it intertwined with the Chinese regime. This AI has all the data pertaining to Chinese citizens and it uses a complex algorithm to determine how useful of a citizen you are.
So are we supposed to alienate the broken people of society? Thats what we’ve already done in America, we’ve encouraged them to indulge carefree into sin and take pride in your individuality. No man has the strength to find the wisdom they truly seek without going through The Father. He will administer the knowledge you seek in an orderly fashion and perhaps with a couple of humorous twists. Undivided attention on the spirit is the attainment of self awareness. Separating all things unholy from your mind, body, and soul are a part of the process when putting trust in God. The beautiful difference it makes in ones life cannot be simply explained, it must be experienced. This is the essence of Christs salvation. Stay inquisitive in the word, and the world around you.
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