HNewsWire- As a bombardment of Western sanctions wreak havoc on Russia's economy, some are considering new methods to avoid future US economic restrictions. According to Lewis McLellan, the digital editor of the Official Monetary and Financial Institutions Forum's (OMFIF) Digital Monetary Institute, one possible weapon for defanging future penalties is central bank digital currency (CBDC) networks:
Across Asia, networks of cross-border central bank digital currencies are being developed (like the mCBDC Bridge, which involves Thailand, Hong Kong, China and the United Arab Emirates). Russia's central bank is developing a digital rouble, and Governor Elvira Nabiullina has indicated interest in the currency's potential for enabling cross-border transfers, notably with China.
A large and unexpected new shift might soon affect the fortunes of thousands, while leaving the majority of people less off than they were before. Additional Information
Additionally, the digital yuan might be put into service. It is widely recognized across China and is likely to be accepted by anybody having expenses or responsibilities in the country. Even dollar stablecoins, which are gaining popularity and size, might help form the backbone of a payments network that cannot be shut down by denying access to Swift or the Federal Reserve's clearing system. There is no proof that China plans to assist Russian enterprises in evading sanctions — and if they do, they will almost certainly face their own — but if the dollar payments network becomes an instrument of foreign policy, it creates a fresh feeling of urgency for some to establish an alternative.
Beijing Expands Public Yuan Testing
The digital renminbi is the first CBDC to be issued by a major economy's central bank and has being publicly tested since April 2021. China has conducted CBDC testing in eleven cities and areas so far (Shenzhen, Suzhou, Chengdu, Xiong'an, Shanghai, Hainan, Changsha, Xian, Qingdao, and Dalian). According to Chinese state-owned financial news source Securities Times, Beijing is on the approach of conducting trials of its digital yuan currency in a third set of cities and provinces, including Henan, Fujian, and Heilongjiang, as well as Guangzhou, Chongqing, Fuzhou, and Xiamen.
Since 2014, China's central bank has been investigating the possibilities presented by digital currencies. Among these possibilities are lower operating costs, better efficiency, and "a broad variety of innovative uses," said to Fan Yifei, a PBOC deputy governor in 2016. A year later, the People's Republic of China's State Council approved the creation of the digital RMB. Commercial banks, as well as Chinese technology heavyweights Tencent, Alibaba, Huawei, JD.com, and UnionPay, were asked to join in the initiative.
Josh Lipsky, a former IMF official who is now at the Atlantic Council, a powerful US think tank, has subsequently identified the digital yuan as a "national security risk" endangering the US currency. Yet the People's Bank of China is not an exception when it comes to experimenting with or testing a digital currency upgrade.
There are now 87 central banks operating in countries accounting for 90% of global GDP, including the Federal Reserve, the European Central Bank, the Bank of Japan, and the Bank of England. The Reserve Bank of India has declared that in the next fiscal year, it would implement a digital rupee (April 2022 to March 2023). Three CBDCs have officially launched in the last two years: the so-called DCash in the Eastern Caribbean, the Sand Dollar in the Bahamas, and the eNaira in Nigeria, all of which have had a very muted influence so far, according to the technology news website Tech Monitor:
Almost immediately after its introduction, customers complained about the app's lack of functionality, and the app was momentarily removed from the Google Play Store to allow for changes. Only 694,000 eNaira wallets have been downloaded as of January (the e-Yuan, by contrast, remains in its pilot stage but boasts some 260 million users). Spending also remained modest, with transactions totaling $450,000.
IMF Consistently on Board
As one would expect from the world's most powerful supranational financial organization, the International Monetary Fund (IMF) is extensively engaged in this process, notably by offering technical help to a number of its members. Last month, speaking at an Atlantic Council event, IMF President Kristalina Georgieva emphasized the potential advantages of CBDCs while praising central banks' "ingenuity":
We have progressed beyond theoretical talks about CBDCs and are currently in the experimental phase. Central banks are donning their aprons and studying the bits and bytes of digital money.
CBDCs are still in their infancy, and we have no idea how far or how quickly they will go. What we do know is that central banks are strengthening their ability to harness new technologies—in order to be prepared for whatever may come next.
CBDCs, if constructed responsibly, have the potential to provide more resilience, security, availability, and cost savings than private forms of digital money. That is absolutely true in comparison to unbacked crypto assets, which are inherently volatile. Furthermore, even the most well-managed and controlled stablecoins may fall short of a stable and well-designed central bank digital currency.
We know that the transition to CBDCs is gaining traction, owing to the inventiveness of Central Banks.
Around 100 nations are now investigating CBDCs on some degree. Some are doing research, some are conducting testing, and a few are actually dispensing CBDC to the general population.
The Sand Dollar, the local CBDC, has been in circulation in the Bahamas for more than a year.
Sweden's Riksbank has produced a proof of concept for CBDC and is investigating its technological and policy implications.
In China, the digital renminbi [dubbed e-CNY] continues to grow in popularity, with over a hundred million users and billions of yuan in transactions.
And, just last month, the Federal Reserve released a study stating that "a CBDC has the potential to fundamentally alter the structure of the United States financial system."
As could be expected, the IMF is extensively engaged in this subject, offering technical help to a number of its members. A critical purpose for the Fund is to facilitate experience sharing and to foster CBDC interoperability.
"There's something seriously wrong — the world's financial system is teetering on a knife's edge," New York Times best-selling author Doug Casey warns me in my latest episode, in which we discuss real inflation readings and why Casey believes you can't trust the US government's official outputted figures.
Casey claims that inflation in the United States ranges between 15-20% and is growing at that pace year after year, which is terrible news for the currency.
"The United States dollar has been under growing threat for decades and has reached a critical level," he argues, posing the question, "What is the future international reserve currency, and when will the shift occur?"
Casey tells me it will happen gradually over a generation and blames it on a "terminally insolvent" United States government. "[The] [US] Government risks grave danger by digging the deficit hole deeper," he warns, as economic sanctions continue to be imposed in a worldwide attempt to counter geopolitical aggression led by Russia.
"The digital dollar is going to happen," the best-selling author of Crisis Investing assures me, equating its birth to the presence of Powers of Darkness.
"It's going to be one of the largest calamities that's ever been perpetrated upon mankind," Casey predicts ominously, owing to governments' growing control over their respective populations.
"I believe we're going back to gold," Casey says, referring to the most trusted worldwide reserve currency. "I believe it can go a lot higher because there's going to be a gold panic," he says, adding that it's not cheap, but it corresponds with a wider theme that the gold community has been emphasizing to me for a long time... and this shift may be closer than most investors realize.
“We are going to go from ‘Dirty Cash to Digital Trash,’ which is also the title of the current Trends Journal. They’ve got people freaked out. They are going to give us digital trash. That’s what they are doing. They are going to get rid of the currencies that you have.” THE MARK OF THE BEAST……
Biden and the New World Order… Ask The Blind Man ,He Saw it All – Mike Adam refuses to Pay His Invoice, He Owes HHewsWire a Bunch of Money, Has Not Paid as of December… Don’t Ever Post One of Mike Adams Videos on Your Web Page. You’ll Not Ever Get Rid of Him. He…
The NEW WORLD ORDER Is Taking Shape: The Movement for Central Bank Digital Currencies (CBDC) “Is Gathering Steam, Fueled by Central Bank Inventiveness
HNewsWire- As a bombardment of Western sanctions wreak havoc on Russia’s economy, some are considering new methods to avoid future US economic restrictions. According to Lewis McLellan, the digital editor of the Official Monetary and Financial Institutions Forum’s (OMFIF) Digital Monetary Institute, one possible weapon for defanging future penalties is central bank digital currency (CBDC)…
Politics is the of Art of Dissent – a Dangerous Weapon Attacking Believers. Facebook, Twitter & Google, Are the New “Digital Brownshirts,” AKA, Modern-Day Digital “Storm Troopers.” Biden Activates the Nazi Playbook!
HNewsWire- Facebook suppressed an article in the British Medical Journal a few months ago that exposed major anomalies in Pfizer’s clinical vaccination studies. Then, two weeks ago, fact-checkers from the Spanish websites Newtral and Maldita stormed the public arena, accusing Joan Ramón Laporte, a professor of pharmacology, a known specialist in drug safety, and a…
“Digital Currencies”. Removing Any and All Remaining Privacy, Granting Total Control Over Every Transaction, Even Limiting What Ordinary People Are Allowed to Spend Their Money On — Bitcoin Will Die Hard — “Central Bank Digital Will Be the Only Currencies” — (CBDCs) Are Exactly What’s Coming
It’s Here People — You Would Have to Be Blind Not to See Where This Is Going, “Yoked”… Central Bank Digital Currencies One of the most potentially far-reaching trends in the financial landscape right now is the imminent roll-out of Central Bank Digital Currencies (CBDCs), and the parallel attacks which central bankers are waging on…
Congress Considered the Idea of a Digital Dollar When Debating the Cares Act the Third COVID-19 Relief Package
I SRH endure solidly anti-Vaccine, and pro-God’s pure immune system The GMO vax is not for covid19 The added gene is the IBAN code of your DNA ID! :))) Welcome to NWO blockchain money. DAVOS, Switzerland — A growing number of voices are calling for the U.S. to issue a “digital dollar” as China continues…
The Biden Administration Is Funding Research and Development of a “United States Central Bank Digital Currency,” or CBDC New World Order Currencies — America’s Elected Rulers Have Taken Away Your Freedom of Choice; You Will Succumb to the New World Order
HNewsWire-An American digital currency is on the horizon and will launch soon The Biden administration is funding research and development of a “United States Central Bank Digital Currency,” or CBDC. The action is part of a broad executive order announced Wednesday by President Joe Biden, which directs the federal government to investigate potential applications and…
As confirmed by several economic outlets, including Bloomberg, Bank of England governor Andrew Bailey took part in a VTALK with students this past Monday for Speakers for Schools. When the subject of digital currency came up, Bailey said: We are looking at the question of, should we create a Bank of England digital currency. We’ll go…
The Bank of England Has Now Proposed Programmable Currency That May Only Be Used for Necessities or Items Considered Required by an Employer or Government, as Well as Digital ID and the Mark of the Beast Comes Alive
HNewsWire-Is Israel in the process of offshoring its security interests from the United States and hedging its bets on the Sino-Russian axis of Evil? It is now widely accepted that Digital IDs are a key component of the World Economic Forum’s Great Reset agenda, and that they will be streamlined across industries, supply chains, and…
President Joe Biden is expected to sign an executive order on Thursday that would look into the possibility of creating a digital currency issued by the US Central Bank (CBDC). Unlike cryptocurrencies like bitcoin, which are not controlled by a single body, this is a digital currency that would be issued by a central bank…
SRH: Fake Money, Everything is fake. I don’t believe anything I’m told by the government, the media, medical “experts”, The Church, politicians, military leadership, bankers, corporate executives, religious leaders, financial professionals, and anyone selling themselves as an authority on any subject matter. We are truly living in times of mass deception, mass delusion, and mass willful ignorance.
A Thrilling Ride
Every once in awhile, a book comes across your path that is impossible to put down. A Long Journey Home is not a casual book that you read in a week or earmark to complete at a later date. Once you begin, cancel your schedule, put your phone on silent, find a quiet place where you cannot be disturbed, and complete the journey. Click Here to Purchase on Amazon.com!