Posts Tagged ‘Cashless CBDC’
Watchman: Major Australian Banks Are Going Cashless – Forced Acceptance Of CBDCs Next?
HNewsWire: The core problems of Central Bank Digital Currencies (CBDCs) have been addressed many times here, but it may bear repeating these two facts – First, in a cashless society all privacy in trade is lost, and second, banks and governments will control access to all of your money. If such a system is allowed, it will act as a major stepping stone to technocratic authoritarianism. It’s inevitable. The Australian government and central bank have been involved in a beta test for the past year with the proliferation of CBDCs in mind. Their partnership projects with the Bank for International Settlements and pilot programs with companies like Mastercard are about to wrap up this fall, and it looks as though Aussie bureaucrats are planning to implement their cashless system very quickly after the trial run is finished. In defense of……...
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Watchman: Fed Dramatically Speeds Up U.S. Payments With FedNow, but Downplays Any Tie to CBDCs–Don’t Trust The Fed’s
HNewWire: Some argue it would weaken crypto’s payments use case or form a bridge to a digital dollar. By Jack Schickler Jul 20, 2023 at 9:36 a.m. CDT Updated Jul 20, 2023 at 2:54 p.m. CDT Takeaways FedNow conveys money almost instantly, versus the hours or days it has conventionally taken in the U.S. – finally bringing the world’s largest economy in line with other countries. The central bank has denied that FedNow is tied to any digital U.S. dollar initiative. The U.S. Federal Reserve officially opened its new instant payments service, FedNow, on Thursday, significantly speeding up how long it takes to send money in the world’s largest economy. The central bank said 35 banks and credit unions are participating. Early adopters include JPMorgan Chase and Wells Fargo, with 16 other institutions supporting processing of payments that the Fed…
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