The government can and will ban bitcoin and other cryptocurrencies.

“Every government in the world is working on computer money now, including the U.S. The Chinese are there already. I cannot imagine that governments are going to say ‘ok, this is our crypto money, or you can use their crypto money.’ That’s not the way governments work, historically. Money is going to be on the computer. It already is in China. In China, you can’t take a taxi with money. You have to have the money on your phone, you can’t even buy ice cream. So it’s happening, but I doubt if it’s going to be someone else’s money. History shows it will be government money

CBDCs are not cryptocurrencies. The CBDCs are digital in form, are recorded on a ledger (maintained by a central bank or Finance Ministry), and the message traffic is encrypted. Still, the resemblance to cryptos ends there.

The CBDC ledgers do not use blockchain, and CBDCs definitely do not embrace the decentralized issuance model hailed by the crypto crowd. CBDCs will be highly centralized and tightly controlled by central banks.

CBDCs are not new currencies. They are the same currencies you already know (dollars, yuan, euros, yen, sterling) in a new form, using new payment channels. They are a technological advance, but they do not replace existing reserve currencies.

CBDCs are currently being introduced by major central banks around the world. Countries are at different stages of deployment. China is the furthest along. They have a working prototype of a digital yuan that will be showcased at the Beijing Winter Olympics in February 2022.

If you’re there and want to buy tickets, meals, souvenirs or pay for hotel rooms, you’ll be expected to pay with the new digital yuan using a mobile phone app or other digital payment channel.

The European Central Bank has also moved quickly on a CBDC version of the euro. They are not yet at the prototype stage, but they have made material advances and are getting close to that stage. Japan and the U.S. are at the back of the line.

The Fed has a research and development project underway with MIT to study how a digital dollar might intersect with or even replace the existing dollar payments system (which is already digitized, albeit without a centralized ledger).

The U.S. is probably several years away from its own CBDC at best.

So, yes, the move toward central bank digital currencies is real. How does this relate to what is sometimes called The Great Reset? This would be the movement toward a single global reserve currency.

This movement would be nominally led by the International Monetary Fund acting as a kind of world central bank. Still, the IMF cannot make decisions of this magnitude without U.S. approval. (The U.S. has just enough voting power in the IMF to veto any material decisions it does not like).

In turn, U.S. approval would require a global consensus among major economies including China, the UK, Germany, France, Italy, and other members of the G7 and G20.

This desire to create true world money would involve the creation of a digital special drawing right (SDR). SDRs are issued by the IMF to member nations and may be issued to other multilateral institutions such as the United Nations.

In effect, the IMF has a printing press as powerful as the Fed and ECB printing presses and can flood the world with their world money. Displacing the dollar would involve a meeting and agreement similar to the original Bretton Woods agreement of 1944. The agreement could take many forms. Still, the process would conform to what many call The Great Reset.

This process has been underway since 1969 when the SDR was created. Several issues of SDRs were distributed between 1970 and 1981, then none were issued until 2009 in the aftermath of the Global Financial Crisis of 2008. A new issue was distributed earlier this year.

The U.S. Government Is Targeting Cryptocurrency to Expand the Reach of Its Financial Surveillance

One of the most important aspects of cryptocurrencies from a civil liberties perspective is that they can provide privacy protections for their users. But EFF is concerned that the U.S. government has been increasingly taking steps to undermine the anonymity of cryptocurrency transactions and importing the widespread financial surveillance of the traditional banking system to cryptocurrencies.

On Friday, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a proposed regulation that would require money service businesses (which includes, for example, cryptocurrency exchanges) to collect identity data about people who transact with their customers using self-hosted cryptocurrency wallets or foreign exchanges. The proposed regulation would require them to keep that data and turn it over to the government in some circumstances (such as when the dollar amount of transactions in a day exceeds a certain threshold).

The proposal appears designed to be a midnight regulation pushed through before the end of the current presidential administration, as its 15-day comment period is unusually short and coincides with the winter holiday. The regulation’s authors write that this abbreviated comment period is required to deal with the “threats to United States national interests” posed by these technologies

The crypto-hating Treasury Secretary Janet Yellen was about to go on a holy war against digital currency, causing a flash crash last weekend. And late this past week, on top of reports that President Biden is looking to hike capital gains taxes for the rich, there were rumors that Yellen wants a jaw-dropping 80 percent tax rate for crypto. That helped send bitcoin tumbling near the $49,000 mark on Friday.

If you believe market history often repeats, and there’s lots of evidence it does, consider what came out of the dot-com bubble of the 1990s. When the bubble burst, the losses were staggering.

Here's What Going To Happen “Digital Currencies” CBDC Will Remove Any and All Remaining Privacy, Granting Total Control Over Every Transaction — 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 private…

Update: 9/23/21 The Groundwork is Being Laid By Satan Soldiers For The Fed’s NWO

Digital Currency and Direct Deposits To Households via FedNow accounts…

Introducing the Central Bank Digital Dollar

After looking at what the FED is and isn’t allowed to do, we can look at how their authority is to be expanded. According to the Digital Asset Bill, section 11 of the Federal Reserve Act is to be amended to provide the Federal Reserve Board with new powers:

“(d) To supervise and regulate through the Secretary of the Treasury the issue and retirement of Federal Reserve notes (both physical and digital), except for the cancellation and destruction, and accounting with respect to such cancellation and destruction, of notes unfit for circulation, and to prescribe rules and regulations (including appropriate technology) under which such notes may be delivered by the Secretary of the Treasury to the Federal Reserve agents applying therefor.”

So far so good. But the next section, contains the real story. According to the Digital Asset bill, Federal Reserve notes will in the future also be issued digitally:

“Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized. Notwithstanding any other provision of law, the Board of Governors of the Federal Reserve System is authorized to issue digital versions of Federal reserve notes in addition to current physical Federal reserve notes. Further, the Board of Governors of the Federal Reserve System, after consultation with the Secretary of the Treasury, is authorized to use distributed ledger technology for the creation, distribution and recordation of all transactions involving digital Federal reserve notes. The said notes shall be obligations of the United States and shall be considered legal tender and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.” 7)

Creation, Distribution and Redecoration

As we saw, the Federal Reserve does not have the power to create Dollars directly. It seem like this power is now to be granted to them. Given that these new Reserve Notes are digital, this strangely merges two distinct forms of money as well.

Next, we saw that the distribution of Dollars was done through member banks. It isn’t clear if this remains the case. It clearly says that these digital Dollars can be issued “in addition” to the current Federal Reserve notes. There is nothing, at least not in this law, preventing the Federal Reserve from taking a more centralized and direct role in distributing the digital Dollar. Perhaps during the next “emergency.”

And finally, the Federal Reserve Board is to be authorized to create and distribute a “ledger-based” digital Dollar that could be used for everyday transactions. There are a few technologies one could imagine, but let us for now assume this will be a blockchain. Blockchains are great for recording transactions; it is what they do.

Perhaps that is why the Federal Reserve will be authorized to do so? However, it is a bit hard to imagine that such a centralized structure would not lead to monitoring of all transactions. And what about privacy? What about security?

Possible Outcome

The Fed is currently not as powerful as it wants the market to believe; the Federal Reserve Act restricts a lot of its actions. This amendment, however, could drastically expand the powers of the FED, by allowing them to create and distribute a “digital USD” directly. It could change the entire structure of the financial system, with far reaching consequences.

And how are digital Federal Reserve Notes to be justified in terms of the origins and authority of the Federal Reserve? If the Digital Dollar is based on a blockchain, how can they also be based on reserves?

And what mechanism will determine how funds (and how much) are added to the economy? And where and how will they be distributed? Will this all be under the control of a board of seven unelected bureaucrats? And how will they control a distributed ledger of such magnitude?

This amendment has the potential to change the way the Federal Reserve operates. It is not law yet, and can still be changed. This deserves a wider discussion by economists and financial experts outside the crypto-space as well.

Enter “Central Bank Digital Currencies”: the mainstream answer to bitcoin.

For those who have never heard of them, “Central Bank Digital Currencies” (CBDCs) are exactly what they sound like, digitized versions of the pound/dollar/euro etc. issued by central banks.

Like bitcoin (and other crypto), the CBDC would be entirely digital, thus furthering the ongoing war on cash. However, unlike crypto, it would not have any encryption preserving anonymity. In fact, it would be totally the reverse, potentially ending the very idea of financial privacy.

Now, you may not have heard much about the CBDC plans, lost as they are in the tangle of the ongoing “pandemic”, but the campaign is there, chugging along on the back pages for months now. There are stories about it from both Reuters and the Financial Times just today. It’s a long, slow con, but a con nonetheless.

The countries where the idea progressed the furthest are China and the UK. The Chinese Digital Yuan has been in development since 2014, and is subject to ongoing and widespread testing. The UK is nowhere near that stage yet, but Chancellor Rishi Sunak is keenly pushing forward a digital pound that the press are calling “Britcoin”.

Other countries, including New Zealand, Australia, South Africa and Malaysia, are not far behind.

The US is also researching the idea, with Jerome Powell, head of Federal Reserve, announcing the release of a detailed report on the “digital dollar” in the near future.

The proposals for how these CBDCs might work should be enough to raise red flags in even the most trusting of minds.

Most people wouldn’t like the idea of the government monitoring “all spending in real-time”, but that’s not the worst it.

By far the most dangerous idea is that any future digital currency should be “programmable”. Meaning the people issuing the money would have the power to control how it is spent.

That’s not an interpretation or a “conspiracy theory”, just listen to Agustin Carstens, head of the International Settlement Bank, speaking earlier this year:

Here’s that quote again, with some emphasis added:

The key difference [with a CBDC] is that the central bank would have absolute control on the rules and regulations that will determine the use of that expression of central bank liability, and the have the technology to enforce that.”

…which tells you not only that they want and are seeking this power, but how they justify it to themselves. They transform other people’s money into an “expression of their liability”, and so consider it’s only right that they control it.

An article in the Telegraph, back in June, was just as candid [our emphasis]:

Digital cash could be programmed to ensure it is only spent on essentials, or goods which an employer or Government deems to be sensible

The article goes on to quote Tom Mutton, a director at the BoE:

You could introduce programmability […] There could be some socially beneficial outcomes from that, preventing activity which is seen to be socially harmful in some way.

Governments and employers making sure the money they issue can only be used on “sensible” things, and not be used in “socially harmful” ways? It doesn’t take much imagination to see just how this system could evolve and re-shape society into a truly dystopian nightmare.

In China the process is already beginning, with a trademarked lack of subtlety. As they progress toward the release of their digital currency, they are banning all cryptocurrencies to remove competition and it’s already known the digital yuan will be programmable.

The West’s approach will probably be less direct, but no less controlling for that.

Britcoin will likely be programmed in only “special circumstances”. Starting, as the Telegraph says, with state benefits. They will be flagged to be spent only on “essentials”. (Of course, if Universal Basic Income is put in place, then it’s possible the majority of people could end up on “state benefits”.)

It’s also not hard to see programmable money feeding into the “protect the NHS narrative”, where people aren’t allowed to spend state money on sugar, cigarettes or alcohol. Or people on organ waiting lists, or diagnosed with certain conditions, have their wages and spending controlled.

By and large, however, it is the nature of British tyranny to be unofficial. So the UK government will make a big show of renouncing their own power to program the money, thereby positively contrasting themselves with China…but at the time will take no steps to prevent large companies “programming” the wages they issue.

So, while the state controls the digital yuan in China, the digital pound will be subject to corporate control and used to enforce the unspoken state-corporate partnership that defines true fascism.

It will likely start in small, predictable ways designed to “limit competition”. McDonald’s, for example, will make it impossible to spend their wages at Burger King, and vice versa. Coke and Pepsi. Starbucks and Costa. You get the idea.

We’ve witnessed the rise of cancel culture, the cultivated age of identity politics, and virtue signalling. Well, imagine how programmable currency fits into that. Companies could commit to “combatting hate”, and stop their employees from donating money to black-listed political parties, religious groups, charities or individuals.

In the age of Covid we have seen how authors/actors/singers who step out of line are subject to poisonous witch hunts, but imagine a world where companies could “renounce those who spread misinformation”, by making it impossible to spend wages they issue on art/films/music/books by outspoken critics of the government.

Maybe companies will make it so that employees who aren’t vaccinated have more limitations placed on their wages than vaccinated ones. Maybe an unvaxxed paycheck can’t be spent at cinemas or nightclubs, to “stop the spread of the virus”.

John Cunliffe, deputy director of the Bank of England, told the Telegraph:

You could think of smart contracts in which the money would be programmed to be released only if something happened.

So maybe employers will remove choice altogether, and make a negative test and/or a vaccine booster a prerequisite for unlocking your wages. That could be applied to all kinds of behaviours moving forward.

The World Economic Forum has a clear vision of the future where people “own nothing and are happy”, combine that with a prolonged war on homeownership, and you can see employers and governments issuing money which can be spent on rent, but not on a mortgage.

Now imagine the nascent “Green New Deal”. Hard limits on how much money you can spend on petrol, plastic, or meat.

Only X dollars on flights per year. Only Y pounds on beef. All for the good of the planet.

Money will turn from an expression of independence into nothing but a voucher system operated completely at the whim of corporate monoliths.

The year is 2030.

To reduce your CO2 footprint, your food purchase with digital cash been declined because you went over your car mileage limit.

Its all tracked with your digital ID.

15 social credit score points have been deducted from your climate change passport.— PeterSweden (@PeterSweden7) September 29, 2021

All of this would have sounded like rampant paranoia just two years ago, but would you honestly be surprised to see that suggestion in the Guardian, these days?

The central banks are currently working to bring a new economic transaction system online. This would be CBDCs, aka central bank digital currencies.

This is one of the reasons why I strongly believe that holding crypto assets like Bitcoin, Ethereum and Polkadot, could serve to protect you from their plan. Not only will they appreciate by anywhere from 10 to 100 times, but they are decentralized and can immunize you and your family against this nefarious plan.

However, the new system is not yet fully ready, so while they’re speeding up the roll-out of that system — which Fitts describes as “the end of currencies” — they’re also trying to extend the life of the current system, which is crashing.

The problem, as mentioned earlier, is how do you implement a financial system, globally, no less, that no one wants?

You frighten people with an invisible enemy, such as a virus, and then capitalize on that fear, saying that this new system is necessary because the pandemic destroyed the old system.

The pandemic also allows for the implementation of new, more invasive surveillance systems. There’s the tracking and tracing of infections, of course, but that’s not all.

As noted by Fitts, “If you can get people to do their work and education online, you can listen to everything they’re saying.”

Already, pandemic measures have severely limited people’s ability to congregate and share information face-to-face. Internet censorship by Big Tech has decimated information sharing even further.

Ultimately, what they’re trying to do is get people to buy into a solution before they understand the full ramifications of doing so.

The Central Bank Digital Currency

So, what is this new system? Importantly, it’s a transaction system that is not based on currency in the way we know it. As explained by Fitts, it’s a social control system.

By removing paper currency and replacing it with an all-digital central bank digital currency (CBDC), your ability to engage in transactions can be turned on and off.

An August 13, 2020, article3 on the Federal Reserve website discusses the supposed benefits of a CBDC. There’s general agreement among experts that most major countries will implement CBDC within the next two to four years.

Many assume these new CBDCs will be very similar to existing cryptocurrencies like Bitcoin, but that’s not the case.

It is crucial to understand that Bitcoin is decentralized. Governments could restrict it, but they could never take it down as it is the strongest computing network in the world and is incapable of being taken down.

Interestingly, in the last six weeks, it has seen explosive appreciation and has tripled in price. Many experts predict it will go up another 10 times in the next year.

While decentralized cryptos like Bitcoin are a rational strategy to opt out of the existing central bank controlled system, the CBDC will be centralized and completely controlled by the central banks. They will have “smart contracts” that allow the banks to surveil and control your life.

Everything you buy and sell will be monitored, and punishment can be meted out if a transaction, your behavior or even your thoughts are deemed undesirable. As explained by Fitts, the transhumanist agenda is also part of this.

For example, through the use of injections or some other means of getting biosensors into you, your actual physical body will be connected, literally, to the financial system.

Already, there are four pilot CBDC programs underway at the People’s Bank of China, the Eastern Caribbean Central Bank, the Bank of Korea and Sveriges (Sweden’s) Riksbank. The Sand Dollar CBDC project in the Bahamas is already live.4

As noted in a December 30, 2020, article on Coindesk.com:5

“2021 will … see many central banks continue to step up their development efforts … CBDC research and design efforts have grown strongly throughout 2020. The European Central Bank (ECB) is intensifying its work on a digital euro, while … the U.S. Federal Reserve system is in the midst of a number of research projects, among others partnering with MIT’s Digital Currency Initiative.”

A programmable digital currency would have, coded into it, the ability to control our entire society. And it looks like that’s where The New Normal is heading next.  Source: ZeroHedge   ZeroHedge HNewsWire HNewsWire HNewsWire HNewsWire   electroverse