Why a decision on UK CBDC comes down to robust use-cases
Posted On September 22, 2022
Why a decision on UK CBDC comes down to robust use-cases
Andrew Smith, chief technology officer, and co-founder at RTGS.global speaks to FinextraTV on the current surge in interest around central bank digital currency (CBDC) across the globe. Smith questions the necessity of many popular CBDC use-cases, explores the technical challenges and opportunities that could arise in the delivery of a digital pound, and canvasses the role that digital identity wo…
What is a CBDC, and which countries are developing Central Bank Digital Currencies? What are the pros and cons of CBDCs, and why are decentralized cryptocurrencies important? Watch on to find all about CBDCs explained.
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CBDC Explained: Pros and Cons of CBDCs with Layah Heilpern
THIS Is How The Government Will Force You To Accept CBDC’s
How will the Government force you to accept CBDC’s? By performing government transactions through CBDC’s. As mentioned bellow, any fiscal spending, welfares, government assistance, paychecks, and even Social Security and Welfare will be through CBDC’s
Excerpt from the official Whitehouse fact sheet regarding Digital Currencies
“The digital assets market has grown significantly in recent years. Millions of people globally, including 16% of adult Americans, have purchased digital assets—which reached a market capitalization of $3 trillion globally last November. Digital assets present potential opportunities to reinforce U.S. leadership in the global financial system and remain at the technological frontier. But they also pose real risks as evidenced by recent events in crypto markets. The May crash of a so-called stable coin and the subsequent wave of insolvencies wiped out over $600 billion of investor and consumer funds.
President Biden’s March 9 Executive Order (EO) on Ensuring Responsible Development of Digital Assets outlined the first whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology. Over the past six months, agencies across the government have worked together to develop frameworks and policy recommendations that advance the six key priorities identified in the EO: consumer and investor protection; promoting financial stability; countering illicit finance; U.S. leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation.
The nine reports submitted to the President to date, consistent with the EO’s deadlines, reflect the input and expertise of diverse stakeholders across government, industry, academia, and civil society. Together, they articulate a clear framework for responsible digital asset development and pave the way for further action at home and abroad. The reports call on agencies to promote innovation by kickstarting private-sector research and development and helping cutting-edge U.S. firms find footholds in global markets. At the same time, they call for measures to mitigate the downside risks, like increased enforcement of existing laws and the creation of commonsense efficiency standards for cryptocurrency mining. Recognizing the potential benefits and risks of a U.S. Central Bank Digital Currency (CBDC), the reports encourage the Federal Reserve to continue its ongoing CBDC research, experimentation, and evaluation and call for the creation of a Treasury-led interagency working group to support the Federal Reserve’s efforts.
To promote safe and affordable financial services for all, the Administration plans to take the following steps:
Agencies will encourage the adoption of instant payment systems, like FedNow, by supporting the development and use of innovative technologies by payment providers to increase access to instant payments, and using instant payment systems for their own transactions where appropriate – for example, in the context of distribution of disaster, emergency or other government-to-consumer payments. The President will also consider agency recommendations to create a federal framework to regulate nonbank payment providers. Agencies will prioritize efforts to improve the efficiency of cross-border payments by working to align global payments practices, regulations, and supervision protocols, while exploring new multilateral platforms that integrate instant payment systems. The National Science Foundation (NSF) will back research in technical and socio-technical disciplines and behavioral economics to ensure that digital asset ecosystems are designed to be usable, inclusive, equitable, and accessible by all.”
CBDC beautifully explained and how it affects You!
“There is nothing new under the sun. History always repeat!” KJV Ecclesiastes 1:9 9 The thing that hath been, it is that which shall be; and that which is done is that which shall be done: and there is no new thing under the sun.
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Again and again the Lord has instructed that our people are to take their families away from the cities, into the country, where they can raise their own provisions; for in the future the problem of buying and selling will be a very serious one. We should begin to heed the instruction given us over and over again: Get out of the cities into rural districts, where the houses are not crowded closely together, and where you are free from the interference of enemies. Letter 5, 1904. 2 Selected Messages 141.1
Central Bank Digital Currency – How Will A UK CBDC Affect You?
What is a Central Bank Digital Currency (CBDC)? Godfrey Bloom gives analysis on the potential uses of, and the concept of a UK Central Bank Digital Currency.
Could a CBDC be used to control the finances of a population under false pretences’? Are CBDCs a gateway for a World Economic Forum sponsored Carbon Credit system?
The European Central Bank chief Lagarde recently admitted a Central Bank Digital Currency would indeed be used to control the spending of the populace. Do you think the World Economic Forum plan will succeed?
Godfrey references advice from Gold Money expert Alasdair MacLeod who allays some fears of the CBDC technology.
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Godfrey Bloom is a libertarian author with six books published on both military history & Austrian School Economics. He worked in the City of London where he won an international prize for fund management. He represented Yorkshire & Lincolnshire in the European Parliament. During his term of office he attracted over sixty million views on his chamber speeches exposing State bank & tax malpractice on Facebook & You Tube. Thought to be an all time record. He brought experience if not influence to the mainly lay EU Parliamentary Monetary & Economic Affairs Committee, putting both members & European Central Bank President under unaccustomed pressure. Godfrey Bloom is holder of the Territorial Decoration & bar, Sovereign’s Medal, Armed Forces Parliamentary Medal & European Parliamentary silver medal. He is married to one of Europe’s leading equine physiotherapists.