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@ BankSith
2025-05-09 04:23:17
The best part about upcoming #CBDCs is convenience! 👇🏻
“The central bank can revoke (8) CBDC notes, e. g. as an instrument of monetary control. Revocation of CBDC notes is performed by an authorised entity, the revocation authority, controlled and operated by the central bank.”
“Depending on the amount of personal information they require, wallets may only allow making payments subject to certain restrictions (e. g., amount of money stored, number of payments per day, amount of money per transaction or per day) or without any such restrictions (apart from general restrictions should the central bank see fit to impose them). This approach can give rise to (at least) two types of wallets: Fully anonymous wallets requiring no personal information and facing restrictions and personalised wallets that are completely traceable but do not face restrictions.” BSI, 31 01 2024
https://www.bsi.bund.de/SharedDocs/Downloads/EN/BSI/Publications/TechGuidelines/TR03179/TR03179-1.pdf
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“The central bank will have absolute control on the rules and regulations that we determine... and we have the technology to enforce that.” -Agustín Carstens, General Manager of BIS on CBDC. Agustín Carstens: A Vision For The Future 19/10/2020
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"Integrate with national ID system" CBDC Design by BIS; BIS Papers 14 April 2022 https://www.bis.org/publ/bppdf/bispap123.htm
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"Overview of benefits that some have associated with CBDC, and related factors or requirements"
➥ Requires (i) discontinuation of banknotes (or at least of larger denominations); (ii) CBDC to not take the form of anonymous token money
➥ Allows overcoming the ZLB as negative interest rates can be applied to CBDC
"Tiered CBDC and the financial system"
Ulrich Bindseil Working Paper Series
Jan 2020, ECB https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2351~c8c18bbd60.en.pdf
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“Expiring money, one whose value falls to zero after a specific date, is a potential monetary policy tool . “Programmability,” a technical feature made possible by digitalization, can accelerate decisions to spend it, making it a very effective means for stimulating consumption.” Ahmed Faragallah, Senior Financial Sector Specialist, World Bank
“Expiring money (Part I), NOVEMBER 02, 2022” https://blogs.worldbank.org/allaboutfinance/expiring-money-part-i
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"We decide on something, leave it lying around, and wait and see what happens. If no one kicks up a fuss, because most people don't understand what has been decided, we continue step by step until there is no turning back."
Jean-Claude Juncker, Former President of the European Commission, Source:
https://www.telegraph.co.uk/news/worldnews/europe/eu/10967168/Jean-Claude-Junckers-most-outrageous-political-quotations.html
#absolute #control #surveillance #centralbankdigitalcurrency #centralbanks #government #china #creditscore
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