CBDC | Neel Kashkari President of the Minneapolis Federal Reserve "I Can See Why China Was Doing It If They Wanted to Monitor Everyone

[Goldhedge]

CBDC | Neel Kashkari President of the Minneapolis Federal Reserve "I Can See Why China Was Doing It If They Wanted to Monitor Everyone of Your Transactions."​

24m video

 

[pmbug]

...
Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said consumers already had access to instant digital payments through private-sector platforms without the privacy concerns that arise from a government-backed alternative.

"I can see why China would do it," Kashkari said. "If they want to monitor every one of your transactions, you could do that with a central bank digital currency. You can't do that with Venmo. If you want to impose negative interest rates, you could do that with a central bank digital currency. You can't do that with Venmo. And if you want to directly tax customer accounts, you could do that with a central bank digital currency. You can't do that with Venmo. I get why China would be interested. Why would the American people be for that?"

Kashkari's remarks came during an on-stage Q&A session at the 2022 Journal of Financial Regulation conference at Columbia University on Wednesday.
...

Kashkari calls CBDC a threat to privacy, defends regional bank independence

The president of the Federal Reserve Bank of Minneapolis doubled down on his call for stiffer capital requirements and said master account access decisions should stay with the regional Fed banks.

www.americanbanker.com

 

[cheka]

digital ledger currency = a (communist int'l banker's) wet dream

will be interesting to see if they can get it done here

 

[Joe King]

will be interesting to see if they can get it done here

All they'll need to do is to make it a requirement to receive any payments from the gov. Ie: SS, disability, tax refunds, welfare, etc etc and the masses will take to it faster than they did to get a free cheeseburger in exchange for taking a wuflu shot.

 

[searcher]

make it a requirement to receive any payments from the gov. Ie: SS, disability

From the link:

Federal law mandates that all Federal benefit payments – including Social Security and Supplemental Security Income benefits – must be made electronically.

There are two ways you can receive your benefits:

1. Into an existing bank account via Direct Deposit or
2. Onto a Direct Express® Debit Mastercard®

Social Security Administration | Direct Deposit

The Social Security Administration’s Direct Deposit

www.ssa.gov

_____________________________________________________

Most big companies today use direct deposit. In most cases they will help you set up an account if you don't already have one.

 

[searcher]

Technical Possibilities for a U.S. Central Bank Digital Currency​

SEPTEMBER 16, 2022

President Biden often summarizes his vision for America in one word: Possibilities. A “digital dollar” may seem far-fetched, but modern technology could make it a real possibility.

A United States central bank digital currency (CBDC) would be a digital form of the U.S. dollar. While the U.S. has not yet decided whether it will pursue a CBDC, the U.S. has been closely examining the implications of, and options for, issuing a CBDC. If the U.S. pursued a CBDC, there could be many possible benefits, such as facilitating efficient and low-cost transactions, fostering greater access to the financial system, boosting economic growth, and supporting the continued centrality of the U.S. within the international financial system. However, a U.S. CBDC could also introduce a variety of risks, as it might affect everything ranging from the stability of the financial system to the protection of sensitive data.

Read the rest here:

Technical Possibilities for a U.S. Central Bank Digital Currency | OSTP | The White House

By Dr. Alondra Nelson, head of the White House Office of Science and Technology Policy Alexander Macgillivray, Principal Deputy United States Chief Technology Officer Nik Marda, Policy Advisor President Biden often summarizes his vision for America in one word: Possibilities. A “digital dollar”...

www.whitehouse.gov

 

[Joe King]

From the link:

Federal law mandates that all Federal benefit payments – including Social Security and Supplemental Security Income benefits – must be made electronically.

There are two ways you can receive your benefits:

1. Into an existing bank account via Direct Deposit or
2. Onto a Direct Express® Debit Mastercard®

Social Security Administration | Direct Deposit

The Social Security Administration’s Direct Deposit

www.ssa.gov

_____________________________________________________

Most big companies today use direct deposit. In most cases they will help you set up an account if you don't already have one.

All they gotta do is change the law to allow payment via a cbdc. Then it'll be #3 on the list.
...and if it works, after awhile it'll become the only way to get your bennies.

 

[searcher]

CBDCs — The good, the bad, the ugly​

Feb 23, 2023·Alasdair Macleod

There has been much comment over the likelihood that central bank digital currencies will be introduced. I conclude they are unnecessary — a red herring. But it does allow us to discuss their possible relevance to a new Asian super-currency.

Earlier this month, the Bank of England in partnership with the UK Treasury produced a white paper on the subject, which waters down the objectives identified by the Bank for International Settlements considerably. The British proposal is a bad idea because it is pointless and I explain why.

In this article, I describe how a new gold-backed currency can do away with the US dollar for trade settlements and commodity purchases entirely between participating nations in the Russia China axis. Some informed commentary on the topic suggests that a blockchain will be involved, and Sberbank, the Russian state-owned lender has already issued a gold-linked fund designed to be available to the public by being compatible with ethereum. Perhaps it is front-running developments…

The ugly side in our title is found in the BIS’s dystopian proposals, which sees CBDCs as an opportunity to allow central banks to double down on their attempts to manage economic outcomes while restricting personal freedom.

Messing about with fiat currency alternatives such as CBDCs could end up revealing the formers’ fragility. CBDCs will take years to implement in any major currency anyway, during which fiat currencies led by the dollar are likely to fail anyway.

Read the rest:

https://www.goldmoney.com/research/cbd-cs-the-good-the-bad-the-ugly?gmrefcode=gata