Drumbeats for the cashless society

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WHO Urges People To Go 'Cashless' Because 'Dirty Banknotes Can Spread The Virus'



"Following reports that Beijing had "quarantined" dirty cash, the WHO warned on Monday that the virus could survive on banknotes, potentially spreading Covid-19 within communities, and across the world. To reduce the risk of being infected by money, the NGO advised citizens in countries struggling with outbreaks to favor digital payments when possible, the Daily Telegraph reported.

That the WHO is telling the public to avoid cash is hardly a surprise: research has found that coronaviruses have been found to live on surfaces for as long as 9 days.

During the statement, a WHO spokesman referenced a Bank of England study claiming that banknotes "can carry bacteria or viruses" and urged people to wash their hands. Other studies have shown that 90% of US $1 bills had bacteria present, and one Swiss study found that viruses had survive on the faces of Swiss francs for days.
The WHO's warnings follow the People's Bank of China


To help provide U.S. taxpayers with stimulus payments to get through the recession brought about by the coronavirus, the idea of a digital dollar has been brought to light once again by legislators. The Automatic BOOST to Communities Act (ABC Act) reintroduces the digital dollar concept and uses similar language to legislation brought forward in March per Coindesk.
Under the ABC Act, Congress would have the Fed make “FedAccounts” that would let citizens, companies and residents in the nation access financial services. Legislation from Thursday indicated per the report that “no later than January 1, 2021, the Secretary shall offer all recipients of BOOST payments the option to receive their payments in digital dollar wallets.”

The idea first showed up in the “Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act” and the “Take Responsibility for Workers and Families Act.” ...


Link to bill text: https://tlaib.house.gov/sites/tlaib.house.gov/files/ABCAct.pdf
I maintain a cash stash with my PMs, firearms, and ammo in safes. Will continue to do so. I'm looking forward to it becoming contraband. I love contraband!
Weed isn't contraband where I live, but if it is where you live, I got ya.
What is happening in Australia? They are dominating the "cashless society news" right now...
Sky News host Chris Smith says the coronavirus pandemic quickly morphed Australia into a cashless society, but as more of our “online world is compromised, the more cash we’ll stash”. One of the major changes that quickly morphed into our daily lives during Covid-19, was cashless spending,” Mr Smith said. “The supermarkets, large retailers and even the local fruit and vegie guy and pharmacist, were telling us to tap or swipe”. Mr Smith said as society becomes increasingly cashless you can see why the big bankers are “rubbing their hands together; no more staff or rent to pay for branches; and no more servicing or repairing of expensive ATMs”. However, he said as Australians are being warned of increasing online attacks to their personal information, again it has shown that during “times of crisis, makes cash king”.

Is it wise for Australia to become a fully cashless society?

The coronavirus pandemic has led many Aussies to use contactless payment systems instead of physical cash, whether it’s using their card or their phone (think Apple Pay). According to a survey by Mastercard, 44% of Australians said they’re using cash less often since the pandemic began.

It’s not hard to imagine why, in the middle of a global respiratory pandemic. 80% of respondents in the Asia Pacific said they saw contactless payments as a cleaner payment option. In the future, 75% of Aussies in the survey said they’d keep using contactless payments once the pandemic is over.

Australia is already well on the way to a cashless society.

The Reserve Bank's 2019 Consumer Payments Survey, released in March, found that in the space of a decade cash went from the dominant form of payment to now barely cracking a quarter of transactions.

But it's not all consumer-driven.

Last year, the Federal Government proposed laws to ban cash payments of $10,000 and more, threatening jail sentences of up to two years for people who didn't obey.

Meanwhile, cryptocurrencies, once the dream of Silicon Valley tech-heads and Facebook, are now being seriously considered by governments around the world.

And in recent years the likes of India and the European Central Bank have phased out higher-value notes.

It's led global firm Research and Markets to estimate that Australia could become the Asia-Pacific's "first cashless society" by 2022. The Commonwealth Bank thinks we'll probably get there by 2026.

Cash was already being edged out in many countries as urban consumers paid increasingly with apps and cards for even the smallest purchases. But the coronavirus is accelerating a shift toward a cashless future, raising new calculations for merchants and enriching the digital payments industry.
... In the United States, 40 million customers went online for groceries in April. In Italy, where cash is king, the volume of e-commerce transactions has surged more than 80 percent, according to McKinsey & Company.

Recreational weed is contraband in my state. I smoked a LOT of weed for a lot of years as well as ingesting a lot of chemical mood enhancement products. No longer, I'm prone to a-fib and refrain from system impacting substances down to those as common as salt. Contraband weed possession is in the rearview. My only intoxicant ingestion is a (as in 1) short glass of red wine every evening, no buzz.
So back in April or so, ideas for delivering stimulus funds to people via electronic Fed wallets (and perhaps with new Fed created digital crypto) were being discussed in DC (Congress). See post #124 above for reference.

Fed proxies (ie. former Fed officials) are floating the idea to the public via Bloomberg now:
... Former central bank officials Simon Potter, who led the Federal Reserve Bank of New York’s markets group, and Julia Coronado, who spent eight years as an economist for the Fed’s Board of Governors, are among the innovators brainstorming solutions. They propose creating a monetary tool that they call recession insurance bonds, which draw on some of the advances in digital payments. ...

BLOOMBERG MARKETS: How would recession insurance bonds work?

JULIA CORONADO: Congress would grant the Federal Reserve an additional tool for providing support—say, a percent of GDP [in a lump sum that would be divided equally and distributed] to households in a recession. Recession insurance bonds would be zero-coupon securities, a contingent asset of households that would basically lie in wait. The trigger could be reaching the zero lower bound on interest rates or, as economist Claudia Sahm has proposed, a 0.5 percentage point increase in the unemployment rate. The Fed would then activate the securities and deposit the funds digitally in households’ apps.
BM: What are the objections from the Fed, and other challenges?

SP: The reaction from some of my former colleagues a while ago to the notion of helicopter money was not the most embracing. Some of those concerns have disappeared.

The two objections were related to the switch of deposits in normal times from the traditional banking system into digital accounts and the extra stress in crisis times as people want to get safe. An account with the central bank is safe because the central bank can always print money to honor that claim. A private bank can’t do that because their asset side has all kinds of credit on it. What we’ve created is a narrow bank-type model [narrow banks only take deposits and invest them in the safest assets] that’s small and fit for purpose, with a cap of $10,000 [per person].
BM: Have you seen similar trials elsewhere?

SP: Sweden is a leader in thinking about this in part because they had a large decline in cash use. China is testing versions of digital currency. Fintech firms in the U.S. are interested in this—there’s a stable coin version of our proposal.

There’s easily sufficient innovation within the U.S. to do this. How to do it in a way that’s well regulated and serving the public purpose is something the Fed should focus on over the next few years. It would be a key accomplishment of the Fed and Treasury to get this infrastructure in place.

h/t: https://www.zerohedge.com/markets/fed-planning-send-money-directly-americans-next-crisis
In Shenzhen, the high-tech metropolis that just extended China’s largest digital yuan trial, participants interviewed by Bloomberg showed little interest in switching from mobile payment systems run by Ant Group Co. and Tencent Holdings Ltd. that have already replaced cash in much of the country. Some balked at the possibility a digital yuan might give authorities easier access to real-time data on their financial lives.

They had a small sample size (7 interviews), but it sounds like the people there understand the problem.
Jerome Powell, Chair of the U.S. Federal Reserve, has silenced the calls for a U.S. central bank digital currency (CBDC) to be issued in the near future, saying that the central bank has “not decided to proceed” with the issuance of a CBDC for the time being.

"We do not see ourselves making that decision for some time," he said Tuesday, speaking remotely on a panel about the role of central banks in digital markets to global financial leaders and crypto regulation experts attending a conference in Paris.

Powell indicated that the central bank would instead be working in collaboration with Congress and the executive branch to evaluate the policy and technological issues. This includes a multi-year period during which the Fed will focus on “building public confidence in our analysis and ultimate conclusions, which we certainly haven’t reached yet.”

The central bank Chair also said the Fed would need approval from the White House and Congress to proceed with a digital dollar.

As for what the central bank will be looking for in the creation of a CBDC, Powell identified four key characteristics: intermediated, privacy-protected, identity-verified, and interoperable.

“First is intermediated. The second is private privacy protected, but the third is identity verified, so it would not be anonymous. It would not be an anonymous bearer instrument. And fourth is transferable or interoperable,” Powell said. “We would be looking to balance privacy protection with identity verification, which has to be done in today’s traditional banking system as well.”

The Bank for International Settlements (BIS) has announced the launch of Project Icebreaker, a joint exploration with the central banks of Israel, Norway and Sweden on how central bank digital currencies (CBDCs) can be used for international retail and remittance payments.

Through Project Icebreaker, the three central banks and the BIS Innovation Hub Nordic Centre will collaborate to “develop a ‘hub’ to which participating central banks will connect their domestic proof-of-concept CBDC systems,” the BIS said.

The overall objective of the project is to test some of the key functions of CBDCs and evaluate the technical feasibility of interlinking different domestic CBDC systems.

Sounds like global adoption of CBDCs are still a number of years (a decade?) away.

Sounds like global adoption of CBDCs are still a number of years (a decade?) away.
Whenever the Govt denies a thing it usually means they already have it in place waiting for the right false flag to implement.
Whenever the Govt denies a thing it usually means they already have it in place waiting for the right false flag to implement.
I don't recall where I heard it...possibly Lynette Zang. She said the Feds changed course to speed digital dollars up.
I worried when I seen that- but it could be great for PMs. Also note that ghetto folks trade in tide soap. People will still trade... if anything folks are getting more creative

I don't see how it will be great for PMs.

I go buy PMs, the Central Bank algos, know what I'm spending it on. Perhaps they've taken steps to prevent me buying PMs...like they'll block the sale of meat, or ammo, or more than my "fair share" of gasoline.

I go to SELL PMs, and, again, the bank is notified. And these new armed IRS goons, can come tear me apart, looking for proof that I didn't steal the gold, and that I'm evading taxes with the sale.

You're not going to sell? Then, why buy? The purpose of owning gold is to store value. Not to bury value - to utilize it at some future time.

For me, that time is essentially now. I'll be having to sell, a little at a time; if I have to live off what is now an inadequate income, and not dip into savings I have for the purpose...it'll be rough.
From the ECB (one year into a two year investigation):
This report presents progress made during the investigation phase of the digital euro
project and elaborates on the foundational design options that were recently
endorsed by the Governing Council. As regards the design of the transfer
mechanism used to validate transactions, the Eurosystem will further explore a
digital euro solution, in which transactions would be made online and would be
validated by a third party, as well as a peer-to-peer validated solution for offline
payments. The Eurosystem will explore options that could allow a digital euro to
replicate some cash-like features and enable greater privacy for low-value
transactions. Consideration is also being given to incorporating limit and
remuneration-based tools in the design of a digital euro to curb its use as a form of
investment. Quantitative limits on the holdings of individual users would limit
individual take-up and the speed of deposit conversion, while remuneration-based
tools could be calibrated to make large digital euro holdings above a certain
threshold unattractive compared to other highly liquid and low-risk assets. In general,
a number of further steps would need to be taken before a digital euro could be
introduced. In the first quarter of 2023, the European Commission will propose a
regulation to establish the digital euro, which is expected to help achieve the digital
euro objectives. ...

Progress on the investigation phase of a digital
Whenever the Govt denies a thing it usually means they already have it in place waiting for the right false flag to implement.

The system is already basically digital. How much commerce is done online now days? IDK what percentage is, but 100% of it is essentially digital republik kredits. Then how often do people use cash at stores, restaurants, etc? Way less than I see people using cards, heck I can't even remember the last time I saw someone write a check either & even that you could say is a sort of analog-digital for of using republik kredits. Let's just all go take out our kredits from our banks in cash, same with stocks, bonds, etc. Max out our cards withdrawing cash & see what happens. Maybe they'll have to start printing even MORE republik kredits to keep up. What could go wrong? The more I think about it, I can't help but think it might be fun to watch.
The two cases of PayPal and Ye represent what I believe are legitimate and mounting concerns surrounding centralized finance. Admittedly, Ye is an extreme example. He’s a multiplatinum recording artist with tens of millions of social media followers. But there’s a real fear among everyday people that they too can be fined or have their accounts frozen or canceled at any time for expressing nonconformist views.

That brings me to CBDCs. ...

Good on Forbes for connecting the obvious dots and saying something.
RealClearPolitics couldn't quite connect the obvious dots like Forbes did, but a little awareness is better than complete ignorance...

... It is not difficult to imagine the consequences of a payment processing giant instituting such an oppressive policy, making it not only the arbitrator of truth but also giving it a stranglehold over a person's livelihood when it disagrees with that individual. ...

Hint to RCP: Now imagine that payment processing giant is your country's central bank...

"Financial inclusion"... these people are such psychopaths. You see this exact same sales pitch with the Rockefeller and Gates Foundations. "We need equitable distribution of vaccines." "Everyone has the right to a digital ID."
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"Financial inclusion"... these people are such psychopaths. You see this exact same sales pitch with the Rockefeller and Gates Foundations. "We need equitable distribution of vaccines." "Everyone has the right to a digital ID."

Take a look at some of the peeps we have vying for power in this country:

-religious zealot crazies sent from heaven above
-power hungry political loons who wanna be kings / queens
-narcissistic sociopathic maniacs who want to ascend themselves to the throne of godliness

Now imagine a society where any group of them had power over who eats, where and what you could spend your money on, who could go where and when. Not pleasant to think about.

One thing is for sure. Damn good way to totally control a population.

I'm hoping it doesn't happen in my lifetime.
Japan Credit Bureau (JCB), the country’s equivalent of an international payment system like Visa or Mastercard, has announced the start of the “JCBDC” project, which is designed to develop and test settlement solutions for central bank digital currencies (CBDC).

The goal of the project is to utilize “JCB’s existing credit card infrastructure and card-shaped interface for CBDC transactions,” the announcement said.
The payment solution is expected to be fully developed by the end of 2022. The JCB plans to “conduct demonstration experiments at actual stores until the end of March 2023 to verify [the] technology and eliminate problems.”

The Bank of Japan previously shared the three-phase trial outline for its CBDC, and this latest announcement aligns with phase 3, which involves a Pilot program that “somewhat reflects the actual design and functions of CBDC and involves private payment service providers and end users.” According to the BoJ governor, the digital yen could launch by 2026.

the book on crypto will begin with a golf outing on that georgia island and end in total spy grid

here are the chapters

1. roll out bitcoin, pump it, pump it --- it's kryptonite to the int'l banker.....lol.....digital gold!

2. buy bitcoin - drive price up up up

3. rising price incentivizes free market to develop technology to support, trade, control it

4. technology goals reached -- time to use all of those neat tools for evil. the int'l banker emerges from the shadows (you are here now)

5. bitcoiner suicide rates soar - when they realize they destroyed humanity
Australia, isn't that where the Eunuchs gave up there guns? I don't care what they want to do now... Cashless may be coming but its WAY WAY WAY down the road. The US has a HUGE black and gray market that's not cashless and not going away any time soon.
Australia, isn't that where the Eunuchs gave up there guns? I don't care what they want to do now... Cashless may be coming but its WAY WAY WAY down the road. The US has a HUGE black and gray market that's not cashless and not going away any time soon.

Ya, Ex-con Eunuchs. 😆
I thought this was an interesting take on the future of CBDCs. The author, Jeff Thomas, predicts CBDCs will catch on in some developed places for a while, but will ultimately fail. He gives some examples, including Nigeria and Mexico.

"However, Mexico has a long history of the campesinos – the peasant class – having an extreme distrust of their government and often having little or no faith in fiat currencies. They have, for millennia, turned to silver as being real money.

La Casa de Moneda de México, the oldest mint in the Americas, produces the libertad – a one-ounce fine silver coin. Although the Libertad has no denomination, they’re accepted as a currency everywhere in Mexico.

It’s likely that the campesinos will do whatever they have to, to stick to silver and avoid dealing with CBDCs."

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NEW YORK, SINGAPORE—The Federal Reserve Bank of New York’s New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) today announced Project Cedar Phase II x Ubin+, a joint experiment to investigate how wholesale central bank digital currencies (wCBDCs) could improve the efficiency of cross-border wholesale payments involving multiple currencies.

Project Cedar Phase II x Ubin+ will enhance designs for atomic settlement of cross-border cross-currency transactions, leveraging wCBDCs as a settlement asset. The effort, which entails establishing connectivity across multiple heterogeneous simulated currency ledgers, aims to significantly reduce settlement risk, a key pain point in cross-border cross-currency transactions.
The Project Cedar Phase II x Ubin+ experiment is not intended to advance any specific policy outcome, nor is it intended to signal that the Federal Reserve will make any imminent decisions about the appropriateness of issuing a retail or wholesale CBDC, nor how one would necessarily be designed. A report detailing the experiment and findings of Project Cedar Phase II x Ubin+ will be released in 2023.

Project Cedar is a multi-phase research effort to develop a technical framework for a theoretical wCBDC in the Federal Reserve context and aims to contribute to a broad and transparent public dialogue about CBDC from a technical perspective. Phase I of Project Cedar found that using a wCBDC prototype to facilitate transactions supported by blockchain technology could improve the speed and safety of cross-border wholesale payments.

(bankman), backed by a dozen multi-billion dollar (frbny connected) megacorps bought up a lot of the large exchanges -- then pulled the pin on all of it

controlled demolition :eek:

we are in the 7th inning of a 15 year plan --- sorry bitcoiners, it's all been a (rich man's) trick

digital gold......lol. (they) are laughing their asses off that the shortsighted actually bought that line of b.s.

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Vladimir Putin proposes a bank-free international digital payment system​

Story by Jai Hamid • 9h ago

Vladimir Putin, the current President of Russia, is in agreement that an updated digital payment system is required for international transactions. He is certain that international transactions using digital money and technologies based on distributed ledgers will be much easier in the future.

Vladimir Putin proposes a bank-free international digital payment system
Vladimir Putin proposes a bank-free international digital payment system© Provided by Cryptopolitan

Putin has certainly come a long way from officially banning digital assets for payment in Russia only four months ago. In Russia, the use of digital securities and utility tokens as a method of payment for goods, services, and products was made illegal by a legislation that the president had signed into effect at the time.

The provision was introduced to the legislation regarding digital assets developed in 2020 and said that it was illegal to utilize cryptocurrency as a payment method.

Now, however, the notorious president has revealed that international payments and the flow of financial resources between Russia and other nations are in danger. The primary reason for this is the growing hostility between Western nations and Russia.

Putin made his remarks during a conference that was focused on artificial intelligence and was held by Sberbank, the biggest financial institution in the country.

Over the last several months, Russia has been deliberating over a full set of crypto rules, and there has been growing support for the legality of crypto payments across international borders.

Continue reading

Monkey Minute 11.27.22 - Putin's Push for Digital Currency​

India testing their CBDC. Some interesting comments from the banks:


Defending no man’s land: New report outlines policy options to tackle cryptocurrency risks​

7 December 2022 /
Petra Stock

Clear and simple information disclosures could enable consumers to better understand cryptocurrency risks according to a new report by UNSW banking and finance law expert, Dr Anton Didenko.

Didenko tells Cosmos that so-called cryptocurrencies operate outside of regulation. For many their value is “simply based on what people think of it”, he says, and that depends on subjective trust.

“My impression is that crashes are inevitable, and they will continue. This is a no man’s land,” he says.

More here:

bitcoiners repent/apologize-- you helped deliver humanity into this nightmare

interesting info on this page

FedNowSM Service​

Get ready for instant payments!​

Whether your organization is already on the instant payment path, or just starting to plan your journey, we want to help you – and your customers – get ready for this exciting new change in payments.

FedNow in the News

bitcoiners repent/apologize-- you helped deliver humanity into this nightmare
No, the naysayers who did everything they could to scare others away from it, are the ones whose fault it will be.

Had the People jumped on btc and ran with it, the fed woulda been left behind in the dust.

The fact that the People did not jump on it, merely ensured that we would all be herded into using the fed coin instead.

Simply put, we had a chance to ditch the dollar, but too many were too scared to actually use the opportunity.
Virtual cash - ledger money - banks as bookkeepers - more. Interesting vid. Take it fwiw (dyodd.)

Banks aren't what you think they are which has become a huge, huge problem.​

Eurodollar University
Dec 9, 2022

The world and the US$ in particular has operated on a virtual currency basis for decades. Without realizing it, most people have participated in this radical shift in money therefore banking. If currency is virtual, then what is it that banks actually do? Most people don't know or don't realize what banks really are and the world-altering consequences of this.
For the first time in years, Denmark hasn't recorded a single bank robbery. There wouldn't have been much point.

Cash transactions in the Nordic country have become virtually obsolete, with Danes increasingly opting to use cards and smart phones for payments.
Finance Denmark, the banking sector’s association, said only about 20 bank branches across the country have cash holdings. But then the number of bank branches has fallen from 219 in 1991 to 56 in 2021, it said.

News reports noted that cash withdrawals in Denmark have been dropping by about three-quarters every year for the past six years.
Finance Denmark said criminals in recent years have turned to defrauding people online.

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