(Pam Martens and Russ Martens) Credit union and banking trade groups have released a joint letter to the chair and ranking member of the House Financial Services Committee, warning of “devastating consequences” if the Federal Reserve moves forward with a Central Bank Digital Currency (CBDC). The letter was sent on May 25, one day before the Committee convened a hearing on “Digital Assets and the Future of Finance: Examining the Benefits and Risks of a U.S. Central Bank Digital Currency.” That hearing took testimony from only one witness, Lael Brainard, the Vice Chair of the Federal Reserve.
digital currency
REPORT: “90% of Nations Planning Central Bank Digital Currency”
(Kit Knightly) A new report from the Bank for International Settlements estimates that up to 90% of national central banks are at least in the planning stages for launching a central bank digital currency (CBDC):
A Digital Currency Is on the Horizon
(Bryan Lynch) When I was younger, I never received a regular allowance like some of the kids I knew, but if I kept up with my chores and did well in school, my parents would give me a few bucks here and there. I could earn a little extra by doing odd jobs for neighbors, and there were always a few bills in birthday cards, Christmas cards, and that arrived of course, from the tooth fairy.
Bank of Mexico To Launch Digital Currency by 2024
(Kevin Hughes) The Bank of Mexico plans to establish its own digital currency in circulation by 2024 to adopt the latest payments technology and incite financial formation in an economy that relies mostly on cash transactions.
Hundreds of Salvadorians Say Bitcoin Has Vanished From Their Government-Issued Centralized “Chivo” Wallets
(Ethan Huff) It is being reported that hundreds of people in El Salvador are unable to access Bitcoin in their centralized, government-issued “Chivo” Wallets.
WARNING: A Future US Digital Currency Might Give the FED the Power to Approve Your Mortgage Based on Factors Other than Credit Worthiness
(Joe Hoft) The US and almost all countries are moving towards the implementation of digital currencies. With this comes concerns related to privacy and government and political overreach and discrimination.
Bank of America: Fed Will Use Digital Dollars To Unleash Inflation, UBI And Debt Forgiveness
(Activist Post) When we recently described the upcoming “Unprecedented monetary overhaul” which will come in the form of the Fed sending out digital dollars directly to “each American”, we explained that:
Bitcoin’s Sudden Acceptance As Global Finance Changes
(Neenah Payne) In the October 19, 2020 video The Bitcoin Life Raft: The End of Monetary & Fiscal Policy As We Know It Raoul Pal, CEO and Co-Founder of Real Vision, discusses the end of the US dollar and the growing shift to digital currencies by Facebook, governments, and global institutions to address the escalating financial crises. Pal says that Central Bank Digital Currencies (CBDCs) will be game changers. He believes they will be rolled out over the next three years and after mass adoption in five years, there will be no cash. However, Pal explains that while the CBDCs will solve several important problems, they will also force people to give up their privacy and freedom. He shows that CBDCs will also be a threat to your savings.
The Circle Is Complete: Bank of Japan Joins Fed And ECB In Preparing Rollout Of Digital Currency
(Activist Post) First it was the Fed, then the ECB, and now the BOJ: the world’s central banks are quietly preparing to unleash digital currencies on an unsuspecting population in one final last-ditch attempt to spark inflation and do away with the current monetary orthodoxy which has failed to push living conditions for the masses higher (but most importantly, has failed to inflate away a growing mountain of insurmountable global debt).