CBDC's. Are you paying attention?

markcoinoz

markcoinoz

Well-Known Member
Silver Stacker
This video was put out by Coin Bureau on the shaping up of Global adoption of CBDC's.
For anyone thinks this is just a Conspiracy Theory, suggest you do a bit more digging.
In the video Australia gets an honourable mention.

The best part about the video, Jessica is the host and not Guy:D

The video is at the end of my post.
Something also to keep an eye on.
Algorand - XRP - USDT


Unlike earlier projects where the CBDC was purely a proof-of-concept, the pilot CBDC was issued as a real legal claim on the RBA. In response to a white paper published in September 2022, industry participants were invited to submit proposals of CBDC use cases.

What is the Australian CBDC pilot program?
The project involved the RBA issuing a limited-scale 'pilot' CBDC that was a real legal claim on the RBA. The pilot CBDC was used by selected industry participants to demonstrate how a CBDC could be used to provide innovative payment and settlement services to Australian households and businesses.23 Aug 2023

https://www.rba.gov.au/media-releas...e RBA,to Australian households and businesses.



 
I don't have any major concerns either, as I am sure it will happen eventually:)
The important part for me is to be aware of it and be prepared and take steps before
it happens. I don't rely on one source to gather information from. There is currently a fair bit of talk
about Algorands tokenomics and although the CEO denies their involvement with planning to role out a CBDC, the
tokenomics and their countless reports says otherwise.


https://cbdctracker.org/

https://cbdctracker.org/cbdc-tracker-whitepaper.pdf
 
There are plenty of real signals on the global CBDC story. No need to wade through the hysterical noise.

Agustín Carstens - General Manager of the BIS said:
I will use my time to talk about the financial system of the future: what we want from it, what would comprise it and how we will go about building it.
...
Our fundamental trust in money stems from monetary systems built around central banks.
...
The financial system of the future should keep what works in the current system, and build on it. This calls for a tokenised form of central bank money – in other words, a wholesale CBDC for use among financial institutions – and a tokenised version of commercial bank deposits. ...
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https://www.bis.org/speeches/sp231123.htm

BIS honcho extols virtues of crypto and then says the future needs central bank controlled wholesale CBDC to deliver what decentralized crypto is doing right now.

Bank for International Settlements said:
...
Project Mandala – a proof-of-concept run by BISIH Singapore Centre, the Reserve Bank of Australia (RBA), the Bank of Korea (BOK), the Central Bank of Malaysia (BNM), and the Monetary Authority of Singapore (MAS), with the collaboration of financial institutions – seeks to ease the policy and regulatory compliance burden by automating compliance procedures, providing real-time transaction monitoring and increasing transparency and visibility around country-specific policies.

In doing so, it aims to address key challenges identified during Project Dunbar, which developed an experimental multiple central bank digital currency (mCBDC) platform.
...
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https://www.bis.org/about/bisih/topics/cbdc/mandala.htm

IMF said:
...
The IMF recently launched a virtual CBDC Virtual Handbook to collect and share knowledge with policymakers around the world, and to serve as a basis for the IMF’s engagement with country authorities. We intend this to be a living document that will be updated and expanded as our body of knowledge and analysis grows, and as new lessons and insights emerge from countries.
...
Looking ahead, our engagement with central banks will continue as they pursue new technologies. We will keep assessing the potential effects of CBDCs on areas from financial stability to cybersecurity and cross-border payments and build on these first five chapters with new publications planned for next year. And we’ll continue our collaboration with other global bodies, including the Group of Twenty.

The IMF will continue assisting countries exploring CBDCs, along with efforts by other global bodies like the Bank for International Settlements.
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https://www.imf.org/en/Blogs/Articl...al-currency-development-enters-the-next-phase

And just for the comedy:
Bank for International Settlements said:
...
We use the randomised survey experiment of a nationally representative sample of over 3,500 participants from Korea. We measure how willingness to use CBDC changes with the degree of anonymity and privacy protection. We also measure whether willingness to use CBDC increases with the provision of information on the potential privacy benefits of using CBDC. Our results indicate that the public's willingness to use CBDC greatly depends on the privacy-preserving aspects of CBDC.
...
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https://www.bis.org/publ/work1147.htm

~~~

I could also reference a multitude of reports (but I'll only list one below) on programs from various countries on developing their own CBDCs or the various cross border settlement experiments that have been conducted preparing for CBDCs (some with and some without interfaces to non-CBDC crypto platforms). The news is out there for anyone who is interested.

There are more ongoing cross-border CBDC trials with cute names than one can possibly keep track of (such as Cedar, Icebreaker, Jasper, Mariana and many more). But one stands out: the mBridge project.

Why? For the following reasons:

- It involves 23 central banks, including the BIS (the official organization for central banks)

- It is designed to bypass the US dollar-based global financial system

- It is almost ready to go live
...
... mBridge. It officially launched in 2021 as a joint venture between the innovation arm of the BIS and the central banks of Hong Kong, China, Thailand and the UAE, specifically to test the viability of central bank digital currencies (CBDCs) for cross-border trade. The key aim is to streamline payments between commercial banks in different jurisdictions by connecting them to a network co-managed by their central bank.

Beyond the use case of cross-border trade, the project has been working with commercial banks (including all the large Chinese institutions, Goldman Sachs, HSBC, SocGen and others) as well as exchanges to trial blockchain-based security issuance, multi-jurisdiction insurance payments, programmable trade finance, FX settlement and more.

At the end of October, the BIS published an updated document on mBridge showing that, in addition to the five principal participants, 25 other official entities have signed on as observers. These include the IMF, the World Bank and the central banks of 23 countries, including Saudi Arabia, Turkey, South Africa, Namibia, Malaysia, France, Italy, Norway, Chile, Australia… every continent has representation. Even the U.S. central bank is present, via the Federal Reserve Bank of New York. The European Central Bank is also in the group. ...
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https://www.coindesk.com/consensus-magazine/2023/11/07/a-cbdc-alternative-to-swift/
 
BIS continues developing advice for nation states on building retail CBDCs:
This report by the CCA Consultative Group on Innovation and the Digital Economy (CGIDE) outlines high-level technical requirements for a retail central bank digital currency (CBDC) architecture. It is the culmination of a series of discussions among CGIDE members and observers on CBDC objectives, policy considerations and technological features. This collaborative effort outlines key technological features that will shape a future CGIDE proposal for a CBDC proof of concept. ...
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https://www.bis.org/publ/othp82.htm

Skimming through the paper, I saw this:
...
Centralised settlement vs distributed permisionless model. The CGIDE members agree on the difficulties associated with decentralised permissionless models. For example, these models require a consensus mechanism to validate transactions. However, due to their distributed nature, there is the risk that participants involved in the network could collude to manipulate the system. In the absence of sufficient oversight, governance mechanisms or regulatory control, this could result in negative outcomes. For this reason, distributed permissionless models also require the definition of the incentive structure (technological, monetary or regulatory) to discourage collusion among participants, and a notary layer able to ban participants. ...
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These people have zero self awareness. Not one decentralized permissionless model (pretty much all crypto platforms aside from stablecoins) has experienced a network attack since the inception of crypto platforms. The crypto ecosystem is hyper aware of the potential and has always worked to mitigate against that risk. Anyone care to hazard a guess whether the BIS brainiacs were concerned that a centralized model might enable an actor to manipulate their network? lol. It's a feature, not a bug. They are working so hard to develop a centralized model that can deliver the same features that decentralized systems are already offering. It's really comic and tragic when you understand the issues.
 
Michele Bullock - Governor of the Reserve Bank of Australia said:
...
The Payments System Board recently refreshed its strategic priorities given the changes in the payments system and the regulatory landscape. These were set out in the Payment System Board's 2023 Annual Report.
...
The fourth priority is to enhance cross-border payments. Australia is working with other G20 countries to make cross-border payments cheaper, faster, more transparent and more accessible. One key initiative is standardizing the messages associated with cross-border payments - what information is mandatory for such payments, what is optional and how it is presented in the message. ... The aim is to implement these requirements globally by 2027. ...
...
Our fifth strategic priority is to shape the future of money in Australia. This year, we completed a research project that explored the potential use cases for a central bank digital currency (CBDC). Building on this, we are now planning a project that will examine how different forms of digital money and infrastructure could support the development of tokenized asset markets in Australia. ...

We are also continuing to work closely with the Treasury in exploring the policy case for a CBDC in Australia. We expect to release a joint paper in mid-2024 that will take stock of the CBDC analysis in Australia so far and lay out a roadmap for future work.
...
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https://www.bis.org/review/r231213e.pdf

The 4th priority is referring to another BIS project:

https://www.bis.org/cpmi/publ/d219.htm?source=pmbug.com
 
Like the opinion of more experienced,intelligent and possibly less paranoid or optimistic members please if anyone has time. Been taking cash outta bank over time...stacking cash mostly 100s and 50s but also $1000 one time in 20s...to freak out the annoying accusing female cashier one time :eek:;) her loud mutterings about "money laundering" and "drugs" irritated me so watching her counting it out was payment in its self. My ignorant ? Is it worth having several K in cash? Theres so much information with little clarity, will there come a time soon when cold,hard physical cash is not accepted making my efforts at security worthless? Movements popping up trying to appeal and halt the restrictions but weve seen whats happened since 2020 may not be a collapse but def a slow degradation tightening restrictions and control. Been thinking of thinning the physical keeping a smaller reserve and buying more assets. But other side has thought the ability to have access to the cash anytime has me stalled. Cheers
 
Real $ Return said:
Like the opinion of more experienced,intelligent and possibly less paranoid or optimistic members please if anyone has time. Been taking cash outta bank over time...stacking cash mostly 100s and 50s but also $1000 one time in 20s...to freak out the annoying accusing female cashier one time :eek:;) her loud mutterings about "money laundering" and "drugs" irritated me so watching her counting it out was payment in its self. My ignorant ? Is it worth having several K in cash? Theres so much information with little clarity, will there come a time soon when cold,hard physical cash is not accepted making my efforts at security worthless? Movements popping up trying to appeal and halt the restrictions but weve seen whats happened since 2020 may not be a collapse but def a slow degradation tightening restrictions and control. Been thinking of thinning the physical keeping a smaller reserve and buying more assets. But other side has thought the ability to have access to the cash anytime has me stalled. Cheers
Click to expand...

Biggest personal reason to have cash (say 3 months) on hand is if there is a banking freeze and employers can't pay staff on time. Anything more catastrophic than that I don't let dictate my current life choices (yet)
 
When Covid hit, I went to the bank and took out 10k in cash. Told the cashier that I wanted a reserve in case the banking system shut down. She said OK and handed me the money.

I think it was Kyle Bass that famously asked a bank for $1,000,000 in nickels at a time when the melt value was around 6.8 cents per coin. When asked why, he said, "I like nickels." Lol.

As to how much cash anyone should keep on hand, that's a tough question to answer as there are many variables that might be different for everyone in addition to the subjective assessment necesary to achieve peace of mind. IMO, good to have a reserve handy for times of trouble, but if govco invalidates cash (either for CBDC or a new cash issuance), hording cash likely isn't going to do you much good. Cash should be used right now instead of hoarded if you want to help undermine the political capital central banks are using to justify CBDCs.
 
I keep cash leaving only a couple of months expenses in the bank. How much cash is usually enough for 3 months living should things go pear shape.
My system breaks down when buying the dip!
 
Appreciate the responses,I'll whittle down reserves to 4 or 5mths to be safe. I use cash every time i can except for things that have to be paid online...also rave on to random people on days im social enough and few family there's surprising amount of awareness now so hopefully that amounts to action and resistance best we can. Its crazy imo how much shit we let happen...the many "governed" by a useless few system sucks :p
 
heartastack said:
Biggest personal reason to have cash (say 3 months) on hand is if there is a banking freeze
Click to expand...

^ I'm not factoring this sort of scenario in to my plans @Real $ Return.

The only thing preventing someone from accessing their bank account would be loss of power/internet for a short period, so having enough cash on hand for a week or two to buy things would make sense. Fck worrying about paying scheduled debits online during an outage, that's the banking system's problem and it would happen at the back end regardless of any issues consumers face at the front end. In that situation the biggest challenge would be getting money in to your accounts to ensure you meet the funding needs of any scheduled bills you've set up.

Remember, there are deposit guarantees in place and for most of us, we don't have more cash than the limit.

Anything that would cause a systemic collapse is so far on the extreme it's not worth planning for. Holding cash comes at an opportunity cost so the idea is to find a balance you're comfortable with. 2K would satisfy me easily for a couple of weeks, for fuel, medications and food should I run out of anything. And alcohol.
 
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mmm....shiney! said:
^ I'm not factoring this sort of scenario in to my plans @Real $ Return.

The only thing preventing someone from accessing their bank account would be loss of power/internet for a short period, so having enough cash on hand for a week or two to buy things would make sense. Fck worrying about paying scheduled debits online during an outage, that's the banking system's problem and it would happen at the back end regardless of any issues consumers face at the front end. In that situation the biggest challenge would be getting money in to your accounts to ensure you meet the funding needs of any scheduled bills you've set up.

Remember, there are deposit guarantees in place and for most of us, we don't have more cash than the limit.

Anything that would cause a systemic collapse is so far on the extreme it's not worth planning for. Holding cash comes at an opportunity cost so the idea is to find a balance you're comfortable with. 2K would satisfy me easily for a couple of weeks, for fuel, medications and food should I run out of anything. And alcohol.
Click to expand...
That’s sensible for sure
 
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