The Bank for International Settlements (the central bank of central banks) along with seven other central banks have published a new report laying out key requirements central banks must adopt concerning digital currencies.
You should know, one of the seven central banks is the Federal Reserve.
Here is what CNBC reported concerning “central bank digital currencies” (CBDCs),
Among the recommendations the central banks made were that CBDCs compliment — but not replace — cash and other forms of legal tender, and that they support rather than harm monetary and financial stability. They said digital currencies should also be secure, as cheap as possible — if not free — to use and “have an appropriate role for the private sector.”
Notice, they make sure to point out, digital cash will not replace physical cash. Then what is the point of it to begin with?
Of course, digital cash will replace physical cash. If you are paying attention to all the moves being made by government, it is all digital and getting people to adopt these new digital systems.
Yesterday, for example, we reported on “CommonPass”, the new COVID tracking system being tested out. We have also talked about ID2020, which is global digital identification. So we see these digital systems being rolled out and now converging on the world.
In the recent U.S. COVID Bailout bill, they almost passed a provision for digital dollars, but it was nixed from the final bill. That is how close we are to this becoming a reality.
Times are changing folks.