Yesterday, the U.S. Office of the Comptroller of the Currency (OCC) issued a letter stating U.S. banks may now use blockchains to conduct transactions.
What exactly does that mean, and why should you care?
Let’s talk about it.
First, here is a quick summary from the OCC regarding this news.
The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks’ and federal savings associations’ authority to participate in independent node verification networks (INVN) and use stablecoins to conduct payment activities and other bank-permissible functions.
OCC.gov
Before I explain, I want you to know, upon this news, Bitcoin jumped 5%, and another cryptocurrency called Ether jumped 12%. This shows just how volatile these so-called currencies are. It shows you how fast inflation is moving which is destroying the wealth in our savings accounts. Cryptocurrencies are not the answer as we will explain.
The federal government just opened the door for banks to conduct transactions using “cryptocurrency”. As we have said for some time now, cryptocurrency is not the answer, but it was the perfect maneuver to condition us to an all digital currency.
That is why the Federal Reserve is pushing “FedNow”.
We are all accustomed to the idea of digital currencies like “bitcoin”. We have heard they are “safe”, and they keep big brother out. In the end, “bitcoin” was only a tool to condition us for the next leg of globalism.
Cryptocurrencies like bitcoin have no real value, they are still a fiat currency, just like the U.S. Dollar today.
Stablecoins
So you are probably wondering what a “stablecoin” is.
A stablecoin is a new class of cryptocurrencies that attempts to offer price stability and are backed by a reserve asset. Stablecoins have gained traction as they attempt to offer the best of both worlds—the instant processing and security or privacy of payments of cryptocurrencies, and the volatility-free stable valuations of fiat currencies.
Investopedia
Stablecoins are digital currencies that are “backed by a reserve asset” like the U.S. Dollar. The U.S. Dollar is fiat currency, so these digital currencies still have no true store of value.
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So how exactly are we benefitting here?
A Digital Currency World
We are not benefitting at all.
In fact, we are losing our privacy, we are going to lose paper cash at some point which means everything is tracked, and you will not be able to have “cash in hand”.
That means, the government can manipulate the currency more than today and even force you to spend your money through ever changing interest rates. I am talking about negative interest rates, we have talked about that over and over again.
If there are negative interest rates, and you do not spend the money in your account, it’s going to begin to disappear…
All thanks to the negative interest rate.
In an all digital currency world, you cannot pull your money out of the bank, there can be no bank runs, and you cannot “hide it under your mattress”, (please don’t hide cash there.).
Do not lose sight of the fact that we already have a digital currency system today. You pay digitally when you use your ATM card, credit card, and wire money. The difference is, you have the option to use paper cash money. In the future, you will not.
Instead, you will be forced to use the system, a system we are already being restricted from, (see: FT: Those Who Get Vaccinated Deserve More Freedom)… Due to our beliefs. The Mark of the Beast should have just come over your mind.
I came across this video this morning that really sums up our beliefs on this subject, maybe it will help you…