Tag: digital currency

Biden signs order on cryptocurrency as its use explodes

– March 9, 2022

WASHINGTON — President Joe Biden on Wednesday signed an executive order on government oversight of cryptocurrency that urges the Federal Reserve to explore whether the central bank should jump in and create its own digital currency.

Treasury Secretary Janet Yellen said the effort would “promote a fairer, more inclusive, and more efficient financial system” while countering illicit finance and preventing risks to financial stability and national security.

The Biden administration views the explosive popularity of cryptocurrency as an opportunity to examine the risks and benefits of digital assets, said a senior administration official who previewed the order Tuesday on the condition of anonymity, terms set by the White House.

Under the executive order, Biden also directed the Treasury Department and other federal agencies to study the impact of cryptocurrency on financial stability and national security.

Brian Deese and Jake Sullivan, Biden’s top economic and national security advisers, respectively, said the order establishes the first comprehensive federal digital assets strategy for the United States.

“That will help position the U.S. to keep playing a leading role in the innovation and governance of the digital assets ecosystem at home and abroad, in a way that protects consumers, is consistent with our democratic values and advances U.S. global competitiveness,” Deese and Sullivan said Wednesday in a joint statement.

https://www.twincities.com

‘The fire has been lit’: U.S. Federal Reserve’s push for digital dollar worries Wall Street

Joe Light – March 22, 2021

The financial services industry, braced for what could be its biggest disruption in decades, is about to get an early glimpse at the Federal Reserve’s work on a new digital currency.Wall Street is not thrilled.Banks, credit card companies and digital payments processors are nervously watching the push to create an electronic alternative to the paper bills Americans carry in their wallets, or what some call a digital dollar and others call a Fedcoin.

As soon as July, officials at the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology, which have been developing prototypes for a digital dollar platform, plan to unveil their research, said James Cunha, who leads the project for the Boston Fed.

A digital currency could fundamentally change the way Americans use money, leading some financial firms to lobby the Fed and Congress to slow its creation — or at least ensure they’re not cut out.

Seeing the threat to their profits, the banks’ main trade group has told Congress a digital dollar isn’t needed, while payment companies like Visa Inc. and Mastercard Inc. are trying to work with central banks to make sure the new currencies can be used on their networks.

“Everyone is afraid that you could disrupt all the incumbent players with a whole new form of payment,” said Michael Del Grosso, an analyst for Compass Point Research & Trading LLC.

https://financialpost.com

Microchip Developer: There’s No Stopping The Microchipping Of Humans

Mac Slavo – January 5, 2022

According to a COVID vaccine microchip developer, all humans will be microchipped “whether we like it or not.”  Hannes Sjoblad, managing director of Dsruptive Subdermals, a Swedish start-up tech company said there’s no stopping the roll-out of this technology.

Dsruptive Subdermals has invented scannable microchips that can be implanted in people’s arms.  These microchips will be able to display your COVID-19 vaccination status. This digital implant is designed to be embedded into people’s arms so your vaccine passport pops up when scanned, according to Sjoblad who did an interview with The Express UK.

He said:

“This technology exists and is used whether we like it or not.”

“I am happy that it is brought into the public conversation.”

“New technologies must be broadly debated and understood.”

“Smart implants are a powerful health technology.”

Costing 100 euros for a microchip, the device works by scanning the spot on the arm with a mobile phone.

When scanned, a PDF will appear that shows all the details of the person’s EU Digital Covid Certificate, which indicates their vaccination status and may also show whether the person has recently been tested positive for Covid.

This is not going to be the only use for microchipping humans. Just wait until the ruling class crashes the dollar and rolls out the central bank digital currency. Then you will truly and permanently be a slave with no chance for escape.

https://www.shtfplan.com

China on Cusp of Eliminating Cash, Pushing the World Toward Total Government Surveillance

George Thomas – July 28, 2021

The Chinese were the first in the world to invent paper money back in the 7th Century.

Now, more than 1,400 years later, China is again on the cusp of creating a new form of government currency that some say could pose a serious economic threat to America and the West.

“In effect, they are not cryptocurrencies, they are not so-called stable coins, in effect, they are the national physical currency of a country just represented in a digital form,” said Erik Bethel, former U.S. executive director with the World Bank.

Bethel says while the world fixates on private cryptocurrencies like Bitcoin, Beijing is busy building a digital version of its own currency, the Yuan, also known as the Renminbi, to control its citizens and eventually threaten the dominance of the U.S. Dollar.

“They’ve pretty much created all of the building blocks that will allow a central bank digital currency to flourish,” Bethel told CBN News.

Yaya Fanusie, a former economic and counterterrorism analyst in the CIA, says China’s goal is to replace cash with a digital currency that’s controlled by the communist government’s central bank.

“China has said for a while that it expects to be pretty much a cashless society in the future so the idea is that cash notes, coins will no longer be around and so people will be using digital currency that’s going to be in their wallets,” said Yaya Fanusie, a senior fellow at the Center for a New American Security.

That digital currency will also be issued by the government bank allowing what Congressman Michael McCaul, the top Republican on the House Foreign Affairs Committee, says is unprecedented access to people’s financial transactions.”This will give them data on behavior and on how people spend,” Rep. McCaul (R-TX) told CBN News.

https://www1.cbn.com

This Big Development in China Is Setting Up the World for the Mark of the Beast

Gordon Robertson – July 6, 2021

China is on the cusp of launching a digital currency that will give the communist regime total control over the Chinese people. MORE HERE. The move has huge implications for the rest of the world too, and CBN’s CEO Gordon Robertson says it’s setting us up for the fulfillment of End Times prophecy. Here’s his analysis as delivered on The 700 Club:

COMMENTARY

Have you ever wondered about the passage in the Bible about a government restricting the population so that you cannot buy or sell unless you have a particular mark? Well, China’s move toward a cashless society is the answer. This is where the entire world is literally being set up for that kind of government control.

The Chinese government is pushing ahead on many fronts to restrict what its population can and cannot do. They already restrict the right of assembly. They already restrict religious freedom. They certainly restrict political speech. And any speech that is critical of their government (and the way they run things) is definitely cracked down on.

All you have to do is look at what’s happened in Hong Kong over the past just two years and you get a very clear picture of where they’re going. But they want to control, and they’re doing it right now with social credit scoring where if you don’t score a particular way you’re not allowed to travel. That’s already in place.

But just imagine a government that if you step out of line they can now turn off all your money and do it instantly so you cannot buy or sell, you don’t have the right in the marketplace to participate anymore.

That’s what digital currency allows a government to do. And if you think it’s just going to happen in China think again. The Federal Reserve already has a study group looking at a digital currency for the United States.

https://www1.cbn.com

China on Cusp of Eliminating Cash, Pushing the World Toward Total Government Surveillance

George Thomas – July 1, 2021

The Chinese were the first in the world to invent paper money back in the 7th Century.

Now, more than 1,400 years later, China is again on the cusp of creating a new form of government currency that some say could pose a serious economic threat to America and the West.

“In effect, they are not cryptocurrencies, they are not so-called stable coins, in effect, they are the national physical currency of a country just represented in a digital form,” said Erik Bethel, former U.S. executive director with the World Bank.

Bethel says while the world fixates on private cryptocurrencies like Bitcoin, Beijing is busy building a digital version of its own currency, the Yuan, also known as the Renminbi, to control its citizens and eventually threaten the dominance of the U.S. Dollar.

“They’ve pretty much created all of the building blocks that will allow a central bank digital currency to flourish,” Bethel told CBN News.

Yaya Fanusie, a former economic and counterterrorism analyst in the CIA, says China’s goal is to replace cash with a digital currency that’s controlled by the communist government’s central bank.

“China has said for a while that it expects to be pretty much a cashless society in the future so the idea is that cash notes, coins will no longer be around and so people will be using digital currency that’s going to be in their wallets,” said Yaya Fanusie, a senior fellow at the Center for a New American Security.

That digital currency will also be issued by the government bank allowing what Congressman Michael McCaul, the top Republican on the House Foreign Affairs Committee, says is unprecedented access to people’s financial transactions.

https://www1.cbn.com

WEF Warns of Cyber Attack Leading to Systemic Collapse of the Global Financial System

Whitney Webb – April 7, 2021

A report published last year by the WEF-Carnegie Cyber Policy Initiative calls for the merging of Wall Street banks, their regulators and intelligence agencies as necessary to confront an allegedly imminent cyber attack that will collapse the existing financial system.

In November 2020, the World Economic Forum (WEF) and Carnegie Endowment for International Peace co-produced a report that warned that the global financial system was increasingly vulnerable to cyber attacks. Advisors to the group that produced the report included representatives from the Federal Reserve, the Bank of England, the International Monetary Fund, Wall Street giants likes JP Morgan Chase and Silicon Valley behemoths like Amazon.

The ominous report was published just months after the World Economic Forum had conducted a simulation of that very event – a cyber attack that brings the global financial system to its knees – in partnership with Russia’s largest bank, which is due to jumpstart that country’s economic “digital transformation” with the launch of its own central bank-backed digital currency.

More recently, last Tuesday, the largest information sharing organization of the financial industry, whose known members include Bank of America, Wells Fargo and CitiGroup, have again warned that nation-state hackers and cybercriminals were poised to work together to attack the global financial system in the short term. The CEO of this organization, known as the Financial Services Information Sharing and Analysis Center (FS-ISAC), had previously advised the WEF-Carnegie report that had warned much the same.

Such coordinated simulations and warnings from those who dominate the current, ailing financial system are obvious cause for concern, particularly given that the World Economic Forum is well known for its Event 201 simulation about a global coronavirus pandemic that took place just months prior to the COVID-19 crisis.

https://www.activistpost.com

Lagarde Says Her ‘Hunch’ Is That ECB Will Adopt Digital Currency

Alexander Weber – November 12, 2020

(Bloomberg) — European Central Bank President Christine Lagarde signaled that her institution could create a digital currency within years in what would be a dramatic change to the euro zone’s financial sector.

“My hunch is that it will come,” Lagarde said Thursday during a virtual panel discussion hosted by the ECB. “If it’s cheaper, faster, more secure for the users then we should explore it. If it’s going to contribute to a better monetary sovereignty, a better autonomy for the euro area, I think we should explore it.”

The president said it might be two to four years before the project could be launched as it addresses concerns over money laundering, privacy, and the technology involved.

That’s still fast compared to its peers. On the same panel, Federal Reserve Chair Jerome Powell and Bank of England Governor Andrew Bailey reiterated their caution. Powell said the Fed will “carefully and thoughtfully” review the issue, and Bailey said there’s a “lot of hard work to think through the implications.”

The ECB took a major step last month by launching a public consultation that runs until the middle of January. Policy makers intend to decide around mid-2021 whether to initiate a full-fledged project and prepare for a possible launch.

China is also advance with plans for a central-bank digital currency.

https://www.msn.com

Pandemic has accelerated adoption of digital currency: ECB President

Turner Wright – September 11, 2020

The pandemic has seen consumers adopt digital payments in increasing numbers and the trend was accelerating, said the President of the European Central Bank (ECB) Christine Lagarde.

She also indicated a panel of euro-zone central bank officials is set to reveal a verdict on a European central bank digital currency (CBDC) imminently.

Speaking at an online conference hosted by Deutsche Bundesbank on Sept. 10, Lagarde, stated that EU residents had embraced digitalization, with e-commerce sales increasing roughly 20% between February and June, even as total retail sales declined 1.2%. She said the volume of online payments had experienced “double-digit growth rates” since the start of the outbreak.

“The pandemic has served as a catalyst, accelerating the transition towards a digital new normal,” Lagarde stated. “A vast majority of consumers expect to continue to use digital services as often as they do now or even more often.”

Other institutions have reached the same conclusion as data comes in regarding the economic fallout of COVID. An August report from Singapore’s DBS Bank stated that “the ongoing pandemic has added fuel to the move toward a society with less cash dependence.”

Lagarde supports the ECB developing a CBDC to address the move towards digitalization, in addition to faster and cheaper cross-border payments. Last September, when she was the head of the International Monetary Fund (IMF), the ECB president said she would focus on ensuring EU institutions adapt to the changing financial environment by being open to crypto.

https://cointelegraph.com