CBDC: Central Bank Digital Currency , Fedcoin, The Beast System

M3B

Ostrich
Gold Member
The same way shutting down the whole world and pushing a mystery injection on most of the developed world with "safe and effective" research?

Here's a hint. The masters of the WEF dont need grandma in their new world order. Hell they dont need most of us. Its about time you stopped thinking like a logical, law-abiding man and started thinking about what a group of psychopaths with God-complex would like to do to the planet for their own ends.
All due respect mate, you're too black pilled. They will fail. Everything they are trying is being met with resistance and your first example is the reason why many people are waking up to the other crap.

They will try push it but I believe it will fail. It will likely sit alongside cash for a number of years rather than straight up cash replacement.
 

Bird

Ostrich
Catholic
We all know that central bank digital currencies are bad news. But do you know the difference between retail and wholesale CBDCs? And do you know why the American Bankers Association is against the implementation of retail or intermediated CBDCs? Today James takes you beyond the basics and begins introducing you to the split circuit monetary system as we dive deeper down the programmable money rabbit hole.


https://www.corbettreport.com/cbdc/
 

Kurchatov

 
Banned
Orthodox
Since I don't have enough privileges to post topics here, as the message says, I'll post this here.

___
Rostelecom. About company
..is Russia’s largest integrated provider of digital services and solutions, with presence in all market segments and covering millions of households, governmental and private organizations. …The Company is a widely recognized technology leader in offering innovative solutions for electronic government, cybersecurity, data center and cloud-based services, biometrics, healthcare, education, house maintenance and utility services”

History
February 2022; Rostelecom was on the list of top 10 best employers of the Russian Employer Rating according to hh.ru in the Largest Companies category; The first international standard for the Industrial Internet of Things was officially published. Its development was initiated by Rostelecom on the basis of the Cyber-Physical Systems Technical Committee (TC) for Standardization 194 of Rosstandart with the support of the Russian Ministry of Industry and Trade.”

"AK&M awards Rostelecom top sustainability rating (06.09.2022)
AK&M, a leading Russian rating agency, has rated Rostelecom’s 2021 Sustainability Report RESG 1, the highest possible level of social disclosure in a company’s public reports.

In the 2021 report, Rostelecom unveiled its inaugural long-term ESG strategy, which runs through 2025, with each section consistent with the strategy’s stated principles and goals. Investing in human capital development is a top priority at Rostelecom.[...]The report [AK&M ' s] highlights the Company’s contribution towards Russia’s National Projects, laying out in particular detail Rostelecom’s work on the Digital Economy project and all of its subprojects."

The Partnership (can be seen at the bottom): Yandex, Eset, Kaspersky, Microsoft

"Covid19 and the Digital Boom: the pandemic as an impetus for technology development
— Rostelecom research
(05/24/2021)

“..The pandemic has become a severe test for the health care system, the economy and people, but at the same time — the cause of the digital boom. The development of technology has received the most powerful impetus in recent decades, especially in the field of digital health (e-health).

TeqViser— a software product of Rostelecom based on artificial intelligence, analyzed an array of publications in technology media and scientific journals, patent applications, as well as the activity of venture investors for 2020 in order to track and fix the main digital trends of the covid19 era.

In the history of mankind, epidemics have played not only a negative role and often became the cause of the most important discoveries in medicine and pharmaceuticals, as well as social and economic reforms..

..The coronavirus pandemic was no exception: in addition to the obvious breakthroughs in medicine, it led to an acceleration of digital transformation. Technologies have received a tremendous impetus for development.

Pavel Krasovsky, Deputy Director of the Rostelecom Center for Strategic Innovations, TeqViser Project [a software product based on AI] Manager:

“We have been closely following technological trends for the past five years and have been recording how certain technologies have been “firing” in different years. But 2020 was a special year for digital technologies: the pandemic gave a powerful acceleration to their development and implementation. The main thing that the pandemic has managed to do is to change people’s attitude to digital technologies and reduce resistance to introducing innovations into a seemingly already established life. Even the older generation has formed a habit of cashless payments and online purchases. Of course, after explosive growth, a temporary slowdown can be expected, but the digital boom of 2020 will definitely have long-term consequences that can be objectively assessed only a few years later.”

…The full text of the study is available on the TeqViser project website. ->
COVID is the best thing that has happened to technology in the last 10 years

"[...] In 2020, Russia for the first time entered the top 10 in terms of the number of patents related to the E-health trend.[...] China is in the first place by a huge margin, this is expected, since China has been the absolute world leader in the number of registered patents for several years), but Russia's fourth place in the ranking is pleasant and unexpected to see.

Russia has actively patented vaccines, antiviral drugs, methods of testing, diagnosis and rehabilitation, ahead of the combined efforts of Europe and Canada in the fight against coronavirus."

They also have such material from 30.09.2020
"Blockchain in real life. Financial sphere. (TeqViser + Rostelecom) - part 2"

-> Back to Rostelcom: https://www.company.rt.ru/projects/
In the national interest
Rostelecom acts as an infrastructure partner of the state and business in the formation and development of the digital economy in Russia. The implementation of major projects in the national interest is one of the stages of its creation. …Each implemented project is a step towards creating a digital economy that will change the lives of millions of people. We are proud to be trusted with projects of great importance for the whole country.”
___
"Decree of the President of the Russian Federation No. 693 dated September 30, 2022 "On the definition of an organization that ensures the development of digital identification and authentication technologies"

October 3, 2022

In order to develop digital identification and authentication technologies in the Russian Federation, including those based on biometric personal data, as well as document signing and storage services..."

Or, from Rostelecom's website:
"The Center of biometric technologies will appear in Russia

Russian President Vladimir Putin signed a decree on the establishment of a joint venture (JV) JSC "Center for Biometric Technologies" (CBT). The founders will be Rostelecom (49% of shares), the Russian Federation represented by the Federal Agency for State Property Management (26% of shares) and the Bank of Russia (25% of shares).

CBT will develop and replicate digital identification and authentication technologies (including those based on biometric personal data), as well as document signing and storage services, including the creation, development and operation of commercial services and standard solutions. This will increase the level of digitalization in various sectors of the economy.

The parties will combine efforts and expertise in the field of biometrics to accelerate the conversion of various services into digital form. CBT will become the operator of GIS "Unified Biometric System" and will ensure the collection, storage, processing and verification of biometric personal data, taking into account the requirements established by Federal Law No. 149-FZ of 27.07.2006 "On Information, Information Technologies and Information Protection". Recall that since 2018, Rostelecom has been the operator of the system.
...
First Deputy Chairman of the Bank of Russia Olga Skorobogatova:
"The unified biometric system is one of the main elements of the country's digital infrastructure. The Bank of Russia supports the creation of a joint venture and believes that the concentration of resources, technologies and management in this new organization will ensure the introduction of secure biometric technologies in various spheres of our lives. This will make it easier for citizens to receive financial and non-financial services in digital form, it will allow businesses to innovate and reduce costs. The development of a Unified Biometric system will also contribute to the development of Russian technologies and increase their competitiveness."
...
A unified biometric system is a necessary part of the remote identification mechanism that allows citizens to receive services remotely. It was launched on the initiative of the Ministry of Finance of Russia, the Bank of Russia and Rostelecom as part of the implementation of the national program "Digital Economy of the Russian Federation" on June 30, 2018. On December 30, 2021, the Unified Biometric System became state-owned."

Bank of Russia
"Digital Ruble
The digital ruble is a digital form of the Russian national currency that the Bank of Russia plans to issue in addition to existing forms of money.

After a wide public discussion of the initiative to create a digital ruble, the Bank of Russia has prepared a concept that provides for the use of a two-tier retail model."


Taking into account these proposals, it was decided to implement the Digital Ruble project in the following stages:
• October 2020 – publication of the report for public consultations "Digital
ruble", prepared for the purpose of public discussion of the main aspects of the introduction
of the digital ruble.
• April 2021 – publication of the Concept of the digital ruble, which presents
the features of the implementation of the target model of the digital ruble.
• December 2021 – creation of a prototype of the digital ruble platform.
• January 2022 – development of draft amendments to the legislation of the Russian Federation.
• The first quarter of 2022 – the launch of testing a prototype of the digital ruble platform.

It is assumed that testing of the prototype of the digital ruble platform will be conducted jointly with financial market participants during 2022. Based on the test results, a roadmap for the implementation of the digital ruble target platform will be formed.
...
Stages of project implementation
December 2021 — creation of a prototype of the digital ruble platform.
2022 — testing of the prototype of the digital ruble platform and development of a roadmap for implementation, taking into account the test results.
2022 — development of legislation for the introduction of the digital ruble.
...
[from page 5]
[...] It was also proposed to consider the use of a Unified Identification and Authentication System and a Unified biometric system when identifying a user for his registration on the digital ruble platform and opening a wallet."

PSB proposed to expand the infrastructure of using a Single biometric system
The bank believes that this will increase the demand for services using biometric data


MOSCOW, November 11. /tass/. The PSB proposed to expand the infrastructure for using the Unified Biometric System (UBS), which will increase the demand for services using biometric data. This was announced by Yulia Mikhailovskaya, Vice President, Director of the Digital Retail Business Department of PSB at the Finopolis forum.

"The popularization of the EBS should take place not only on the part of banks, but also on the part of government departments. Such an incentive could be the wider use of biometrics in the provision of public services. It is important that citizens can use a biometric profile as an identifier when receiving public services - registering transactions, requesting documents and certificates, paying fines, as well as in medicine, education, when paying for transport," the expert noted.

According to Mikhailovskaya, customer authentication using self-assembled biometrics will help to increase public interest in using biometrics. This method can be used in low-risk transactions, for example, for making payments for small amounts. For customers who have submitted biometrics independently through the application, an additional opportunity should be provided to upgrade the status of biometric samples in the EBS with a single confirmation of identity at a bank branch. This approach guarantees the security of credit transactions by the client in the future, including mortgage transactions.

In addition, according to the estimates of the PSB, in order to popularize the service among citizens, it is also necessary to conduct educational work for schoolchildren, demonstrating the convenience of using the ESB in simpler and safer operations - for example, for going to school, when passing exams, paying for meals in the cafeteria for small amounts."

Ministry of digital development is ready to discuss the integration of "Public Services" with commercial IDs
According to the head of the ministry, Maksut Shadayev, the state needs a unified, reliable system of secure identification


MOSCOW, November 11. /tass/. Ministry of digital development is ready to discuss the integration of the portal "Public Services" with commercial identifiers (ID) at the suggestion of the Central Bank. This was announced during the forum of innovative financial technologies Finopolis 2022 by the head of the Ministry Maksut Shadaev.

The first deputy chairman of the Central Bank, Olga Skorobogatova, suggested Shadaev to implement next year the binding of identifiers of "Public Services" with commercial identifiers. "This is what the market has been talking about for a long time and has been asking for for a long time," she added.

"The state needs a unified, reliable system of secure identification. I think that integration with commercial IDs is an old topic, let's discuss it, we are ready," Shadaev said.

According to the minister, cooperation with banks is the main way to build it, all projects should be based on a reliable system."

Nabiullina said that the time when banks were conservative is gone
The head of the Central Bank noted that technologies are constantly evolving and changing


Ministry of digital development agrees to enter into a project to test the digital ruble at the suggestion of the Central Bank

Since the beginning of 2022, the Bank of Russia with a group of 15 banks has been piloting operations on a prototype of the digital ruble platform

MOSCOW, November 11. /tass/. Ministry of digital development of the Russian Federation agrees to enter into the pilot project of the Bank of Russia on the digital ruble for the development of services with payment in digital currency. The consent was given by the Minister of Digital Development, Communications and Mass Media of the Russian Federation Maksut Shadaev during the plenary session of the forum of innovative financial technologies Finopolis.

"Maksut Igorevich, in honor of your birthday, I have a gift. I don't think you can refuse the Central Bank. We want to invite the Ministry of digital development to the digital ruble pilot, so that we can immediately provide digital services with payment in digital rubles. Do you agree?",Olga Skorobogatova, First Deputy Chairman of the Bank of Russia, addressed Shadaev.

"Yes," he replied.

Since the beginning of 2022, the Bank of Russia with a group of 15 banks has been piloting operations on a prototype of the digital ruble platform. From April 2023, the Central Bank plans to start testing the digital ruble with real customers.

About Digital Currency
The Central Bank of the Russian Federation presented the concept of the digital ruble in its report in mid-October 2020. It will take the form of a unique digital code that will be stored on a special electronic wallet, and the transfer of a digital ruble from one user to another will take place in the form of moving a digital code from one electronic wallet to another. The issue of the digital ruble will be carried out by the Bank of Russia. The owners of the money will be able to freely transfer rubles from one form to another."
 

Blade Runner

Crow
Orthodox
Is the suggestion that Russia is now entering a former hypothesis of mine: that all the larger world powers will be in an arms race to compete in controlling their populations, in some fashion? The issue is that for them, we don't know the quality or intent. For China and the USA, it seems rather clear, for now.

That's a lot to take in, like the former post. What do you all think?
 

TheLoneReader

Sparrow
Orthodox Inquirer
This article seems relevant to the underlying control goals of a digital currency:

 

kurtybro

Woodpecker
Is the suggestion that Russia is now entering a former hypothesis of mine: that all the larger world powers will be in an arms race to compete in controlling their populations, in some fashion? The issue is that for them, we don't know the quality or intent. For China and the USA, it seems rather clear, for now.

That's a lot to take in, like the former post. What do you all think?

The ultimate goal is, like you said, to have complete control over their population. This is ideally done through real-time "insight" into every second of everyones life. It's all about data, which requires hooking every electronic up to a high bandwidth 5G connection. That way, every single appliance will be a node that's part of a greater web, using its many censors to monitor the surrounding environment and beaming everything back to HQ, in real time. Your phone reports what time you went to bed and when you woke up. Your doorbell reports on every-time you leave your house. Your Alexa on the conversations you have at home. Your TV/PC on your viewing interests. Your fridge on how many calories you consumed and how much of it was meat. Your shower on how much hot water you used. Your car on how much electricity. etc etc etc all of this will be used to calculate a citizen credit score to determine if you've been a good boy or not. It's all about finally having the technology to granularly control and remotely micromanage everyone's life, in real time. The ability to remotely control peoples money is absolutely integral to this.

Don't think there aren't people who's sole obsession in life is to usher in this kind of dystopia. If automation keeps growing exponentially and actual jobs become increasingly redundant, then you will inevitably have an ever growing welfare state; a merging of government with big corporations, with everyone beholden to the privileges being given, or taken away by some black box AI system. The idea is to completely do away with money and replace it with some kind of credit system where you'll get a recurring consumption allowance that resets every month so that the idea of saving becomes a thing of the past. This is the supposedly sustainable way forward. People can't be trusted to do the "right thing" so they must be forcefully nudged to do it. I've said it before and i'll say it again, the only thing between us and a permanent boot stamping on our face is technological capability, and we're barreling towards it at full speed. How many people do you think would agree to subject themselves (and force others) to a daily mind reading device to deter any would-be criminals in order to keep the community safe? Before Covid i would have said that's a crazy and unlikely scenario. Now? hmmm


This is called technocracy, and Patrick M wood has several great books elucidating the topic. It's not inevitable and it should be resisted by collective effort.

Another theory is racing towards refining and improving A.I systems in order to potentially trigger some kind of omnipotent singularity that will end up running the planet and all of its inhabitants. This is because humans are fallible and cannot be trusted with this much power, as it inevitably leads to corruption.
 

Kurchatov

 
Banned
Orthodox
Is the suggestion that Russia is now entering a former hypothesis of mine: that all the larger world powers will be in an arms race to compete in controlling their populations, in some fashion? The issue is that for them, we don't know the quality or intent. For China and the USA, it seems rather clear, for now.

That's a lot to take in, like the former post. What do you all think?
I apologize for the inconvenience I have caused you by publishing for too long about this particular development in this particular country, for which I cannot find less than half, or even almost nothing, in English media.

About Russia, I don't know exactly how things are. Perhaps the country that at the highest level announced that it will follow the path of the CBDCs, digital identifiers and biometrics; plans a "smart" education program with comprehensive digitization for children; plans to make its cities "smart", covering the entire country with 5G; participates with full agreement in the "fight against climate change" and is rapidly moving towards a green economy and society; the country for which the implementation of the Sustainable Development Goals is a firm national goal; has a large genetic program for developing of genetic technologies, including "gene modification"; it was, and still is, fully involved in the" fight against the pandemic", and vaccination; it is involved in the global regulatory bodies of the internet and communications; a country that, under the orders of the president, will introduce AI into every part of its society; (I do not want to say now about the more serious plans to"change and connect " people to networks)... So this country, which does all this in iron agreements in international organizations, with all world partners (the most recent example - their participation in the G20 and the signing of the declaration on world digital passports and the world pandemic shield, and before that - the climate change conference, COP27), maybe has good intentions. It is possible, I cannot say how things stand for sure, because I am not competent and smart enough to draw the right conclusions. So I'll just keep posting too long posts with the facts.
 
Last edited:

Blade Runner

Crow
Orthodox
Another theory is racing towards refining and improving A.I systems in order to potentially trigger some kind of omnipotent singularity that will end up running the planet and all of its inhabitants. This is because humans are fallible and cannot be trusted with this much power, as it inevitably leads to corruption.
Yes, this is one of the peculiar or potential manifestations of the "God" of the AC. Of course, the selling point will be that humans are fallible but of course, humans will run the computer/AI that makes the decisions, ultimately, showing it for the lie that it is.
 

Eusebius Erasmus

Ostrich
Orthodox
Is the suggestion that Russia is now entering a former hypothesis of mine: that all the larger world powers will be in an arms race to compete in controlling their populations, in some fashion? The issue is that for them, we don't know the quality or intent. For China and the USA, it seems rather clear, for now.

That's a lot to take in, like the former post. What do you all think?

I agree. This is why China might be continuing with their Zero-COVID policy: to show the world that they can control their population.

It's the equivalent of 'landing on the moon,' if you even believe that happened.
 

Blade Runner

Crow
Orthodox
The clown world of the IRS tracking payments from the third party payers ($600) will, funny enough, also add to an increase in the BTC network/utilization.
 

Eusebius Erasmus

Ostrich
Orthodox
The clown world of the IRS tracking payments from the third party payers ($600) will, funny enough, also add to an increase in the BTC network/utilization.

Maybe Lightning Network, but the cops can track the on/off ramps for crypto.

Example: if you want to deposit more than $1,000 into a crypto ATM in Canada, they ask for your ID and other personal data.
 

Bird

Ostrich
Catholic
This is the way to introduce digital money to the public. There will be no decree to do this, but it's the people who are using it more and more.

53. The private sector led de-cashing seems preferable to the public sector led de-cashing. The former seems almost entirely benign (e.g., more use of mobile phones to pay for coffee), but still needs policy adaptation. The latter seems more questionable, and people may have valid objections to it. De-cashing of either kind leaves both individuals and states more vulnerable to disruptions, ranging from power outages to hacks to cyberwarfare. In any case, the tempting attempts to impose de-cashing by a decree should be avoided, given the popular personal attachment to cash. A targeted outreach program is needed to alleviate suspicions related to de-cashing; in articular, that by de-cashing the authorities are trying to control all aspects of peoples’ lives, including their use of money, or push personal savings into banks. The de-cashing process would acquire more traction if it were based on individual consumer choice and cost-benefits considerations.

Source, load the PDF
 

Blade Runner

Crow
Orthodox
Yes, and has been discussed, much of it will happen as a result of greater inflation that makes the 10k CTR (as I pointed out, a remnant from 1972) even more of a joke. The creep of the silly $600 3rd party payer thing will continue. For now, of course, you don't have to use or bother with paypal or venmo. I rightly stayed away from those for years, precisely for this reason. We were proven right again.
 

budoslavic

Eagle
Orthodox
Gold Member

And So It Begins: Digital Currency Becomes Possible In Our Future​

In mid-November, while the whole world was focused on the Ukraine crisis, the US midterms or whatever other “big story” the media decided was more important, a truly momentous shift took place in the global financial system. It might seem like a small step on the surface, but it has the potential to bring about a real and possibly irreversible sea change in the way we use money; or better said, the way it uses us.

As Reuters reported on the 15th of November, “Global banking giants are starting a 12-week digital dollar pilot with the Federal Reserve Bank of New York. Citigroup Inc , HSBC Holdings Pl, Mastercard Inc and Wells Fargo & Co are among the financial companies participating in the experiment alongside the New York Fed's innovation center, they said in a statement. The project, which is called the regulated liability network, will be conducted in a test environment and use simulated data, the New York Fed said. The pilot will test how banks using digital dollar tokens in a common database can help speed up payments.”

Shockingly enough, essentially zero attention was paid to the story. Most media outlets mentioned it in passing and offered little to no context that would make the unsuspecting reader aware of the implications of this development. There was no mainstream discussion or debate about what this means or about how it can affect the average citizen, and no politicians, Fed officials or other institutional figures called any attention to it and argued either for or against it.

There was one notable exception, though, one high-profile individual that noticed what could mark the start of a tectonic shift and thought the rest of the world should notice too: Edward Snowden.
2022-12-16_13-25-38.jpg

The aforementioned context that should have been provided to the average news reader that is not necessarily familiar with the concept of CBDCs (Central Bank Digital Currencies) would include at least a brief explanation what they are, what purposes they serve and how they compare to existing fiat paper money. As I outlined in previous articles, the stakes are too high for people to ignore this development. Whoever controls the money, controls everything and the rise of CBDCs threatens to make that control absolute, closing whatever little “loopholes” of freedom may still exist today.

To most citizens, savers and taxpayers, the transition to a digital dollar might seem harmless, or even beneficial, given that most of the population today associates digitalization with convenience and speed. Indeed, if one doesn’t understand the ins and outs of monetary history, of fiat money and of digital currencies, this concept appears totally innocuous. But even for many who do understand these things, it might seem like such a step would really make no difference. Junk money is junk money after all, be it physical or digital, it’s still backed by nothing, right?

Well, that is right indeed, but there’s a lot more to it. While the currency itself will continue to be worthless, its digital form will come with a bunch of perks and advantages for central planners. As Eswar Prasad, professor of trade policy and economics at Cornell University, puts it:

One should recognize that the CBDC creates new opportunity for monetary policy. If we all had CBDC accounts instead of cash, in principle it might be possible to implement negative interest rates simply by shrinking balances in CBDC accounts. It will become a lot easier to undertake helicopter drops of money. If everybody had a CBDC account, one could easily increase the balance in those accounts.

What this essentially means is that any choice that remains and any degree of financial sovereignty that is left in the present system could be easily wiped out by CBDCs. And its not only financial freedom that’s at stake: these centralized digital currencies can be used by governments to monitor, to control and even to directly punish dissenters, by blocking transactions, freezing their accounts or seizing they assets. Some might find that farfetched, but those are probably the same people who thought that China’s “Social Credit System” was implausible too, right up to the moment it was actually implemented.
 

Blade Runner

Crow
Orthodox
What exactly is the "digital dollar" pilot, though? They don't really say. We already have digital money (transfers, created reserves, etc thus funding the Fed's buying operations of treasuries, repo, etc) ... so how is this one different?
 

chance vought

Kingfisher
Protestant
CBDCs are just a red herring. Never going to happen.
1. Banks lose deposits and their entire business and reason for existence. Largest backers and beneficiaries of government don’t want that.
2. There is no use case…none. It solves no existing problem for the user and only adds downsides. Why would anyone use it?
 

SiverFox

Robin
Other Christian
CBDCs are just a red herring. Never going to happen.
1. Banks lose deposits and their entire business and reason for existence. Largest backers and beneficiaries of government don’t want that.
2. There is no use case…none. It solves no existing problem for the user and only adds downsides. Why would anyone use it?

My prediction. They will manufacture a crisis and put everyone on UBI and to except the UBI payments, you will be forced to use digital currency.
 
Top