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

[Bird]

The Central Bank of Nigeria Just Paused Its Demonetisation Program After Visiting Untold Damage on Nigeria’s Economy​

Three months after Nigeria’s central bank launched demonetisation, economic conditions continue to deteriorate in the country. Now, one of the country’s leading newspapers is calling for the arrest and prosecution of its governor.

As readers know, Nigeria is the world’s first largish economy to launch a nationwide central bank digital currency, the so-called eNaira. So far, it has been a complete flop. One year in, just 0.5% of Nigerians had downloaded the eNaira app. Of those, only 8% were actually using it, according to the IMF’s 2022 staff report. So, the government and central bank doubled down on their strategy. In October, they unveiled plans to replace all high-denomination cash bills in the economy as well as restrict cash withdrawals. That, too, has been an unmitigated disaster.

This week, the Central Bank of Nigeria (CBN) finally postponed its demonetisation program, more than a week after the country’s Supreme Court ruled the program unconstitutional and more than a month after the Supreme Court called for it to be postponed due to the amount of chaos and hardship it was causing.

Full story

 

[chance vought]

WO2020060606A1 - Cryptocurrency system using body activity data - Google Patents

Human body activity associated with a task provided to a user may be used in a mining process of a cryptocurrency system. A server may provide a task to a device of a user which is communicatively coupled to the server. A sensor communicatively coupled to or comprised in the device of the user...

patents.google.com

I used to think “mark of the beast” was hyperbole, but….

 

[budoslavic]

Federal Reserve announces July launch for the FedNow Service​

The Service will Debut with Financial Institutions and the U.S. Treasury on Board

CHICAGO – The Federal Reserve announced that the FedNow Service will start operating in July and provided details on preparations for launch.

The first week of April, the Federal Reserve will begin the formal certification of participants for launch of the service. Early adopters will complete a customer testing and certification program, informed by feedback from the FedNow Pilot Program, to prepare for sending live transactions through the system.

Certification encompasses a comprehensive testing curriculum with defined expectations for operational readiness and network experience. In June, the Federal Reserve and certified participants will conduct production validation activities to confirm readiness for the July launch.

"We couldn't be more excited about the forthcoming FedNow launch, which will enable every participating financial institution, the smallest to the largest and from all corners of the country, to offer a modern instant payment solution," said Ken Montgomery, first vice president of the Federal Reserve Bank of Boston and FedNow program executive. "With the launch drawing near, we urge financial institutions and their industry partners to move full steam ahead with preparations to join the FedNow Service."

Many early adopters have declared their intent to begin using the service in July, including a diverse mix of financial institutions of all sizes, the largest processors, and the U.S. Treasury.

In addition to preparing early adopters for the July launch, the Federal Reserve continues to engage a range of financial institutions and service providers to complete the testing and certification program and implement the service throughout 2023 and beyond. Montgomery noted that availability of the service is just the beginning, and growing the network of participating financial institutions will be key to increasing the availability of instant payments for consumers and businesses across the country.

The FedNow Service will launch with a robust set of core clearing and settlement functionality and value-added features. More features and enhancements will be added in future releases to continue supporting safety, resiliency and innovation in the industry as the FedNow network expands in the coming years.

"With the FedNow Service, the Federal Reserve is creating a leading-edge payments system that is resilient, adaptive, and accessible," said Tom Barkin, president of the Federal Reserve Bank of Richmond and FedNow Program executive sponsor. "The launch reflects an important milestone in the journey to help financial institutions serve customer needs for instant payments to better support nearly every aspect of our economy."

About the FedNow Service
The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve's FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org.

Federal Reserve announces July launch for the FedNow Service

The Service will Debut with Financial Institutions and the U.S. Treasury on Board CHICAGO – The Federal Reserve announced that the FedNow Service will

www.federalreserve.gov

Federal Reserve to Launch FedNow Instant Payments, Will a CBDC Follow?​

What are FedNow Payments?
Tom Barkin, president of the Federal Reserve Bank of Richmond and FedNow Program executive sponsor, noted, “With the FedNow Service, the Federal Reserve is creating a leading-edge payments system that is resilient, adaptive, and accessible.”

As per the description, businesses and individuals will be able to transmit and receive instant payments with FedNow. The transactions can occur at any time of day through the financial institutions part of the service.

Ken Montgomery, first vice president of the Federal Reserve Bank of Boston and FedNow program executive, urged more participation by the banking institutions. Montgomery stated, “We couldn’t be more excited about the forthcoming FedNow launch, which will enable every participating financial institution, the smallest to the largest and from all corners of the country, to offer a modern instant payment solution.”

According to global data, the instant payments ecosystem was valued at $100 trillion in 2021. And Asian countries like India and China are leading the sector, with the U.S. slightly late to join the club.

India employs a payment infrastructure based on the Immediate Payment Service (IMPS) and Unified Payment Interface (UPI) to offer instant payment services to customers and merchants. Global data show India is the most active market, with transaction volume hitting $39.8 billion in 2021. With that, India has expanded its e-rupee pilot as part of its CBDC trials.

China, which ranks second in that category, has widely used Alipay and WeChat for instant mobile payments. The nation has also pushed to adopt a digital yuan as its centrally-backed digital currency.

Could it Accelerate a CBDC Integration in the U.S.?
Instantaneous digital transfers frequently feature financial inclusion promotion. Additionally, they facilitate domestic market payments before enabling cross-border money transfers in various currencies. FedNow also comes with these expectations.

However, as web3 advances, central banks are promoting CBDC stories in the subsequent era of instant payments. Despite expectations that CBDC could usher in the era of instant payments, U.S. critics mock it as the “Biden coin.” CBDCs have caused quite a commotion after Republican Senator Tom Emmer launched an Anti-Surveillance Act to expand the right to financial privacy.

In this month’s release, the U.S. Treasury noted that the CBDC Working Group is creating an initial set of findings and suggestions. Meanwhile, a decision on its adoption is still pending despite the FedNow launch being months away.

The U.S. Depart of the Treasury stated that it aims to guarantee that a central bank digital currency would work safely and effectively with the current financial infrastructure. They also said that the group is focusing on promoting financial stability and the financial system’s integrity while promoting innovation.

Meanwhile, U.S.-based Ripple is in talks about CBDCs with more than 20 central banks globally. The XRP Ledger and RippleNet are powering several CBDC initiatives, but the U.S. is excluded. This is as Ripple prepares for the final months of a court fight with the securities regulator SEC.

Federal Reserve to Launch FedNow Instant Payments, Will a CBDC Follow?

The U.S. Federal Reserve announced the launch of its FedNow Service in July. Will the apex bank soon double down with CBDC trials?

beincrypto.com

 

[Blade Runner]

Kitco had a great interview with Richard Werner on this recently, and it looks like he'll be back within the year to report on what exactly becomes of this, and how much more we advance to a surveillance or programmed society to boot.

 

[ivalyosha]

Federal Reserve announces July launch for the FedNow Service​

Federal Reserve announces July launch for the FedNow Service

The Service will Debut with Financial Institutions and the U.S. Treasury on Board CHICAGO – The Federal Reserve announced that the FedNow Service will

www.federalreserve.gov

Federal Reserve to Launch FedNow Instant Payments, Will a CBDC Follow?​

Federal Reserve to Launch FedNow Instant Payments, Will a CBDC Follow?

The U.S. Federal Reserve announced the launch of its FedNow Service in July. Will the apex bank soon double down with CBDC trials?

beincrypto.com

This is definitely the first step to CBDCs. Normies love convenience too much to resist.

The US government is also researching how to guarantee all deposits regardless of amount. They'll do this by letting banks fail and then inviting you to recover your funds with Fed bucks on their balance sheet. Once again irresistible to normies and many of us as well.

Even if you hold gold and bitcoin outside the system, they know most everyone you know will be on Fednow and will use subtle social pressure to get you on the Fed bucks system.

 

[chance vought]

This is definitely the first step to CBDCs. Normies love convenience too much to resist.

The US government is also researching how to guarantee all deposits regardless of amount. They'll do this by letting banks fail and then inviting you to recover your funds with Fed bucks on their balance sheet. Once again irresistible to normies and many of us as well.

Even if you hold gold and bitcoin outside the system, they know most everyone you know will be on Fednow and will use subtle social pressure to get you on the Fed bucks system.

Let's rip off the bandaid, these are exciting times indeed. I hope we see a CBDC and UBI soon, I think that will be yet another signal to people to revolt against the bankers. Some more frozen bank accounts and civil asset forfeiture. This system dies as soon as enough people decide it's dead.

 

[Bird]

Bitcoin logo glows on ECB tower

The cold financial center in Frankfurt glows in warm orange. The Bitcoin collective Bitman is pointing the cryptocurrency logo at the ECB and the Deutsche Bank. BTC-ECHO was live on site.

The Bitcoin logo shines on the glass facade of the European Central Bank (ECB) in Frankfurt am Main. "Bitman" (@Bitman_bob on Twitter) is thus sending a clear signal to Christine Lagarde and literally showing her a decentralized alternative. In addition to the euro's monetary authority, however, the Bitcoin collective is also taking aim at Deutsche Bank's skyscrapers. The banking crisis left its mark on the financial institution, the share price collapsed, and a savior seems urgently needed: Bitcoin is ready.

"We want to get citizens we don't reach through our social media channels to look at Bitcoin as an alternative to fiat currencies. Because the current system represents inflation, centralization and monopolies of power."

 

[budoslavic]

 

[chance vought]

Nigeria: Citizens Protest the Government’s Implementation of Digital Currency - Gulf Insider

In Nigeria, citizens have taken to the streets to protest the nation’s cash shortage, furt

www.gulf-insider.com

 

[budoslavic]

@RobertKennedyJr

The Fed just announced it will introduce its “FedNow” Central Bank Digital Currency (CBDC) in July. CBDCs grease the slippery slope to financial slavery and political tyranny.

While cash transactions are anonymous, a #CBDC will allow the government to surveil all our private financial affairs. The central bank will have the power to enforce dollar limits on our transactions restricting where you can send money, where you can spend it, and when money expires.

A CBDC tied to digital ID and social credit score will allow the government to freeze your assets or limit your spending to approved vendors if you fail to comply with arbitrary diktats, i.e. vaccine mandates.

The Fed will initially limit its CBDC to interbank transactions but we should not be blind to the obvious danger that this is the first step in banning and seizing bitcoin as the Treasury did with gold 90 years ago today in 1933.

Watch as governments, which never let a good crisis go to waste, use Covid-19 and the banking crisis to usher in a new wave of CBDCs as a safe haven from germ-laden paper currencies or as protection against bank runs.

Long-awaited Fed digital payment system to launch in July​

FedNow, the Federal Reserve’s digital payments system, will debut in July.
The system will allow bill payments, money transfers and other consumer activities to move more rapidly and at lower cost.

The Federal Reserve’s digital payments system, which it promises will help speed up the way money moves, will debut in July.

FedNow, as it will be known, will create “a leading-edge payments system that is resilient, adaptive, and accessible,” said Richmond Fed President Tom Barkin, who is the program’s executive sponsor.

The system will allow bill payments, money transfers such as paychecks and disbursements from the government, as well as a host of other consumer activities to move more rapidly and at lower cost, according to the program’s goals.

Participants will complete a training and certification process in early April, according to a Fed announcement.

“With the launch drawing near, we urge financial institutions and their industry partners to move full steam ahead with preparations to join the FedNow Service,” said Ken Montgomery, the program executive and first vice president at the Boston Fed, which helped spearhead the project under former Boston Fed President Eric Rosengren.

Institutions that participate in the program will have seven-day, 24-hour access, as opposed to a system currently in place that closes on weekends.

Program advocates say it will get money out to people much more quickly. For instance, they said, government payments like those issued in the early days of the Covid pandemic would have been credited to accounts immediately rather than the days it took to reach most people.

Some Fed officials say the program even could supplant the need for a central bank digital currency.

Long-awaited Fed digital payment system to launch in July

FedNow creates "a leading-edge payments system that is resilient, adaptive, and accessible," said Richmond Fed President Tom Barkin.

www.cnbc.com

 

[Feyoder]

@RobertKennedyJr

Long-awaited Fed digital payment system to launch in July​

Long-awaited Fed digital payment system to launch in July

FedNow creates "a leading-edge payments system that is resilient, adaptive, and accessible," said Richmond Fed President Tom Barkin.

www.cnbc.com

I am 99% sure this is not the CBDC and that Robert Kennedy Jr is an outrage merchant.

It's very hard to get information on what it actually is. This is the official site setup to explain it: https://www.frbservices.org/financial-services/fednow -- and it's absolutely terrible. Almost purposefully trying to obfuscate what's going on.

From a few minute glance at what's available on google, it's an upgraded ACH that works using "messages" (which are based on https://www.iso20022.org/about-iso-20022):



Image source: https://www.frbservices.org/financi...re-for-fednow/iso-20022-what-you-need-to-know

 

[budoslavic]

I am 99% sure this is not the CBDC and that Robert Kennedy Jr is an outrage merchant.

Did you read/see the post on the recent FedNow announcement?

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

The Central Bank of Nigeria Just Paused Its Demonetisation Program After Visiting Untold Damage on Nigeria’s Economy Three months after Nigeria’s central bank launched demonetisation, economic conditions continue to deteriorate in the country. Now, one of the country’s leading newspapers is...

www.rooshvforum.com

 

[Feyoder]

Did you read/see the post on the recent FedNow announcement?

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

The Central Bank of Nigeria Just Paused Its Demonetisation Program After Visiting Untold Damage on Nigeria’s Economy Three months after Nigeria’s central bank launched demonetisation, economic conditions continue to deteriorate in the country. Now, one of the country’s leading newspapers is...

www.rooshvforum.com

No I didn't see that, thanks.

But that also says that this is not CBDC.

I think it's still too early for doomposting.

 

[holgerdanske]

Everyone seems to somehow completely have forgotten that it is sovereign nation states that issue currency and not private banks. You are truly enslaved when you don't even realize that you are a slave.

 

[Blade Runner]

Everyone seems to somehow completely have forgotten that it is sovereign nation states that issue currency and not private banks. You are truly enslaved when you don't even realize that you are a slave.

So then the question is, what do the people who realize they are slaves, do? Recounting over and over that we are in a matrix and with normies all around us (yes I agree with this) doesn't do anything, apparently, to stop the doom loop.

 

[budoslavic]

Text in the above mentioned first part of tweet is cut off. Below is the full text:

Pranksters Vovan and Lexus posing as Zelensky tricked ECB President Christine Lagarde into disclosing her plan to launch a "Digital Euro" in October that will give central banks control over how citizens can spend money:

"There will be control. You’re right. You’re completely right. We are considering whether for very small amounts, you know, anything that is around 300, 400 €, we could have a mechanism where there is zero control. But that could be dangerous...

I don’t want Europe to be dependent on an unfriendly country’s currency, for instance, you know, the Chinese currency, the Russian currency... I don’t want Meta, Google, or Amazon to suddenly come up with a currency that would take over the sovereignty of Europe."

Central bank digital currencies are the latest battleground in the ongoing struggle for individual liberties. Without global awareness, central banks will pull off a massive violation of human rights, and citizens will cheer them on while they do it.

Video description

Full video prank with European Central Bank President Christine Lagarde
In a conversation with our "Zelensky", Ms. Lagarde complained that sanctions against Russia had failed, and praised Nabiullina for her clear actions. The official confirmed that during Poroshenko's time "strange characters" pocketed loans issued by the IMF.

Why did anti-Russian sanctions not work, and injections into Ukraine did not solve any problems in the country? How will the EU government monitor citizens through the digital euro, and will firewood become a new currency in Europe? – see the answers to these and other questions in the full version of the prank!

 

[Johnnyvee]

Text in the above mentioned first part of tweet is cut off. Below is the full text:




Video description

Interesting that she uses the threat of (muslim) terrorism as an excuse for CBDC control, when it was the EU who invited the terrorists here in the first place!

 

[ivalyosha]

Interesting that she uses the threat of (muslim) terrorism as an excuse for CBDC control, when it was the EU who invited the terrorists here in the first place!

They create the problem for the solution they want.

 

[Blade Runner]

Interesting that she uses the threat of (muslim) terrorism as an excuse for CBDC control, when it was the EU who invited the terrorists here in the first place!

Yes, amazing, and then you see how she ratchets the 1000 euro already existing "gray" threshold as a "crime" or penalty, down to 300-400! If people don't protest this, they will of course see even worse than that!

 

[budoslavic]

Video by RelcaimTheNet.org, "Biden's signals plan to destroy financial anonymity with CBDCs".