NY Fed and Major Banks Make Announcement That Should Concern Us All

[Geee]

RedState

The Federal Reserve Bank of New York and several banking conglomerates are partnering on a 12-week “digital dollar” pilot program.

They will “explore the feasibility of an interoperable network of central bank wholesale digital money and commercial bank digital money operating on a shared multi-entity distributed ledger.”

Mastercard, Wells Fargo, Citigroup, HSBC Holdings, PNC Financial Services, TD Bank, Truist Financial, and U.S. Bancorp are among the big banks that have partnered with the New York Fed’s New York Innovation Center for the pilot program.

“Programmable US dollars may be necessary to support new business models and provide a foundation to much-needed innovations in financial settlements and infrastructure,” Tony McLaughlin, managing director for emerging payments and business development at Citigroup’s treasury and trade solutions division, said in a statement Tuesday. “Projects like this, that focus on the digitization of central bank money and individual bank deposits, could be expanded to take a broader view of the opportunity.”

So what does this mean? Right now, the government can see a lot of what you do financially. But if this went into effect regarding individual accounts, all your transactions would be an open book. It means that the government would not only be aware of everything you do, but they could also theoretically cut you off and control you. Listen as this man explains how well it can work to assess you without even having to talk to you or see you

[Valin]

1 hour ago, Geee said:

RedState

 

So what does this mean? Right now, the government can see a lot of what you do financially. But if this went into effect regarding individual accounts, all your transactions would be an open book. It means that the government would not only be aware of everything you do, but they could also theoretically cut you off and control you. Listen as this man explains how well it can work to assess you without even having to talk to you or see you

What Could Possibly Go Wrong??