A United States central bank digital currency (CBDC) is coming even closer to fruition, as the New York Federal Reserve announced yesterday that they will be partnering with some of the largest megabanks in the country to perform a trial run of these new CBDCs.
The WinePress reported last month that the Federal Reserve had also partnered with six other megabanks – Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo – to trial a carbon-based social credit score system; a pilot program that will launch in early 2023.
One Australian megabank has already integrated a carbon-based social credit score program and climate incentives into their services: “Australian Megabank Begins Tracking Carbon Footprint In The Form Of An Early Social Credit Score”
The following is a press release from the Federal Reserve Bank of New York:
The Federal Reserve Bank of New York today announced that its New York Innovation Center (NYIC) will participate in a proof-of-concept project to 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.
This U.S. proof-of-concept project is experimenting with the concept of a regulated liability network. It will test the technical feasibility, legal viability, and business applicability of distributed ledger technology to settle the liabilities of regulated financial institutions through the transfer of central bank liabilities.
The NYIC looks forward to collaborating with members of the banking community to advance research on asset tokenization and the future of financial market infrastructures in the U.S. as money and banking evolve.
Per von Zelowitz, Director of the New York Innovation Center, said
As part of this 12-week project, the NYIC will collaborate with a group of private sector organizations to provide a public contribution to the body of knowledge on the application of new technology to the regulated financial system.
This project will be conducted in a test environment and only use simulated data. It is not intended to advance any specific policy outcome, nor is it intended to signal that the Federal Reserve will make any imminent decisions about the appropriateness of issuing a retail or wholesale CBDC, nor how one would necessarily be designed. The findings of the pilot project will be released after it concludes.
SEE: Bank For International Settlements Completes Successful Pilot Of Cross-Border CBDC Platform
The NY Feds provided a separate link that provides further details into what their proof-of-concept (PoC) will entail:
Members of the U.S. banking and payments community involved in this PoC (as listed further below) are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York. The NYIC collaborates with the private and public sectors on innovations aimed at enhancing the functioning of the global financial system and the ability of central banks to carry out their missions.
Other key aspects of the PoC include:
- Regulatory framework: The platform will align with the existing regulatory framework and preserve existing requirements for deposit-based payments processing, notably maintaining know your customer and anti-money laundering requirements.
- Scope: The PoC will simulate digital money issued by regulated institutions in U.S. dollars, although the concept could potentially be extended to multi-currency operations and regulated stablecoins.
- Tokens: The PoC will simulate tokens that are 100% fungible and redeemable with other forms of money.
- Industry collaboration: The PoC will include dialogue with the broader U.S. banking community, including community and regional banks.
- Results: Following the conclusion of the PoC, the banking group will publicize the results, which they hope will be an important contribution to the literature on digital money.
- Future plans: The banking group participants are not committed to any future phases of work once the PoC has been completed.
This project will be conducted in a test environment and only use simulated data. It is not intended to advance any specific policy outcome, nor is it intended to signal that the Federal Reserve will make any imminent decisions about the appropriateness of issuing a retail or wholesale CBDC, nor how one would necessarily be designed. The findings of the pilot project will be released after it concludes.
In addition to the NYIC, the other participants on this project include the following financial institutions and payments organizations: BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank and Wells Fargo. The technology is being provided by SETL with Digital Asset, powered by Amazon Web Services. Swift, the global financial messaging service provider, is also participating in the initiative to support interoperability across the international financial ecosystem. Legal services are being provided by Sullivan & Cromwell LLP and Deloitte will be providing advisory services.
AUTHOR COMMENTARY
[121] AIN. I have done judgment and justice: leave me not to mine oppressors. [122] Be surety for thy servant for good: let not the proud oppress me. Psalms 119:121-122
The introduction of a CBDC spells the end of all financial freedom we have, and in turn, practically any freedom in a society. Every last thing will be tracked and logged. The banks and the government will know everything you spend and can mitigate how it is spent – linked directly to social credit scores and digital IDs.
Exploring Digital Assets wrote:
The major issue with CBDCs is the control it would give the government and higher financial powers. This is one of the most serious problems people have with traditional money, and it is exacerbated tenfold by central bank-issued digital currencies.
CBDCs allow for complete control over our financial freedoms and present the opportunity for manipulation and malicious actions. These digital currencies, when they become the societal norm, can be easily frozen with the push of a button. CBDCs will make it easier to inject new capital into the current supply and could push inflation higher as well.
CBDCs will also allow the government to see every single dollar, coming or going from your account. Every penny will be accounted for and they will see every transaction. Many folks think “but I’m not doing anything illegal”, that is not the point. Do you want someone watching over your every move? Do you want someone else having control of the money you worked your whole life to save?
The control the government is seeking should be intimidating to any citizen, no matter what. Remember that the supreme court of Canada, the US’s neighbor to the north, actually started freezing bank accounts of peaceful protestors. Truckers peacefully protested a COVID law and in return the country they pay taxes and reside in decided to lock them out of their bank accounts, their retirement accounts and investment accounts. Do not be naïve enough to believe that your government wouldn’t do the same thing. Have control over your capital, do not risk it.
We must do what we can to fight against these as best as we can; albeit it’s a losing battle, but we must resist it as hard as we can.
The sheeple that fell for the Covid War will readily accept these new social credit scores and CBDCs.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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I need to find out how to avoid it at all costs!
What if we just use cash?
what we are seeing here is the anti christ currency, right now it is in the infant stage, each country will have their own crypto currencies and when anti christ comes on the scene he will merge it all together for the one world currency, then in 3 1/2 years it will be attached to the mark of the beast. The good news we are out of here very very soon!
“not intended to advance any specific policy outcome”….Such liars. That’s what they said about dumbing down & demoralizing ‘outcome based’ dumbucation, too. And, here we are….but they’re so ‘smart’ creating nothing new & manipulating what already is & fulfilling that ‘old, archaic, unscientific & hateful Book nobody believes in anymore’ to a ‘t’. If they were so smart, you’d think they’d come up with something really new, wouldn’t you?
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Gonna be hard, but knowing the Lord according to the scriptures & continuing in the word gives us the overview & the big picture only strengthening faith and resolve. And Jesus said in this world we’d have tribulation. The flatterers & pretenders, usurpers and beguilers just did a very good job of distracting & dulling us. lulling many to sleep ….time to sober, awaken, & sharpen up.
I have been told most of the banks mentioned in this article are 51% Jesuit-owned. I’ve heard horror stories mainly from California, about Bank of America, and I had a very weird experience with Wells Fargo. I think the smaller banks are not too pleased with the threat of these social credit scores looming ahead for all banks, but for now they seem to be o.k. Of course, that could all change overnight. I most definitely pay cash for more things than I had been using, and try to keep a zero balance on any credit card I may use. Boycott these super banks and do not use any of their credit cards or offers. They should be boycotted just because of who has the controlling interest in them, whether social credit scores are implemented or not.