The IMF is Working on a Global Central Bank Digital Currency Platform (yahoo.com) 95
Reuters reports:
The International Monetary Fund (IMF) is working on a platform for central bank digital currencies (CDBCs) to enable transactions between countries, IMF Managing Director Kristalina Georgieva said on Monday.
"CBDCs should not be fragmented national propositions... To have more efficient and fairer transactions we need systems that connect countries: we need interoperability," Georgieva told a conference attended by African central banks in Rabat, Morocco. "For this reason at the IMF, we are working on the concept of a global CBDC platform," she said.
The IMF wants central banks to agree on a common regulatory framework for digital currencies that will allow global interoperability. Failure to agree on a common platform would create a vacuum that would likely be filled by cryptocurrencies, she said... Already 114 central banks are at some stage of CBDC exploration, "with about 10 already crossing the finish line", she said.
Thanks to long-time Slashdot reader SonicSpike for sharing the news.
"CBDCs should not be fragmented national propositions... To have more efficient and fairer transactions we need systems that connect countries: we need interoperability," Georgieva told a conference attended by African central banks in Rabat, Morocco. "For this reason at the IMF, we are working on the concept of a global CBDC platform," she said.
The IMF wants central banks to agree on a common regulatory framework for digital currencies that will allow global interoperability. Failure to agree on a common platform would create a vacuum that would likely be filled by cryptocurrencies, she said... Already 114 central banks are at some stage of CBDC exploration, "with about 10 already crossing the finish line", she said.
Thanks to long-time Slashdot reader SonicSpike for sharing the news.
One World Currency (Score:5, Interesting)
Re:One World Currency (Score:4, Funny)
Well, at least they didn't call it One Coin
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Re: One World Currency (Score:2)
What's wrong with SWIFT or whatever that they need to be replaced?
Re:One World Currency (Score:5, Insightful)
Oh, it's much worse than that. The goal of central bank digital currency is to address the two primary problems that centrally planned economies could not properly address in the past in their efforts of suppressing human freedom.
Freedom of spending money on things people want to spend them, rather than on what central planners would force people to spend money on. Best Soviet Union could do was block purchases of certain expensive and limited items like cars behind permit walls. And inability to force people to spend money in a time frame central planners would prefer.
If you ever listen to the planners of central bank digital currencies, these are the two primary benefits touted in that this will in fact allow central planners to dictate fully what people can and cannot spend their money on and time window in which currency must be spent before it's removed from one's accounts, ensuring high velocity of capital.
I.e. if a central planner has decreed that workers below certain pay grade should not be able to purchase meat or a luxury handbag or be able to invest in stock market, they can specify that account belonging to that person cannot be used to pay for those items, whereas central planner's daughter's account can in fact purchase both and invest in stock market. They can also decree that worker must spend their entire salary within a certain time frame, for example monthly salary must be spent within two months or it will expire and be removed from the account, whereas central planner's daughter gets to keep all her savings in perpetuity. This enables the dream scenario of any centrally planned economy, people who are forced to work paycheck to paycheck and can never work themselves to the level where they can get out of that scenario. And the elite class of central planners that stand above all the rest that faces no real danger of being replaced by those below them.
Again, both are at this point well documented aspects of central bank digital currencies currently in development, and developers talk about these benefits openly in their own forums. This particular effort is to simply extend this world wide once local ones are implemented. The fact that global system to unify all local ones is already in development already tells you how far along local central bank digital currencies have progressed in development and implementation.
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It's funny. We're in a story about this being done by IMF on global scale. And you're still implying that this is a conspiracy theory.
How much cognitive dissonance are you dealing with to go so far as to be in the "I don't believe my lying eyes because I'm told that my eyes lie" mode?
“The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command.”
- George Orwell, 1984
Re:One World Currency (Score:5, Informative)
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Re:One World Currency (Score:5, Informative)
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We're not in a story about this being done by the IMF on a global scale, that's not what this story is about. This story is about the IMF setting up an exchange protocol for digital currencies. Yes, the thing that you're talking about is a conspiracy theory.
Let us say that it is. So what?
Is it your position that all conspiracy theories have proven to be incorrect?
Can you name any that ended up being accurate?
Perhaps more importantly, assuming you know at least a couple, would you feel comfortable stating
Re: One World Currency (Score:3)
It was t that long ago that Fifty One former US Intelligence agency experts told us a particular cache of information was "Russian dis-information" just in time for it to play a big part in a presidential election - a 'conspiracy theory', if you will.
Then we learned that none of them ever saw any of information they declared "Russian Disinformation" (they were THAT good!).
A little later we learned the experts were contacted by Anthony Blinkin, then a senior member of one political candidate's campaign, now
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So what?
In this case, it means that the parent's claim that this is not a conspiracy theory is incorrect.
It's also a dumb thing to worry about, "Oh no! People will be able to exchange currencies! Horror!" But that is an independent truth, not a conclusion of the above.
Re: One World Currency (Score:2)
True, building the infrastructure that can be easily used for oppression is not proof of oppression. But do you want to wait to find out?
"It's only an enclosure, see it has windows" ...
"It's only bars on the windows, see it has a door"
"It's only a door that opens from the outside, see I'm on the outside"
"Get in, there's a monster outside!"
*clank*
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Well, okay. I guess I am sure what you're trying to suggest here, you're trying to suggest that. It's just a dumb thing to suggest. We need to be able to exchange money.
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Luckyo doesn't even know what the IMF is (Score:1)
You know the IMF can't do those things right Luckyo?
You always come up with the stupidest bullshit.
Who's going to stop them? (Score:2)
Re: One World Currency (Score:2)
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If power can be grabbed, it will.
Why can't MAGA return to legit Republic issues? (Score:2, Insightful)
It's notable the right wing commentators on here have gone from normal Republican issues (Govt overreach, spending, defending the constitution, Evil empire) to Trump issues (inc appeaseement of Putin) to MAGA issues (anti-vaxx and bigotry) and finally seem to have transformed into whackjob conspiracy theorists.
They have also managed to mod up their nonsensical conspiracy posts briefly, presumably using sock accounts as they have before.
I have probably timed this wrong and be partisanly-modded down into obsc
Re:Why can't MAGA return to legit Republic issues? (Score:4)
mod up their nonsensical conspiracy
In the 90s conspiracy theorists said "the government is wiretapping on a massive scale" everyone poo-poo'd and laughed at those people. suddenly it comes out the government is actually wiretapping at massive scale and no one apologized to the previous schizo's. instead they rebranded them as new schizo's because the new conspiracies were unbelievable. until they became true again.
How long are you going to keep moving goalposts and call them nonsensical before they prove you wrong again. If there is one thing COVID taught me is that there is some degree of truth behind every conspiracy theory you hear.
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Because one in a thousand conspiracy theories are correct (and the one everyone believed was correct), so all conspiracy theories are correct?
Nobody saying we were spied upon was called schizo, or even a conspiracy theorist.
But good try.
huh? (Score:4)
The issues you seem to think are "Trump issues" and "MAGA issues" are (to the extent you have properly identified them) in fact the things the Republican party always SAID is was about, even though the "establishment" sort never actually were. In some of your assertions, however, you're simply wildly wrong.
1. Government overreach - Trump's refusal to drag America into another pointless overseas conflict can be seen as bot a limit on govt overreach and defense of the Constitution.
2. Spending - The establishment sort of Republicans (also sometimes called "green eye shade Republicans") who PRETENDED to be concerned about spending always were amazingly incapable of limiting spending and (being bothered by deficits yet unwilling to make real spending cuts) always ended up agreeing to help the Dems raise taxes. Trump did not do well on this, due to the COVID mess, but most MAGA and Trump types would like to see vast parts of the government which are not in the Constitution and which intrude too far into the private sector eliminated entirely.
3. Evil Empire - no need to bother here, Ronald Reagan, working with Thatcher, John Paul II, and Lech Walesa ended it. Remember: "The Evil Empire" was not Russia (the country) it was The Soviet Union, a godless communist empire bent on world domination. Russia may still be bad and lead by a dictator, but it's NOT active all around the world trying to spread communism. The modern analog, if there is one, would be China, which Trump and the MAGA types are all-in on opposing and which many leading Democrats (like the Bidens and Clintons) are/have taking/taken money from.
4. "appeasement of Putin"? REALLY? Just how did Trump appease Putin? When Putin went into Ukraine under Obama, all Obama would do was offer humanitarian aid (food, medicine, blankets, etc) to Ukraine. Trump gave Ukraine anti-tank missiles to shoot at Putin's tanks. While Biden attacked the US oil sector, driving up prices and earning Putin vastly more cash on every barrel of oil he exports, Trump had the US energy independent and Putin was being severely hurt by low oil prices. Sure, Trump JOKED that if Putin could find Hillary's State Department e-mails he ought to hand them over... this would have required a TIME MACHINE to be a call for a hacking since everyone knew here servers had been shut down and wiped by that time. The American people own her work emails, and it's quite a joke if our enemies who hacked her server have them but the American people (who rightfully SHOULD have them) do not. This joke hardly qualifies as "appeasement" (you know, like where Putin took Crimea under Obama and there was no price...)
5. Anti-vaxx - as far as I know, the only actual "anti-vaxx" political person of high profile is Democrat Robert Kennedy (currently running for president). There ARE many MAGA types who are anti-fake-vaxx; remember: the COVID-19 jabs are NOT normal vaccines made in the normal way, working in the normal way, and tested normally. The COVID-19 jabs are the first using the new techniques, have never been fully tested, were given only emergency authorization, and the CDC and NIH had to re-define the word "vaccine" in order to call them a vaccine. The people pushing these quasi-vaccines told so many lies about them that it's amazing anybody will accept them - they do not prevent infection, do not prevent hospitalization, do not prevent death, do not control spread, do have far more negative side effects (found and measured in only 2 years) than all other vaccines that have ever existed COMBINED (and over all years totalled). It's far from insane to be at least wide-eyed and skeptical about the COVID-19 jabs even if you are eager to get all other vaccines.
MAGA bigotry? Really? First, "bigotry" is a very wide term. If you mean there are MAGA people with reservations about things like homosexuality and/or transgenderism then the MAGA people are about ad "bigoted" as ALL Americans, (including Democrats) circa 1984. If you mean the word "bigotry" to mean skin color issues, t
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The issues you seem to think are "Trump issues" and "MAGA issues" are (to the extent you have properly identified them) in fact the things the Republican party always SAID is was about
Appeasement of Putin? Bigotry? Anti-vaxx? Were you sober when you wrote this?
1. Government overreach - Trump's refusal to drag America into another pointless overseas conflict can be seen as bot a limit on govt overreach and defense of the Constitution.
Irrelevant. I didn't say Trump overreached though he surely did which is why he got impeached twice:
Attempting to overturn the election.
Attempting to hold back aid to Zelenskyy (appeasement of Putin).
Blocking congressional investigations.
Numerous reported attempts of him trying to break the law.
Declaring a national emergency to fund his crappy wall.
Attempting to declassify documents after being kicked out of office.
2. Spending
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There are reasons to be concerned about digital currencies but the IMF creating a platform for tracking them is not one of them.
I am betting you gave advice to that submarine guy that was recently in the news.
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FedNow is an initial step to CDBCs (Score:2)
IMF just wants control (Score:2)
Obviously ... (Score:5, Funny)
The IMF is Working on a Global Central Bank Digital Currency Platform
If they're caught or killed, the Secretary will disavow any knowledge of their actions.
Comment removed (Score:5, Funny)
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Simple question: Have the unelected, self-appointed and unaccountable IMF governors clearly demonstrated their trustworthiness sufficiently that you would accept their design of a system that would allow opaque, hidden control of absolutely every aspect your life while providing little to no redress of flaws, misuse or corruption?
If the IMF were run by angels, maybe this could work. Otherwise, not a chance in hell.
nobody thought those greedy bastards (Score:2)
Good tech (Score:5, Insightful)
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Only conspiracy nuts and Luckyo. Oh ok you're right, it's just conspiracy nuts.
If you're going to keep posting cheap shots - especially of the ad hominem variety - you should at least have the balls to not post AC. I get that the occasional AC post is necessary for various reasons, but to keep doing it - especially when they're all derogatory and add nothing to the discussion - is just cowardly. As the 'C' in "AC" should tell you.
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It's not a crypto currency you Luckyo.
I'm sorry you seem to be confused. Blockchain doesn't mean cryptocurrency, is not related to mining and doesn't imply a public access.
It's them specifically trying to stop cryptocurrencies messing up the financial system.
This argument is for global version of CBDC. Also it is very random, cryptocurrencies exist for many years now and I have never heard a story about a multinational paying its Chinese suppliers with bitcoins or whatever because its cheaper and faster.
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Re: Good tech (Score:2)
I can easily imagine a system that will block electronic payments for guns/ammo. And once the gov't declares a candidate is 'inciting insurrection', electronic donations to that candidate can be blocked to ensure 'national security'.
It isn't hard to imagine, it won't be hard to implement - you just need the right pretense : fighting mass-shootings or national security.
Are they planning this? I assume not, but it would be a trivial thing to implement such controls.
But why re-create the wheel here? (Score:2)
You mean to tell me zero of the EXISTING crypto currencies fit the bill? Does it not smell enough like you so you need to pee in it?
This feels like an xkcd comic (with the "oh no, we have 13 standards for AC adapters we need to fix this! Aha! now we have 14 standards!" or however many)
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Lol, who is going to pay the gas to run the smart contract to see if John can pay?
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Sooo.. its not a public blockchain? Then what's the point. Is it even a blockchain? You think the banks are going to pay for the electricity to verify the smart contract without paying themselves to do it?
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You think the banks are going to pay for the electricity to verify the smart contract without paying themselves to do it?
smart contracts do not imply a special electricity cost same cost as current system. Proof of work is not related to blockchain and not needed by CBDC https://www.ncbi.nlm.nih.gov/p... [nih.gov] Also blockchain don't need to be public, it can be shared between a small set of users https://www.euromoney.com/lear... [euromoney.com].
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Think about it at scale. Even the most trivial smart contracts will cost like a million dollars to run every year. I'm not even talking about proof of anything. I'm talking about just the code to check if John is within the geofence in our hypothetical smart contract earlier in the thread.
Well then.. (Score:2)
Re: Well then.. (Score:2)
Nice.
important feature (Score:1)
Ah yes, CBDCs (Score:4, Insightful)
Stuff 'em where the sun don't shine.
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Exactly this.
The IMF Is Too Close to SWIFT to Be Trusted (Score:2)
Since the SWIFT system already does bank-to-bank clearances, this effort by the IMF is an admission that SWIFT is in trouble because the Russian and Chinese clearance systems are taking hold in the world. No country wants to do business with countries that freezes their bank funds at will for political reasons. This effort by the IMF to create a system with a blank slate will fail because everyone knows that the IMF would support western sanctions and seizures of property and funds. The Russian and Chinese
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Nobody, not even yourself, believes Russia and China are above "seizing funds for political reasons". You should apply a little more critical thinking when consuming those YouTube and BitChute videos.
Oh great (Score:2)
Clueless bureaucrats are trying to re-invent Ripple/XRP.