“Programmable Dollars”: New York Fed And 12 Banking Giants Launch Digital Dollar Test

HNewsWire: You should never waste a crisis. Like a stock market catastrophe, for example.

The Fed and a handful of banks have been secretly planning for the next stage in the “planned crash” pipeline: the implementation of CBSC, while the equities and bond markets have been locked in terrible bear markets.

On Tuesday, participants announced that they will be initiating a 12-week pilot program with the Federal Reserve Bank of New York to test out the use of digital dollars.

The New York Fed is working with financial institutions including Citigroup, HSBC Holdings, Mastercard, and Wells Fargo to conduct this experiment, which they hope will make a “public addition to the corpus of knowledge on the use of new technologies to the regulated financial system.”

The test includes Mastercard and financial institutions including the world’s leading money-laundering institution, Bank of New York Mellon, as well as HSBC Holdings, PNC Financial Services, Toronto-Dominion Bank, Truist Financial, and U.S. Bancorp.

According to the New York Federal Reserve, the “controlled liability network” initiative will allow financial institutions to simulate producing digital currency reflecting their clients’ monies before settling through central bank reserves on a distributed ledger.

Banks will participate in a trial program to see if sharing a database of digital dollar tokens speeds up payments.

A statement released on Tuesday by Tony McLaughlin, managing director for emerging payments and business development at Citigroup’s treasury and trade solutions division, suggested that programmable US dollars might be required to support new business models and provide a foundation to much-needed innovations in financial settlements and infrastructure. “Projects like these, which center on the digitalization of central bank money and individual bank accounts, might be broadened to take a larger perspective of the potential,” the authors write.

The head of the New York Fed’s markets section, Michelle Neal, has expressed optimism that a central bank digital dollar (CBDC) may be used to expedite settlement in the currency markets.

The largest financial institutions on Wall Street have been investigating blockchain’s potential commercial applications, including interbank transfers, mortgages, and international transactions, for quite some time. However, this week’s action follows a week of market turmoil caused by the demise of Sam Bankman-digital Fried’s asset business.

When considering digital currencies issued by central banks and legal stablecoins, “there should be the possibility of leveraging the volume and economic value of bank deposits,” said Raj Dhamodharan, Mastercard’s head of crypto and blockchain. This “new proof of concept guided by the industry” that is the regulated liability network has the potential to influence how people and companies think about the reliability of token-based transactions.

Existing rules and regulations for deposit-based payments processing, such as anti-money-laundering norms, are intended to be followed by the new network. The banks have stated that after the 12-week test is complete, the results would be made public, but that the lenders “are not committed to any subsequent phases of work.”

While the initial study would simulate digital money issued by licensed institutions in US dollars, the concept might be expanded to include multicurrency operations and stablecoins, which are normally backed one-to-one by another asset, like the dollar or the euro.

The Revelation of Jesus Christ was given to John by God “to show his servants what must soon take place.” This book is filled with mysteries about things to come. It is the final warning that the world will surely end and judgment will be certain.

It gives us a tiny glimpse of heaven and all of the glories awaiting those who keep their robes white. Revelation takes us through the great tribulation with all its woes and the final fire that all unbelievers will face for eternity. The book reiterates the fall of Satan and the doom he and his angels are bound for. We are shown the duties of all creatures and angels of heaven and the promises of the saints that will live forever with Jesus in the New Jerusalem. Like John, we find it hard to describe what we read in the book of Revelation.

Key Verses:

Revelation 1:19, “Write, therefore, what you have seen, what is now and what will take place later.”

Revelation 13:16-17, “He also forced everyone, small and great, rich and poor, free and slave, to receive a mark on his right hand or on his forehead, so that no one could buy or sell unless he had the mark, which is the name of the beast or the number of his name.”