Federal Reserve Bank Programable Digital Currency

Part and parcel of the Great Reset is the US Federal Reserve Bank development of a Central Band Reserve Currency which will be programable to ensure proper use of the sums by the recipient citizenry.

www.nasdaq.com...

I have to say that after reading this, it does appear to be a masterful stroke. The Fed is developing this in coorperation with MIT. I have yet to find out when the roll-out date is.

By way of further explanation...from the article itself:

the Federal Reserve was partnered with research teams from the Boston Federal Reserve and the Massachusetts Institute of Technology (MIT) in a “multi-year effort to build and test a hypothetical digital currency oriented to central bank uses.”

This Fed-enabled digital dollar will also be designed with an ability to bypass the banking system.
Imagine a network of consumer digital wallets — perhaps associated with a government ID, like a social security number — with an ability to receive digital dollar deposits directly from the central bank, or conversely to have digital dollars taken out.
Bypassing the banks would be game-changing on multiple fronts.

How it will be used?

In terms of distributing stimulus or emergency funds, the U.S. government and Federal Reserve would have a level of fine-tuned control like never before. Payments could be sorted out by income level, employment status, geographical location, or any number of other things.

Digital dollars would likely also be programmable in and of themselves, allowing for instant tax payments at the point of sale. Tax refunds and rebates could be instant, too.

And attempts to purchase a restricted item — like, say, a firearm without proper background clearance — could be automatically denied.

I have to say, this IS a masterful stroke for the centralized government controllers.
As the author notes, the creation of this system will actually create a panopticon whereby the Government can trace and track every persons spending habits.

What's not to like?

originally posted by: TonyS
What's not to like?

The part about bypassing the various payment schemes is a plus, unless you like banking/credit card fees. P2P transfers will be without an added charge, unlike Venmo for example.

originally posted by: AugustusMasonicus

originally posted by: TonyS
What's not to like?

The part about bypassing the various payment schemes is a plus, unless you like banking/credit card fees. P2P transfers will be without an added charge, unlike Venmo for example.

the only part I can really grasp here, is how this might be used in the same way Canada took the money and junk from the Truckers and all who donated to them. If they had tools like this, they could do that anytime they wanted to and with ease. Afterall, what are you going to do about it?

a reply to: network dude

Not on P2P, it basically functions like a printed piece of currency in your wallet. When the digital token is on your device it has already been verified to be there and during transfer to another person their device will ping yours to ensure the money is there and then make the transfer. It's similar to how the Digital ID 18013 type transactions function, it's a closed loop handshake.

originally posted by: AugustusMasonicus
a reply to: network dude

Not on P2P, it basically functions like a printed piece of currency in your wallet. When the digital token is on your device it has already been verified to be there and during transfer to another person their device will ping yours to ensure the money is there and then make the transfer. It's similar to how the Digital ID 18013 type transactions function, it's a closed loop handshake.

a digital wallet tied to you, and a government run system that moves the money. Yea, I suppose you are right. There is no way they could seize funds in an instant.

originally posted by: network dude
a digital wallet tied to you, and a government run system that moves the money. Yea, I suppose you are right. There is no way they could seize funds in an instant.

Once it's in your wallet the protocols don't permit removal. You could potentially be blocked but that would be in exchanges with non-P2P sites. What they can do is back check where each token came from and its transaction history.

a reply to: AugustusMasonicus

True.
Maybe you didn't have time to read the entire article. From that article, note:

Economists, political leaders, and central bank officials could then use the “smart contract” feature of digital dollars to tweak or massage incentives in all sorts of ways.

For example, fossil fuel use might be embedded with a higher VAT (value-added tax) surcharge than green energy use. Buying sugary cereal might create a small debit, whereas buying broccoli creates a small credit. And so on.

I would guess that one part of this scheme that isn't mentioned is that it will be used to administer UBI (Universal Basic Inceome). Thus, via the digital dollar, the Feds can distribute "benefits" like a UBI monthly payment by way of the Digital currency.

originally posted by: TonyS
True.
Maybe you didn't have time to read the entire article.

I'm literally on a call about this right now and I've been posting about this for about a year, I'm familiar with the potential implementation aspects. Payment disbursement, like your proposed UBI, aren't really any different than sending you a Treasury check or direct deposit, the only major difference is these are instant and if you want to use them for a P2P transaction you would be able to avoid fees.

What this does do is preclude the use of cash to avoid taxes, but with the recent IRS proposals they will be further scrutinizing common methods of avoidance. Younger generations already embrace cashless payments so this will play to them first when eventually rolled out for public usage, the changeover will take place over a decade or two before becoming the de facto currency.

Wouldn't they need something more secure than a SSN to tie it to? Seems like that would be easy to hack especially if someone's personal data was obtained in a breach. Maybe this is where biometrics comes into play...

a reply to: RomaSempre

Digital ID/EID.

Facebook tried to create their own crypto-currency called Libra, I think. So far as I know, nothing has come of it, except for investors losing their money.

Control over monetary policy and especially the creation of new money = extreme power.

There will be no great reset, at least not in the US.
We have so much evidence against our corrupt politicians at this point, they know that they are on thin ice and that ultimately, there will be no escaping justice.

originally posted by: IndieA
Facebook tried to create their own crypto-currency called Libra, I think. So far as I know, nothing has come of it, except for investors losing their money.

It's cancelled. Too much push back and it wouldn't have been ISO compliant.

originally posted by: TonyS
a reply to: AugustusMasonicus

True.
Maybe you didn't have time to read the entire article. From that article, note:

Economists, political leaders, and central bank officials could then use the “smart contract” feature of digital dollars to tweak or massage incentives in all sorts of ways.

For example, fossil fuel use might be embedded with a higher VAT (value-added tax) surcharge than green energy use. Buying sugary cereal might create a small debit, whereas buying broccoli creates a small credit. And so on.

I would guess that one part of this scheme that isn't mentioned is that it will be used to administer UBI (Universal Basic Inceome). Thus, via the digital dollar, the Feds can distribute "benefits" like a UBI monthly payment by way of the Digital currency.

Yes ,this will be implemented with a 'social credit score' system like they have in communist China
You will have to abide by their rules or they don't allow a purchase or block your funds entirely.
And people will be mass sleep walking right into this
No more quick impulse buys, no more buying of 'bad' items, only government allowed items when and where they are 'approved' for purchase
A nightmare

a reply to: ancientlight

VAT taxes are for suckers.

originally posted by: ancientlight
Yes ,this will be implemented with a 'social credit score' system like they have in communist China

You will have to abide by their rules or they don't allow a purchase or block your funds entirely.
And people will be mass sleep walking right into this

No more quick impulse buys, no more buying of 'bad' items, only government allowed items when and where they are 'approved' for purchase
A nightmare

That's some high level hysteria right there and not at all grounded in reality. The MIT white paper is public, there's zero in there about social credit, it's not a part of the decision making process.

originally posted by: TonyS
a reply to: AugustusMasonicus

True.
Maybe you didn't have time to read the entire article. From that article, note:

Economists, political leaders, and central bank officials could then use the “smart contract” feature of digital dollars to tweak or massage incentives in all sorts of ways.

For example, fossil fuel use might be embedded with a higher VAT (value-added tax) surcharge than green energy use. Buying sugary cereal might create a small debit, whereas buying broccoli creates a small credit. And so on.

I would guess that one part of this scheme that isn't mentioned is that it will be used to administer UBI (Universal Basic Inceome). Thus, via the digital dollar, the Feds can distribute "benefits" like a UBI monthly payment by way of the Digital currency.

Guaranteed they will cancel the so called UBI as soon as they have everyone 'hooked' on their new system, with no escape I mean. They don't create new systems for our benefit , don't forget . Whatever new comes out will only better 'them' these reptile 'elites'

originally posted by: AugustusMasonicus

originally posted by: TonyS
True.
Maybe you didn't have time to read the entire article.

I'm literally on a call about this right now and I've been posting about this for about a year, I'm familiar with the potential implementation aspects. Payment disbursement, like your proposed UBI, aren't really any different than sending you a Treasury check or direct deposit, the only major difference is these are instant and if you want to use them for a P2P transaction you would be able to avoid fees.

What this does do is preclude the use of cash to avoid taxes, but with the recent IRS proposals they will be further scrutinizing common methods of avoidance. Younger generations already embrace cashless payments so this will play to them first when eventually rolled out for public usage, the changeover will take place over a decade or two before becoming the de facto currency.

Fascinating. Sounds like you're the expert on this subject. Its good to have an expert on this subject.

I am surprised it will take as long as a decade to roll this out. It also appears you are quite supportive of this change. Since the length of time of the roll out, I'd have to say I probably won't have any skin in the game by the time it becomes a reality. IMHO it does provide both a threat to privacy and it provides an excellent mechanism for government manipulation of the masses. But, as you rightly point out, it will mostly affect younger generations and they already embrace the idea that there is no such thing as privacy and they are programmed to be programmed by the controllers to be manipulated in terms of their transactions.......so it should be all good for them.

a reply to: AugustusMasonicus

I'm impressed at how much we agree, as of late.

originally posted by: AugustusMasonicus

originally posted by: ancientlight
Yes ,this will be implemented with a 'social credit score' system like they have in communist China

You will have to abide by their rules or they don't allow a purchase or block your funds entirely.
And people will be mass sleep walking right into this

No more quick impulse buys, no more buying of 'bad' items, only government allowed items when and where they are 'approved' for purchase
A nightmare

That's some high level hysteria right there and not at all grounded in reality. The MIT white paper is public, there's zero in there about social credit, it's not a part of the decision making process.

Off course they won't publicly state this, but they will add it in the long run. Guaranteed. Don't trust this at all.

originally posted by: ancientlight
Off course they won't publicly state this, but they will add it in the long run.

Then how would you know? You have some sort of pipeline into the development process? Try reading the MIT paper before making further inane comments.