DIGITAL MONEY: A joint project between the Central Bank of Canada and the Massachusetts Institute of Technology will be researching the possibility of an entirely digital Canadian dollar, it was announced yesterday.

The digital dollar would be a state-issued cryptocurrency, or “central bank digital currency” (CBDC).

It’s not just Canada – countries from all around the world appear to be accelerating the research and implementation of CBDCs as we enter the second quarter of 2022.

In our New Years post, OffG hypothesized that the introduction of central bank digital currencies would be a major news thread of 2022, and that prediction looks to be coming true before winter has even turned into spring.

CBDC pilot schemes were already active in the Bahamas and Nigeria before the end of 2021, and Jamaica is rolling out their own later this year after a pilot scheme last year.

Dozens of others are not far behind, including the US, UK and the entire Eurozone. Sweden’s “e-Krona” is currently in the testing phase. Joe Biden has called research into CBDCs a matter of “highest urgency”.

Ukraine is right at the forefront of CBDC research and has been prepping for such since 2016. There were plans to implement one later this year, though it’s possible the war has changed them.

The Russian central bank was developing a “digital ruble” before the invasion of Ukraine, and it is now being suggested as a way to circumvent Western sanctions.

China was already leading the race to total digitalization of their currency, and have used the “vulnerability to Western sanctions” as an excuse to push ahead even harder.

India, South Africa, Malaysia…the list goes on and on.

In short, pretty much the whole world has been at least considering the move to entirely digital money.

Why should this concern you?

Well, because a digital currency would mean every single transaction you make can be monitored and recorded by the state, as well as your bank.

The implications for the right to privacy are obvious, but privacy is the least of it.

Much of the research being done on CBDCs concerns making them programmable.

Meaning either the state issuing the money, or the company paying it as wages, could put controls on how or where it is spent.

To quote a Telegraph article from last Autumn:

Digital cash could be programmed to ensure it is only spent on essentials, or goods which an employer or Government deems to be sensible.

https://offguardian.org/2022/03/19/ukraine-crisis-accelerating-rise-of-central-bank-digital-currencies/

There is nothing special about country digital currency

It will still be pegged to the value of their currency

Must still be minted based on actual liquidity of the currency it's pegged to

Whoever tied this to Ukraine war and as a means of circumventing sanctions must be clearly delusional.

Only good thing is transparency and reduced cost of physical currency

The above stated is why digital currency may not work in Africa since our leaders hate transparency.

Digital currency is a threat to the dominance of US dollars in the world market. Especially considering the fact that China having not only been the pioneer but is already in the advanced stage of soliciting the partnership with Central Banks or many countries.

They are the world's factory and will remain so for atleast 5 decades to come. Their foresight has enabled them to develop CIPS which is a direct competitor of America's SWIFT.
This new system is currently being used in mostly Asian countries and many non Asian countries are signing up. Totalling to a total of 104

"As of February 2022, CIPS has 1288 participants with 76 as direct participants and 1212 as indirect participants. Among indirect participants, 936 participants are from Asia (including 540 from China), 164 from Europe, 43 from Africa, 29 from North America, 23 from Oceania, and 17 from South America, covering 104 countries and regions around the world" - source: Wikipedia

I bet they will use the experience of the on going Russian-Ukrainian war to make the necessary adjustments to both the CIPS and Digital currencies to ensure very limited dependence if not total independence on US dollars. I know the US will strictly use all manner of tools and manipulations within their reach to counter Chinese efforts but from every indication the US is rather late on this.
Presently apart from Operating Systems, popular software and microchips, US manufacture virtually only weapons and ammunition whereas the daily needs of every human race comes from Asian countries with China having the upper hand. People might soon be tired of wars.

We are waiting and watching

I was hoping to see a link between Digital currencies and Cryptocurrency, and of course — how it affects the dominance of the USD in global trade, but there appears to be none.

Aside savings on printing and logistics (involved with paper money circulation) and stricter regulatory control...of what other importance is this rave for DC to the countries?

Take the e-naira for example.
When it was launched, we thought it was the next big leap with the way it was hyped.
But look at it today.
How has it affected the rating of our currency to the dollar?
I'm curious really.

If anything, the government determining how and where you spend the currencies would only push people to embrace decentralised alternatives like bitcoin and other defi options.

DC doesn't seem to cut it.

Where is our E-naira sef

So lesbians also cheat if you have small fingers

One thing CBN got right...way to go

I can not have a reasonable savings of mine distributed to no digital currency

.

Hm

Well we all know it’s over for FIAT, and Nigeria is way ahead with E-Naira ��

wetin happen to our E NAIRA

The emergence of digital currency are a threat to the dominance enjoyed by the USA since inception till the 2000s.

But the USA were the ones who pushed for this unknowingly after the WTC bombings. The USA capped transactions at $10k which must be reported to every security agency!

sapientia:
There is nothing special about country digital currency

It will still be pegged to the value of their currency

Must still be minted based on actual liquidity of the currency it's pegged to

Whoever tied this to Ukraine war and as a means of circumventing sanctions must be clearly delusional.

Only good thing is transparency and reduced cost of physical currency

The above stated is why digital currency may not work in Africa since our leaders hate transparency.

country's digital currency will aid in cutting cost of minting hard currency

sapientia:
There is nothing special about country digital currency

It will still be pegged to the value of their currency

Must still be minted based on actual liquidity of the currency it's pegged to

Whoever tied this to Ukraine war and as a means of circumventing sanctions must be clearly delusional.

Only good thing is transparency and reduced cost of physical currency

The above stated is why digital currency may not work in Africa since our leaders hate transparency.

nairalands's pastor righteousness just did garbage in garbage out.

Jj

I have nothing to say I just book plspace for nothing

Ukraine will never give up, rather they gonna let this invasion escalate, leading to WWIII. Putin will understand this soon.



This doesn't stop Swiz disbursting Russia Central Bank money currently frozen by the West to Ukraine for rebuilding..

nedubrazil111:
Wetin happen to E-naira

what do you need E-naira for?

You actually typed that from a phone equipped with a US Software, a US Designed Chip, a US made fiber optic s etc

You all need to study how the global economy really works and why the US has a huge leverage/clout over other countries.

nedubrazil111:
Wetin happen to E-naira

Let us ask Sai Baba

[s]

IfIPerishIPeris:
The World is Preparing earnestly for the arrival of the " Man of lawlessness ".
Everything in society is screaming it is time!!

The Great news is that we who trust and believe in JESUS Christ and Watching and praying will be caught up and taken out of here any Moment to meet with JESUS in the sky.
The KING of kings is coming. Come in before it is too late .

[/s]

Since pastor unrighteousness is delaying in his doom tantrum, let me help him

All the above are pointing to end time

All this has been prophesied by prophet propeshier repent from digital currency or burn in holy ghost hell fire

[s]

OILNGASSPLY:
Do you know anyone into oil ? I have legitimate suppliers for NNPC certified AGO (Diesel) in metric tons as well as crude & PMS(Fuel) .call/Whatsapp the number on my signature if you’re interested

[/s]

nedubrazil111:
Wetin happen to E-naira

That one na joke taken too far

With bank mobile apps, POS and ATM, Digital currency makes no sense

IfIPerishIPeris:
The World is Preparing earnestly for the arrival of the " Man of lawlessness ".
Everything in society is screaming it is time!!

The Great news is that we who trust and believe in JESUS Christ and Watching and praying will be caught up and taken out of here any Moment to meet with JESUS in the sky.
The KING of kings is coming. Come in before it is too late .

Everything on Earth today, is been put in place in preparation of the coming of Christ..

He will rule the world with an iron rod...
Rev. 12:5