6th October 2022 > > CBDCs.

tl;dr

Central Bank Digital Currencies (CBDCs) are heading our way at pace.

Market Snap

Market Wrap

A Bloomberg headline describes the UK as “uninvestable”.

Curious Cryptos’ Commentary – Central Bank Digital Currencies (CBDCs)

Governments worldwide are salivating at the prospect of being able to launch their own CBDCs.

To clear up any confusion, CBDCs are NOT cryptos and never will be, though many people mistakenly believe that to be the case.

CBDCs are centralised, and far from immutable. They will give governments excessive clarity on spending habits and will allow bureaucrats to make moral and political decisions that should rightly remain with the individual.

Government theft of private property aka taxation will be enabled with the push of a button.

No wonder politicians are so supportive of this monstrous idea.

And it is of no surprise to learn that President Xi and his murderous colleagues have made sure that China has so far made the greatest progress.

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SWIFT (the Society for Worldwide Interbank Financial Telecommunications) is a key player in the settlement of international payments across different currencies.

In collaboration with Capgemini, a consulting firm, SWIFT has announced the successful trialling of CBDCs with settlements across different CBDCs, and a fiat to CBDC payment network. Tom Zschah, chief innovation officer at SWIFT, had this to say:

“Digital currencies and tokens have huge potential to shape how we will pay and invest in the future. But that potential can only be unleashed if the different approaches that are being explored have the ability to connect and work together. We see inclusivity and interoperability as central pillars of the financial ecosystem, and our innovation is a significant step towards unlocking the potential of the digital future.”

Larger trials are under way with many commercial banks.

It will not be long now before CBDCs become a part of all our lives.