BIS: CBDC Roll-outs may require changing The Constitution

Contact Your Elected Officials

Also: โ€œTiered remunerationโ€ means no privacy and negative interest rates.

The IMF is warning that with all these CBDCs about to launch, there need to be global inter-operability standards between them all, and theyโ€™re working on a global platform to facilitate just that.

Speaking at aย conference of African central banksย in Rabat, Morocco, IMF Managing Director Kristalina Georgieva said that there needs to be agreement among CBDC implementations,

โ€œon 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 cryptocurrenciesโ€

Not to be outdone, the Bank of International Settlements (BIS) worked with seven central banks to publish YARP (Yet Another Research Paper) on CBDC policy, entitled โ€œCentral Bank Digital Currencies: ongoing policy perspectivesโ€โ€ฆ (*yawn*).

The central banks involved were: Japan, Sweden, Switzerland, England, the United States, Canada, and the European Union.

The paper isย mostlyย a snoozer:

โ€œDevelopment of CBDC work requires careful consideration and engagement with a wide range of stakeholders, including the private sector and legislatorsโ€โ€ฆ 

โ€œTo successfully meet its public policy objectives, a CBDC ecosystem should allow a wide range of private and public stakeholders to participate and, in doing so, deliver services which benefit end users.โ€โ€ฆ

โ€œThe complex design questions and the potential risks arising from the implementation of any CBDC require careful consideration.โ€

Until you get to the rather innocuous sounding Annexes, like โ€œBox 2: Legal Considerationsโ€.

Thisย is where it starts to get interesting.

What are retail CBDCs, exactly?

The paper wonders: Are they cash? Deposits? Or something else entirely?

This is quite the question, because if CBDCs arenโ€™t cash, there has to be a reason why they wouldnโ€™t be. When you start to see where CBDCs are going: expiry dates, programability, social credit scores โ€“ what weโ€™re talking about is almost a kind of anti-cash (my observation, not the paperโ€™s).

Further, the paper wonders, would there need to be changes to banking charters, legislation or evenย the constitutionsย of the countries issuing them:

โ€œLegislation may need to be enacted or adjusted to specifically authorise the issuance and distribution of a retail CBDC (eg changes to central bank charters/statutes,ย legislationย in other areas related to paymentsย or to the constitution itself)โ€

Byย Mark E. Jeftovicย 

Read Full Article on BombThrower.com

The Thinking Conservative
The Thinking Conservativehttps://www.thethinkingconservative.com/
The goal of THE THINKING CONSERVATIVE is to help us educate ourselves on conservative topics of importance to our freedom and our pursuit of happiness. We do this by sharing conservative opinions on all kinds of subjects, from all types of people, and all kinds of media, in a way that will challenge our perceptions and help us to make educated choices.

The Sacred Honor of the 56

Today we're celebrating the sacred honor of the 56 men who signed the Declaration of Independence.

Alligator Alcatraz: A Bold Step Toward Secure Borders

Alligator Alcatraz funded through FEMA, represents a decisive move by the Trump admin to address illegal immigration with efficiency and resolve.

Is America Broke?

Silicon Valley investor and economic commentator Balaji Srinivasan made...

Hungary: Prideโ„ข Cometh Before the Color Revolution

The EU engaged in a diplomatic siege of the Eastern European nation-state of Hungary pressuring it into embrace global trannyism or face wrath of Brussels.

Understanding the Trump/Musk Feud

The passion Trump and Musk exhibit over the OBBB is not contrived or for show. Each is addressing the problem from completely different approaches.

Noem Waives Environmental Restrictions to Fast-Track Water Barriers in Rio Grande

DHS Sec Kristi Noem waived federal environmental laws to fast-track construction of 17 miles of waterborne barriers in the Rio Grande in South Texas.

Federal Officials Warn of โ€˜Lone Wolfโ€™ Terror Threats on July 4, NY Governor Says

NY Gov. Kathy Hochul confirmed that federal officials informed her about a possible terrorist threat ahead of the July 4 Independence Day holiday.

Record 1 in 5 Buyers of New Cars Committing to $1,000-Plus Monthly Payments: Edmunds

The share of new car buyers committing to make monthly payments of $1,000 or more hit an โ€œall-time highโ€ in the second quarter of 2025.

US Economy Adds 147,000 New Jobs, Unemployment Rate Dips to 4.1 Percent in June

The U.S. job market remained strong in June, as labor conditions continued to hold up amid economic uncertainty.

US Keeps Pressure on Chinese Goods Amid Vietnam Trade Deal

Transshippingโ€”rerouting goods through a third country to disguise the origin of the productsโ€”is a focal point of trade negotiations with Asian markets.

White House Report Reveals Top Earners, Staffers Working for No Salary

The Trump admin released its yearly report that shows the salaries for White House staffers, also revealing officials who arenโ€™t accepting salaries at all.

Transportation Secretary Urges Governors to Remove Political Messages From Crosswalks, Intersections

Duffy sent letters to governors, mayor of D.C., and gov of Puerto Rico urging them to remove political messaging from intersections and crosswalks.

Bessent: US, India Near Agreement to Lower Tariffs

The United States and India are โ€œvery closeโ€ to a trade agreement, Treasury Secretary Scott Bessent said on Tuesday.
spot_img

Related Articles