Digital Currencies to Force Cashless Society Timeline

Digital Money


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  • Timeline Summary ... go to timeline ... go to end

  • Scientists and Doctors Warn of Potential Serious Health Impacts of Fifth Generation 5G Wireless Technology ... We the undersigned, more than 180 scientists and doctors from 36 countries, recommend a

Digital Currencies Timeline ... Go to End of Timeline

  • 2016 Dec..NewsPunch...India: Millions Rise Up Against New World Order Ban On Cash ... Millions of protestors in India are rising up against a ruling class determined to take away their rights. There is anarchy in the streets as the Indian government continue to lean on mainstream media to suppress the scale of events and cover up the chaos caused by their draconian ban on cash. ... Populations relying on a fully digital cashless grid will be incredibly vulnerable in times of crisis. A terrorist or military attack, or even a storm or power outage, would mean the end of a functional economy.
  • 2016 ..DissidentVoice...Several central banks, including the Bank of England, the People’s Bank of China, the Bank of Canada and the Federal Reserve, are exploring the concept of issuing their own digital currencies, using the blockchain technology developed for Bitcoin. Skeptical commentators suspect that their primary goal is to eliminate cash, setting us up for negative interest rates (we pay the bank to hold our deposits rather than the reverse). But Ben Broadbent, Deputy Governor of the Bank of England, puts a more positive spin on it. He says Central Bank Digital Currencies could supplant the money now created by private banks through “fractional reserve” lending – and that means 97% of the circulating money supply. Rather than outlawing bank-created money, as money reformers have long urged, fractional reserve banking could be made obsolete simply by attrition, preempted by a better mousetrap. The need for negative interest rates could also be eliminated, by giving the central bank more direct tools for stimulating the economy. ... In a speech at the London School of Economics in March 2016, Bank of England Deputy Governor Ben Broadbent pointed out that a Central Bank Digital Currency (CBDC) would not eliminate physical cash. Only the legislature could do that, and blockchain technology would not be needed to pull it off, since most money is already digital. What is unique and potentially revolutionary about a national blockchain currency is that it would eliminate the need for banks in the payments system.
  • 2020 Apr 26..Investopedia...Any means of payment that exists purely in electronic form. Digital money is not tangible like a dollar bill or a coin. It is accounted for and transferred using computers. The most successful and widely-used form of digital money is the cryptocurrency Bitcoin. Digital money is exchanged using technologies such as smartphones, credit cards, and online cryptocurrency exchanges. In some cases, it can be transferred into physical cash, for example by withdrawing cash from an ATM. ... In a country where 98% of transactions are performed using cash, the sudden ban on cash transactions, and the withdrawal of cash from circulation, has created outrage. ...
  • 2019 Dec..Coindesk...Venezuela’s Maduro Says He Will Airdrop Half a Petro Each to Public Employees, Retirees ... Maduro said that the airdrop will be another opportunity to encourage Venezuelans to switch to the petro, which has been available to the public since October 2018. Considering the national minimum wage is less than $10 a month, eligible citizens will be strongly incentivized to register for the app. During the same announcement, the president also said more than 500,000 petros would be paid out from the state’s own supply to support town and local governments across the country. This is the latest in a series of efforts to push nationwide adoption. In September, Maduro ordered future funding for a social housing initiative to be paid out in petros. Back in the summer, he requested the Bank of Venezuela (BoV), one of the country’s largest banks, to make the token available to its customers. Despite a limited number of use-cases, the government has reportedly been paying state pensions in petro for the past year. Although the petro has received strong government support and been in circulation for more than a year, it hasn’t found much organic growth across the Venezuelan economy. There were only 400 businesses that accepted petro payments as of last month, according to a government press release. In the same release, Maduro ordered businesses to begin integrating the petro so it can be as widely accepted as the nation’s fiat currency, the sovereign bolivar.
  • 2020 Apr 26..ActivistPost...I...CV-1984: China Rolls Out Test Of Digital Currency In Four Cities, Western Businesses Testing ... After the coronavirus caused China to shut down most of its businesses, and cities, the country is now striking back hard by releasing a digital currency and national blockchain. China’s central bank The People’s Bank Of China, began testing its new digital Yuan’s interface on April 14th with one of its largest banks, the Agricultural Bank of China, rolling out a test UI. Two weeks later, there are reports that a pilot has been launched. Nineteen restaurants and retail establishments including popular Western restaurant chains like Starbucks, McDonald’s and Subway are participating in the test, reported. The test run is taking place in at least four cities in China—Shenzhen, Suzhou, Chengdu and Xiong’an, according to China’s central bank which confirmed the test of its new digital Yuan officially called “Digital Currency Electronic Payment (DCEP)” to the Wall Street Journal.
  • 2020 May 10..Cointelegraph...Iran Ditches Rial in Hyperinflation Crisis — Bitcoin Demand Rises Iran is set to redenominate its fiat currency, removing four zeros to create a new fiat called toman as demand for crypto is surging. ... Ravaged by crippling hyperinflation, Iran’s Parliament has sanctioned the redenomination of its fiat — the rial — by replacing it with a new currency called the toman. According to the plan, each toman will be worth 10,000 rials. The redenomination plan effectively removes four place values (four zeros) from the Iranian national currency as part of efforts to kickstart an economic recovery from the country. It is a move that echoes steps taken by other countries like Venezuela and Zimbabwe amid huge inflation.
  • 2020 May 15..Bitcoin...Following the third bitcoin halving on May 11, 2020, there’s been a big shift in mining pool distribution, as far as hashrate is concerned. At the time of publication, there’s around 100-115 exahash per second (EH/s) in search of bitcoin blocks and spectators have seen two relatively unknown mining pools join the top mining pool contenders. Both of these new mining pools capture around 14 EH/s today, and the top operations F2pool and have around 34 EH/s between both pools. ...
  • 2020 May 17..NaturalNews...Bitcoin could temporarily skyrocket to $100,000 as the U.S. dollar collapses due to the total blowout Federal Reserve fiat currency printing orgy that’s now under way. The dollar is being utterly obliterated, and both Trump and the big banksters are drunk with helicopter money. There is no way out now other than massive money printing, followed by extreme currency devaluation and ultimately hyperinflation of the prices of consumer goods (yes, even though deflation is the current trend, all the money printing will inevitably result in hyperinflation before long). ...U.S. Treasury bills will be paying strongly negative interest rates — such as negative 5%, for example — and many people will see Bitcoin as a far better alternative than a guaranteed 5% loss in treasuries. ... when Bitcoin is $100,000 per coin, it doesn’t mean it’s actually “worth” what you might think $100,000 is worth today. Depending on the degree of currency debasement, $100,000 might only cover one month’s rent ... but a catastrophic decline could happen overnight...This could happen literally overnight. For example, what happens if the U.S. government announces an oil-backed cryptocurrency that’s also backed by the Fed? Or if China announces a gold-backed hybrid crypto solution? ... the biggest risk is to hold dollars ... So you’d better start thinking about things like trading Bitcoin for land, commercial buildings, residential real estate,
  • 2020 May 17..SHTFPlan...On Twitter, JUST RECENTLY, President Trump WENT TO WORK, defending the price of America’s stock market. This was in response to the remarks made by (Jews and crypto Jews) Sam Zell (real estate billionaire), David Tepper (billionaire owner of the Carolina Panthers), Stanley Druckenmiller (legendary trader partner of George Soros), Ray Dalio (who needs no introduction), James Gorman (CEO of Morgan Stanley), Jim Chanos (best SHORT-SELLER in history) and several other POWERBROKERS, who are telling us the markets are SEVERELY overvalued. In response, Trump tweeted this: (paraphrased: 'the rich guys make money in up and down markets with options trading) ...I agree that gurus can MOVE MARKETS with mere words, but in my opinion, THEY’RE RIGHT, even if Donald wants the market comeback on his watch, right before elections.
  • 2020 May 17..SHTF... Blockchain Arms Race The U.S. Department of Defense ...DoJ can’t afford to lose the global military blockchain race to Russia and China, warns a new white paper by Amazon Web Services, IBM, Deloitte and others. “The two superpowers that pose the greatest threat to the U.S. are both heavily investing in both the research and development of blockchain technology,” the briefing said. China’s on the “economic warfare” offensive with its digital currency. Russia is on defense with a lab dedicated to blockchain cyber threat mitigation. For U.S. security interests, blockchain could assist the military in anything from “weapons release” [Ed. note: "just what bitcoin's founders intended."] to stopping data erasure, as well as bolstering command and control mechanisms.
  • 2020 May 20..Cointelegraph...Chinese Communist Party Adds Crypto to Curriculum Chinese Communist Party school publishes a new book on crypto. ... According to a local blockchain news report on May 19, the Party School of the Central Committee of the Communist Party of China — also known as the Central Party School — published the book as part of a book series on disruptive technologies. Previous entries in the series include “A Dialogue With Party Leaders About AI” and“ A Dialogue With Party Leaders About Blockchain”. The aim of the book series is to provide a source for party officials and the general public for learning about emerging new tech trends. Chinese central bank executives, commercial banking executives and regulators were invited to write the prologue for the new published crypto book.
  • 2020 May 22..Cointelegraph...“Offering a cross-border payments solution built on top of a digital dollar would, particularly if designed to be minimally disruptive to the structure of the domestic financial system, be a very modest investment to protect a key means to project power in the global economy.” ... While the analysts do not anticipate the dollar losing its status as global reserve currency anytime soon, they pointed to some of the weaker links in the currency’s dominance — including in trade settlement and the SWIFT messaging system.
  • 2020 May 27..RT...China to launch digital yuan next year to replace cash ... The People’s Bank of China has revealed plans to have its sovereign digital currency ready in time for the 2022 Winter Olympics. The announcement comes as the Covid-19 pandemic has accelerated a shift away from paper money. Limited trials are already underway in Shenzhen, Suzhou, Chengdu and the Xiongan New Area in the northern province of Hebei, said the central bank’s governor Yi Gang. He told reporters that China’s government plans to run pilot tests at Olympic venues, though there remains no official timetable for a release.
  • 2020 May 27..RT....China’s digital yuan will displace US dollar’s hegemony & bitcoin will join race, investor tells RT’s Keiser Report ... US Treasury Secretary Steven Mnuchin recently rejected suggestions that the Trump administration is weaponizing the dollar through its trade-restricting policies with other countries. Max Keiser is joined by American investor and the CIO of Morgan Creek Capital Mark Yusko to discuss media reports that weaponizing the greenback could kill its status as the world reserve currency. They also examine alternatives to the US dollar. “We’ve been on this path for decades; we’ve always weaponised the dollar and the United States,” says Yusko. ... Yusko points out that “you can’t sanction a country if the alternative is they can transfer their bolivars or whatever into bitcoin. It’s unconfiscatable.”
  • 2020 May 31..DailyHODL...Crypto Analyst: Bitcoin Stock-to-Flow Model Just Printed a Signal Indicating the Start of a New Bull Cycle ... The crypto strategist popular for applying the stock-to-flow (S2F) ratio to Bitcoin reveals that the model has printed a signal that has not been seen since the crypto bull run in 2017. In a viral tweet, the anonymous analyst known as PlanB provides a crucial update to the S2F model for his 105,000 Twitter followers. The S2F model compares the amount of commodity in circulation divided by the amount produced every year. The model is traditionally used to analyze the intrinsic value of precious metals such as gold and silver. PlanB’s model shows that Bitcoin’s stock-to-flow ratio increases as the rate of new BTC supply decreases over time. The crypto analyst also illustrates how the value of Bitcoin closely follows the cryptocurrency’s S2F ratio using dots, which represent the monthly closing price of BTC.
  • 2020 Jun 2..RT...China’s digital yuan could replace bitcoin & end US dollar hegemony ... The Chinese sovereign digital currency, which may be offered to the public next year, is projected to replace paper money. Analysts say it may even shift the global balance of economic power. The People’s Bank of China last week revealed plans to have its sovereign digital currency ready in time for the 2022 Winter Olympics. Limited trials are already underway in four cities across the country. ... While launching studies on its own digital unit as far back as 2014, Beijing has cracked down on the use of all cryptocurrencies, such as bitcoin. Cryptocurrency trading has been halted on some 100 exchanges in the country since 2017, in compliance with regulation on fraud and money laundering ... the digital version of the Chinese renminbi could eventually allow Iran and other countries to more easily evade US sanctions or move money without it being spotted by Washington. They explained in an article for Foreign Affairs that one day it might be possible to transfer the digital currency across borders without going through dollar-based international payment systems.
  • 2020 Jun 2..Coindesk...US Offers $5M Bounty for Arrest of Venezuela’s Crypto Chief ... Immigration and Customs Enforcement (ICE) added Joselit Ramirez Camacho to its Most Wanted List on Monday, accusing him of a number of violations related to international commerce and his alleged involvement in the international drug trafficking scene.
  • 2020 Jun 11..WorldNewsNetwork...Bitcoin has struggled to find support in the U.S. government, with president Donald Trump, along with Treasury secretary Steven Mnuchin, leading the criticism. Now, it’s been revealed the U.S. Department of Defense has wargamed scenarios involving a Generation Z rebellion that uses bitcoin to undermine and evade “the establishment.” MORE FROM FORBESBitcoin Counters Donald Trump’s Antifa Protest ThreatBy Billy Bambrough
  • 2020 Jun 11..Coindesk...Bitcoin has has long been feted as a new form of money, a two-finger salute to the establishment, even as a digital equivalent to gold, but it’s not often prized for its stability. That could change with the introduction of a new futures contract. ... The House Financial Services Committee (FSC) Task Force on Financial Technology will be evaluating how FedAccounts and other digital tools might help the federal government distribute stimulus payments to help Americans suffering the economic fallout of COVID-19. The virtual hearing kicks off at noon Eastern (16:00 UTC). The concept of using FedAccounts to manage digital currencies has gained traction during the pandemic: bills introduced to the committee have suggested using bank accounts managed by the Federal Reserve to issue stimulus payments. The U.S. government has issued one round of payments by check, but only individuals who have filed taxes within the last two years received them. The idea behind FedAccounts is that any U.S. resident could receive these funds in a snap, rather than wait for a piece of paper mailed across several weeks by the Internal Revenue Service (IRS). “What we discovered is that large segments of the population were not included in the financial system in that they didn’t have either bank account information with the IRS or were otherwise reachable,” said J. Christopher Giancarlo, one of the witnesses for Thursday’s hearing, in a phone interview. “The government had to resort to good old trusty paper checks with the delay in time and the imprecision and the challenges that presented to populations that didn’t have bank accounts.”
  • 2020 Jun 15.NewsPunch.....related to blockchain ...Technical Advisor Resigns From ID2020 Alliance Expressing Concerns Over Thier Mission ... Renieris, a Harvard lawyer, resigned from the organization due to a difference of opinion over the organization’s direction. She claims the organization is not transparent and is concerned that they would get involved in COVID-19 immunity passports. Renieris believes that immunity passports are premature and could potentially infringe privacy rights for tests that are unproven and that the identity and blockchain standards are still a work in progress. The ID2020 Alliance was founded by Accenture, Microsoft, Gavi, the Rockefeller Foundation and IDEO and has also been the subject of one of the many Coronavirus conspiracy theories related to Bill Gates
  • 2020 Jun 15.Coindesk....U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton may be the next U.S. Attorney for the Southern District of New York. According to a Department of Justice press release published late Friday, Clayton was nominated by U.S. President Donald Trump to helm the prosecutor’s office, three years after he first took on the role as chairman of the nation’s top securities regulator. Clayton’s term as chairman was slated to expire in 2021. The press release said current SDNY U.S. Attorney Geoffrey Berman would be stepping down, but he denied plans to resign in a statement late Friday. “I have not resigned, and have no intention of resigning, my position, to which I was appointed by the Judges of the United States District Court for the Southern District of New York,” Berman said in the statement. Meanwhile, in a statement attributed to Attorney General William Barr, the DOJ announced that U.S. Attorney for New Jersey Craig Carpenito would serve in the Southern District role on an interim basis starting July 3, until Clayton is confirmed by the U.S. Senate.
  • 2020 Jun City, a “futuristic cryptocurrency themed city” founded by famous singer Akon, is ready to begin construction, with a plan to use the akoin cryptocurrency exclusively. Phase one of Akon City’s construction will include roads, a hospital, a mall, hotels, and a school. There will also be parks, universities, a stadium, and an industrial complex. ... Akon, whose full name is Aliaume Damala Badara Akon Thiam, is a famous singer, songwriter, actor, and record producer. He has sold over 35 million albums worldwide and received 5 Grammy nominations for The Sweet Escape, Bartender, Konvicted, I Wanna Love You, and Smack That. “Akoin is a cryptocurrency powered by a marketplace of tools and services fueling the dreams of entrepreneurs, business owners, and social activists as they connect and engage across the rising economies of Africa and beyond,” the project’s website details. According to Thursday’s announcement:
  • 2020 Jun 21.QLCChain...About QLC Chain QLC Chain project is founded by a group of telecom and blockchain technology experts with entrepreneurial spirits. The team consists of over 20 developers, all with telecom, chips, eSIM, P2P network, encryption experiences, with offices in Mainland China, HK, Silicon Valley, and Europe. The full structure of QLC Chain matured in 2017, aiming to deeply integrate telecom capabilities on a public chain, to build a trusted environment for telecom billing, security and addressing. The public chain has launched in 2018. In the 5G era, the public chain underpinned network will support the convergence of transmission, content recognition and instant payment.
  • 2020 Jun 21.EpochTimes...The rapid growth in online sales around the world forced governments to determine how to tax transactions online in a country where companies sell goods and services without having a physical presence. These companies include e-commerce marketplaces, social media, cloud services, and other web-based services platforms. The Organisation for Economic Co-operation and Development (OECD) has stepped in to coordinate talks among more than 130 member countries. The negotiations have been going for months to rewrite tax laws with a goal of reaching a solution by the end of the year. The objective of these talks is to prevent conflicting policies that have arisen unilaterally in consumption and digital services taxes. ... Individual countries have been implementing their own digital services taxes (DSTs), which are applied to revenues rather than profits. These taxes only focus on companies that have significant global and domestic earnings, so they mainly affect large American firms such as Amazon, Apple, Facebook, Google, and Microsoft, according to the Information Technology and Innovation Foundation (ITIF), a U.S. think tank. ...
  • 2020 Jun 24...Coindesk...BitLicense at 5: Despite Architect Lawsky’s Hopes, Few States Copied NY Rules Danny Nelson ... Instead of setting a model, Lawsky’s NYDFS had created what legislatures in other states now consider a case study in how not to regulate an industry whose complex technical details can quickly confound over-broad and ill-defined rules, as critics – and there are many – allege of New York’s BitLicense. Proponents may hail the BitLicense as a much-needed sheriff for lawless cryptoland and detractors may blast it as the Empire State’s innovation Death Star. But not a single other state has enacted regulations that mimic the BitLicense in the half-decade since New York’s controversial crypto rules took effect.
  • 2020 Jun 26...YahooFinance...A popular narrative argues the massive stimulus programs from the Federal Reserve, launched to counter a coronavirus-induced recession, could hyperinflate the economy and fuel a major rally in bitcoin. However, that bullish theory, which suggests the cryptocurrency would be viewed as a hedge asset in dire economic times, has been dealt a blow by recent data from the U.S. central bank. The data suggests inflation is likely to remain absent for some time and, in fact, the probability of the U.S. economy slipping into deflation is rising.
  • notes: DAG technology is an alternative system that allows cryptocurrencies to function similarly to those that utilize blockchain technology without the need for blocks and miners. ... A DAG is a finite directed graph which does not have directed cycles.
  • 2020 Jun 26...CoinTelegraph... An Israeli Blockchain Startup Claims They’ve Invented an ‘Undo’ Button for Bitcoin Transactions ... Kirobo has invented “Retrievable Transfer,” a way for senders to cancel a transaction that is sent to the wrong address. Kirobo provides a unique code to the sender and the receiver has to enter the matching password in order to receive the transfer. “Until the right code has been provided by the recipient, the sender can retrieve the funds at any time. [...] Kirobo does not hold the user’s private key and has no access whatsoever to the funds or their destination: the password simply governs whether the transfer is finalized or not,” the startup said. The platform has reportedly been audited by cyber intelligence company Scorpiones Group and is supported by the Israel Innovation Authority.
  • 2020 Jun 26...CoinTelegraph....Digital Dollars Take Center Stage in Hearing Before US Senate ... an audience of Senators looking to upgrade financial infrastructure and expand financial inclusion in the country. ... The banking committee welcomed Paxos CEO Charles Cascarilla, financial inclusion professor and researcher at Duke Nakita Cuttino, and former CFTC Chair and current champion of the Digital Dollar Project Chris Giancarlo as witnesses. Cascarilla provided expertise on how existing stablecoins operate and the gaps in current finance that they fill. In his words, “Stablecoins address the antiquated plumbing of our financial system.” ... Committee Chair Mike Crapo (R-ID) cautioned that “the U.S. must have clear rules of the road in place that protect businesses and consumers without stifling innovation,” echoing a broad desire to support businesses. Many republican committee members emphasized competition with China, which seems to be much further along with a digital yuan than the U.S. is with a digital dollar. ...
  • 2020 JuL 3...ActivistPost....It doesn’t require too dark an imagination to realize the gravity of the concerns over the digital yuan. China is a true pioneer when it comes surveillance, censorship and political oppression and the digital age has given an incredibly efficient and effective arsenal to the state. Adding money to that toolkit was a move that was planned for many years and it is abundantly clear how useful a tool it can be for any totalitarian regime. The ability to track citizens’ transactions, access their financial data, control and freeze the account of anyone that presents a potential threat, it all opens the door to the ultimate oppression: total control over private resources, over people’s livelihoods and their capacity to cover their basic needs. ... Xu Yuan, a senior researcher with Peking University’s Digital Finance Research Cen­tre, highlighted the regulatory benefits of making all cash flow in society traceable. “In theory, following the launch of the digital yuan, there will be no transaction that regulatory authorities will not be able to see – cash flows will be completely traceable, ...That’s probably the most oft-repeated argument in our “civilized” Western democracies, right before some terrible governmental abuse of power takes place, or before some new restrictive law or overarching regulation gets passed that limits individual citizens’ rights. A lot of people thought that the PATRIOT Act could never get passed, that banking secrecy would always be respected, and that there’s no way we’d ever see a global economic shutdown by decree. By comparison, a digital fiat currency is not really that far-fetched. In fact, about 20 central banks apart from the PBOC are already actively working on it. As for the possibility of digital currencies and payments systems being enforced, most central bank officials and politicians in the West seem to be quite confident. In a recent interview, Philadelphia Federal Reserve bank president Patrick Harker said a real-time digital payments option was “inevitable”, while the chief of the Bank for International Settlements also recognized that central banks will need to issue their own digital currencies soon. During the corona relief debates in the US, Democratic Senator Sherrod Brown, advocated for the stimulus payments to be distributed thought a digital dollar wallet. The so-called ‘FedAccount’ program, with the Federal Reserve responsible for overseeing it, would offer free bank accounts to receive money and make payments.
  • 2020 JuL 4...Yahoo...E-Gold Claims US Officials Buried Key Report in 2008 Landmark Crypto Ruling ... A defunct digital currency project that was a precursor to bitcoin has claimed the U.S. government suppressed crucial evidence in a 2008 landmark case that has since shaped the cryptocurrency industry. E-Gold’s former directors filed a petition Tuesday for a writ of coram nobis – in which the court changes the original judgment upon discovery of a fundamental error – at the District of Columbia court. Founded in 1996, E-Gold allowed users to trade digital units backed by precious metals – at its peak, the company held around $85 million in gold. The U.S. government charged E-Gold with being an unlicensed money transmitter in 2007; the project’s directors pleaded guilty in 2008. The ex-directors now claim in court that the federal government unlawfully concealed a 2006 review from Florida’s Office for Financial Regulation (OFR) so they “could make an example” out of E-Gold. Per the filing, the OFR review said E-Gold did not count as a money transmitter, as the gold-based asset was closer to a commodity than a fiat currency under state law. E-Gold’s former directors claim the court’s judgment would have been substantially different had they been allowed access to the OFR review The E-Gold case effectively extended the definition of “money transmitter” in the U.S. to include any system that stored and transferred value. Many crypto businesses subsequently have had to be regulated as money transmitters in individual states if they want to operate legally in the U.S.
  • 2020 Jul 6...StevenGuiness...BIS Innovation Hub: The Gradual March to Central Bank Digital Currency Continues to Advance ... This time last year (July 2019) when the Bank for International Settlements released their Annual Economic Report, it combined with the announcement of a new initiative called the ‘BIS Innovation Hub‘ (also known as ‘Innovation BIS 2025‘). The BIS refer to the Innovation Hub as a medium term project that comprises three main elements: Identify and develop in-depth insights into critical trends in technology affecting central banking Develop public goods in the technology space geared towards improving the functioning of the global financial system Serve as a focal point for a network of central bank experts on innovation
  • notes: The BIS, Bank of International Settlements was initially set up to handle reparations payments after WWI from Germany, was run by Jew banksters...The 'Stab in the Back' by the Jews caused Germany to lose WWI which setup WWII...Jew warmongers made $trillions.
  • 2020 Jul 9...WorldCoinIndex...Chinese Ride-Hailing Giant Didi to Test PBoC Central Bank Digital Currency - Digital Yuan ... Digital Currency Electronic Payment, or DCEP... The partnership is a key milestone in DiDi’s ongoing initiatives to enhance the interconnectivity of online and offline economic sectors in China, ... Didi is the world’s second-highest-valued unicorn startup valued at $56 billion and with over 550 million users across Asia, Latin America and Australia. Called as the Uber of China, its major services include public transportation and food delivery. The company also plans to release over 1 million self-driving cars in the market through its autonomous subsidiary, by 2030. ... PBoC is conducting CBDC tests at some commercial shops like Subway, McDonalds, and Starbucks and has asked all government representatives to participate in it. China has been Asia’s contender to work on a CBDC project and has accelerated all its developments over the last year. Another Asian economic giant - Japan - also plans to soon start testing the Digital Yen looking to the rising developments in global market.
  • 2020 Jul 12...TheBlockCrypto...CFTC to develop 'holistic framework' for crypto assets by 2024 ... The derivatives regulator has said: “We will develop a holistic framework to promote responsible innovation in digital assets” ... The regulator said it had granted designated contract market (DCM) licenses for exchanges "specializing in futures relating to digital assets,” referring to the likes of ErisX and Bitnomial (both the exchanges are cleared by the CFTC to offer bitcoin futures). ... The regulator currently classifies bitcoin (BTC) and ether (ETH) as commodities, and hence there are futures contracts legally available for both (for now, only ErisX offers ether futures). ... If an asset is a commodity, it falls under the jurisdiction of the CFTC, and it's a security that falls under the SEC's jurisdiction.
  • 2020 Jul 13...ActivistPost...Coin Shortage Ramps Up War on Cash ... Many retail businesses including grocery stores and fast food restaurants have been wrangling with a national coin shortage. Some are posting notices informing customers that they will need to pay in exact change or use alternative payment methods such as credit cards. What’s driving this scarcity of quarters, dimes, nickels, and pennies? The answer from the U.S. Mint: COVID-19. The virus caused some Mint branches to temporarily slow or suspend production this spring. By May, the total number of circulating coins minted this year came in at around 4 billion, a 1 billion-coin shortfall compared with the same period in 2019. Now as economic activity recovers, there aren’t enough coins to go around.
  • 2020 Jul 13...Economic Policy Journal....Bank of England Considering Creating a Digital Currency ... A central bank running an e-currency is extremely frightening. This would mean all transaction would be tracked by the government and potentially some transactions would be blocked from taking place. Not even George Orwell expected this.
  • 2020 Jul 14...TheBlock...PayPal reveals that it is developing crypto capabilities ... Payments giant PayPal has disclosed that it is developing crypto capabilities In a letter to the European Commission in March, PayPal said it has taken “unilateral and tangible steps to further develop its capabilities in [the crypto-assets] area” PayPal’s revelation is significant since it is said to be in the works to offer crypto buying and selling services to its over 300 million users
  • 2020 Jul 16...Yahoo....Twitter Says ‘Coordinated Social Engineering’ Attack Caused Bitcoin Scam ... A mass takeover of big-name celebrities including former Vice President Joe Biden, former U.S. President Barack Obama, Kanye West, and Elon Musk saw their accounts compromised, starting at 19:00 UTC. Twitter said in a series of tweets that hackers targeted “some of” its employees who had access to internal tools, which they used “to take control of many highly-visible (including verified) accounts and Tweet on their behalf.” The social media platform is looking into what else was impacted, while restoring accounts to their users. Motherboard, VICE Magazine’s tech section, said it spoke to two sources who took over accounts, who claimed they paid a Twitter insider to manage the takeovers. Twitter being “highly centralized” led to the hack, said Ben Sigman, CTO at blockchain startup Make Sense Labs. Twitter employees have “godmode” access to create Tweets from any user, Sigman claimed. It’s worth noting all addresses are Bech32/Segwit addresses which helps narrow down the wallet and service being used.
  • 2020 Jul 16...ZeroHedge...Coin Shortage Strikes Walmart, Customers Required To Pay With Card At Self-Checkout ... Twitter users seem to think the pandemic was a cover by elites to push a "cashless society:"
  • 2020 Jul 17...Binance... What is ....Layer 2 Share Community Submission - Author: Antoni Paszke ... Layer 2 refers to a secondary framework or protocol that is built on top of an existing blockchain system. The main goal of these protocols is to solve the transaction speed and scaling difficulties that are being faced by the major cryptocurrency networks. For instance, Bitcoin and Ethereum are still not able to process thousands of transactions per second (TPS), and this is certainly detrimental to their long-term growth. There is a need for higher throughput before these networks can be effectively adopted and used on a wider scale. In this context, the term “layer 2” refers to the multiple solutions being proposed to the blockchain scalability problem. Two major examples of layer 2 solutions are the Bitcoin Lightning Network and the Ethereum Plasma. Despite having their own working mechanisms and particularities, both solutions are striving to provide increased throughput to blockchain systems. Specifically, the Lightning Network is based on state channels, which are basically attached channels that perform blockchain operations and report them to the main chain. State channels are mainly used as payment channels. On the other hand, the Plasma framework consists of sidechains, which are essentially small blockchains arranged in a tree-like structure.
  • 2020 Jul 17...Yahoo/Coindesk....Money Reimagined: This Isn’t Good for Bitcoin ...No, blockchain does not fix this. By “this” I don’t mean centrally controlled databases that are vulnerable to attack, the problem highlighted by this week’s massive Twitter hack. I mean the meta problem of yet more bad publicity, with the word “bitcoin” again associated with fraud and unsavory behavior, a picture that cryptocurrency advocates will again struggle to avoid. That problem will indirectly but greatly contribute to ongoing public pressure for regulatory constraint on the cryptocurrency industry, which will impede innovation in the sector and its prospects to bring positive change to a broken financial system. Related: Twitter Hacker Is Mixing Bitcoin Loot Using a Wasabi Wallet, Elliptic Says ... news broke that the Securities and Exchange Commission and the Commodity and Futures Trading Commission had forced two separate settlements, worth $150,000 each, out of Abra Global, the crypto-based provider of synthetic digital asset products. Abra, which counts American Express and Indian billionaire Ratan Tata among its investors, has long been seen as one of the most innovative companies in the crypto industry. It launched in 2014 with what was then a radical idea for a crypto-collateralized synthetic stablecoin enabling peer-to-peer remittances from the U.S. to the Philippines. (Abra wasn’t providing an actual token to users, but a contract giving them rights to a fixed-dollar value worth of underlying bitcoin, a deal it achieved via some sophisticated hedging techniques and by using the intermediary-free Bitcoin blockchain as the settlement layer.)
  • 2020 Jul ...21stCenturyWire......Why Washington’s War on Huawei is Not Working ... Putting aside for one moment the the debate over the health and safety of 5G networks – it’s becoming clear by Washington’s behavior that these networks are more about government-corporate mass surveillance than it is about providing telecoms services. ... For Washington, Chinese telecommunication giant Huawei presents a nearly unsolvable problem. We can draw this conclusion by looking at how the US has chosen to compete, or rather, what it is substituting instead for what should be competition. ... It is unclear how acquiring foreign networking companies already being out-competed by Huawei would tip the balance in Washington’s favor or how companies like Ericsson and Nokia with respectable market shares would benefit from being drawn into economic warfare between the US and China, two nations both companies currently enjoy doing business in. Even in the best-case scenario it is unlikely US efforts would materialize and begin showing results fast enough to significantly or permanently set Huawei back.
  • 2020 Jul ...CoinTelegraph...Key Metrics Show Institutional Demand for Bitcoin Is Surging ...Rapidly Grayscale’s $1.4-billion inflow in the first half of 2020, along with two other key factors, shows institutional demand is surging rapidly. ... According to crypto asset fund Grayscale, its products recorded an inflow of $1.4 billion in capital. The investment firm is best known for the Grayscale Bitcoin Trust, which allows institutions in the United States to gain exposure to Bitcoin through a publicly-traded over-the-counter stock. If the demand for Bitcoin climbed steadily in the first three months of 2020, it surged rapidly from March to June. One possible explanation for the sudden increase in attraction toward Bitcoin is its crash in early March when Bitcoin’s price briefly dropped below $3,600 on BitMEX. More than $1 billion worth of futures contracts were liquidated, but in the 72 hours that followed, the volumes in retail markets surged substantially, especially on platforms like Coinbase. Similar to their retail counterparts, institutional investors likely bought large amounts of BTC after the major correction. The assets under management of the Grayscale Bitcoin Trust rose from $1.577 billion to $3 billion, from March 17 to May 13.
  • 2020 Jul 24...TheBlock...Coinbase's latest institutional review reveals it has 35 million customers ... It also shows they are expanding their trading capabilities and want to help fintechs dive into crypto. ... it would soon start offering clients the ability to trade across several pools of liquidity vis-a-vis its acquisition of crypto broker Tagomi. ..."In H1 2020, the digital asset market continued its evolution towards multi-venue best execution, in which clients expect to route trades through brokerages that aggregate liquidity and offer advanced execution algorithms. ..."We anticipate that the combination of Coinbase’s rapidly advancing crypto-as-a-service capabilities, which make adding crypto easier for fiat-native businesses, as well as visible success stories from public companies that have embraced digital assets, will continue to drive new entrants from the fintech, brokerage, and banking sectors,"
  • 2020 Jul 24...BloombergLaw...Bitcoin Deemed ‘Money’ Under D.C. Financial Services Law (2) ...The court declined to dismiss criminal charges against Larry Dean Harmon, the operator of an underground Bitcoin trading platform, for running an unlicensed money transmitting business under D.C. law and for laundering money under federal law. The ruling will likely have minimal impact on how Bitcoin is treated by the market, but establishes parameters on how the District of Columbia regulates cryptocurrency in money transmission. It also brings the D.C. rule in line with how federal and state authorities treat Bitcoin for the purposes of anti-money laundering purposes. Harmon, who allegedly portrayed his platform as a service for stripping Bitcoin of any link to illegal transactions, was indicted by a federal grand jury in 2019. He sought to dismiss the illegal-money-transmission claims, arguing that Bitcoin isn’t “money” under the MTA and that his platform wasn’t a “money transmitting business” under the U.S. Code.
  • 2020 Jul 29...FastCompany...Bitcoin is on a surge . . . and no one knows why. The digital currency is up over 17% since July 20, the same period during which the Dow Jones Industrial Average dropped nearly 2% and reported cases of COVID-19 topped 4.3 million in the United States. As of this afternoon, the price was nearly $11,000. ... The spike comes on the heels of a decision by the Office of the Comptroller of Currency last week allowing banks to hold cryptocurrencies. Up to now, banks and funds had avoided bitcoin and other cryptocurrencies due to regulatory concerns—though banks likely have not yet had time to react, and bitcoin’s current upswing started before that decision. ...Two prominent Wall Street veterans are predicting that this is just the beginning of an even bigger rise that will see bitcoin more than double.
  • 2020 Jul 30...Yahoo Finance...Central Banks Are Privacy Providers of Last Resort ...It certainly seems like it. Back in 2017, Denmark’s central bank proclaimed it would “not be appropriate or acceptable” to issue an anonymous digital currency for public use. But a recent Bank of Canada paper floats the idea of issuing digital currency with “enhanced privacy features.” It’s almost as if over the last 24 months central bankers have become bitcoiners (or at least zcashers).
  • 2020 Jul 30...Yahoo Finance..Scalable blockchain Elrond has made the leap onto its mainnet and drastically reduced the token supply in the process. As part of the transition, Elrond said total token supply had been drastically reduced from 20 billion to just 20 million. Rather than burning tokens, Elrond is using an exchange swap where 1,000 testnet ERD tokens translate into just one token on mainnet – called Elrond Gold (eGLD). ERD tokens are currently trading at $0.02, according to CoinGecko, up 1,200% year to date. The redenomination means new eGLD tokens will be worth $24.80 each. At the present market cap, the move onto mainnet means $473 million worth of tokens have been redenominated. Starting in 2018, Elrond describes itself as an interoperable blockchain network that uses sharding to scale to up to 250,000 transactions per second. It raised $3.2 million by selling 25% of the token supply in an exchange offering on Binance Launchpad in 2019.
  • 2020 Aug 2 ...notes: Byzantine Generals Problem ...**The “Byzantine generals’ problem” or the “Byzantine Fault.” In essence, the Byzantine generals’ problem is an allegory in the field of computer science, which tells a story of two generals (there can be more than two generals) planning to attack an enemy city. The generals tell both armies to attack from each side of the enemy’s castle, the east side and the west side. The issue at hand is a timing or synchronization problem coupled with trust, because both armies need to attack simultaneously. Now the two generals split a group of messengers but the only way the messengers can communicate is by entering via the enemy castle. The Byzantine generals’ problem is not being able to trust the message from the messenger, as it may not be valid or truthful.
  • 2020 Aug 5...BitcoinNews...Triple-Entry Bookkeeping: How Satoshi Nakamoto Solved the Byzantine Generals' Problem ... The problem with creating something more advanced than the double-entry accounting system was the notorious “Byzantine generals problem.” Basically, when a distributed ledger is being shared among computing systems people cannot trust which system or server (node) is trustworthy, compromised, or functioning with a failure to detect. However, on October 31, 2008, an anonymous person(s) released a paper that solved the Byzantine Fault dilemma. ... Basically Nakamoto invented the triple-entry accounting system or essentially gave the theory life. Triple-entry bookkeeping is far, far more advanced than the traditional double-entry systems we know of today. Essentially all the accounting entries are cryptographically validated by a third entry by hashing and a nonce. “Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending,” Nakamoto’s infamous white paper says. With the triple-entry bookkeeping system, the entries (transactions) are both congruent, but the infrastructure also adds a third entry into the ledger’s validation process, which again is cryptographically sealed. ... Fundamentally, hashing or cryptographic hash function (CHF) is a mathematical function of arbitrary size we call a “message.” A nonce is an arbitrary number that is used one time when the message is concealed in plain text. In the **Byzantine general tale, one army sends a message (CHF) over to the other general with a nonce. The other general then must decipher the CHF, with some partial knowledge cryptographers call a “hash target.” All the general has to do is hash the CHF and the nonce, as well as make sure everything corresponds with the hash target (partial knowledge). If everything is valid, the two generals have easily synchronized the timing of an attack, without having to doubt the message system or messengers.
  • 2020..Apokalyse...Coronavirus Conspiracy to Eliminate Paper Money? | Armstrong Economics ... Many people are starting to question why this coronavirus has been shipped up into a major panic when the annual flu kills far more people. Perhaps they have enlisted the conspiracy contingents who turn everything into the end of the world and are so eager to paint doom and gloom as a lethal weapon for mass financial destruction. They may not realize that they are being played for fools spitting out various conspiracies such as biological weapons laced with AIDS that will kill 50% of the population without a single shred of proof. Curiously, the World Health Organisation (WHO), which is a specialized agency of the United Nations established on April 7th, 1948, and is headquartered in Geneva, Switzerland, has advised people to use contactless technology instead of cash as banknotes may be spreading the coronavirus. It is interesting since paper money has long been recognized as a hospitable environment for gross microbes including viruses and bacteria. Both can live on most surfaces for about 48 hours. However, the claim is that suddenly paper money reportedly transports a live flu virus for up to 17 days. The question emerges: If this has always been the case, then suddenly why now warn about using paper money? Is this part of a broader plot to eliminate cash in order for governments to take whatever taxes they need when the entire social structure is collapsing around them?
  • 2020 Aug 8..CryptoNews..... Mastercard and Visa Are Making Bold Moves Toward Mass Crypto Adoption ... The payment service provider noted digital currencies as an exciting avenue to expand existing network-of-networks to support the latest technology powering global commerce. These two global giants are not just offering lip service, either; their payment cards and technology are already powering a number of platforms and service providers within the crypto space. The likes of Coinbase and Binance crypto exchanges use either Visa or Mastercard to power their crypto debit card services.
  • 2020 Aug 10 .....ZeroHedge....Inside One Of Big Brother's 'Location Harvesting' Contractors, Which Tracks 'Hundreds Of Millions' Of Phones ...A Virginia-based software company founded by two US military veterans with backgrounds in intelligence has been tracking hundreds of millions of mobile phones across the world, according to documents reviewed by the Wall Street Journal. ... The company, Anomaly Six LLC, draws location data from over 500 apps - partly through their proprietary software development kit (SDK) which they've paid to embed directly in some of the apps, while the company gets location data from partner providers. The SDK allows the company to obtain a user's location if they have allowed the apps in question to access the phone's GPS coordinates. ... Anomaly Six holds contracts with several branches of the US Government - although they told the Journal that they 'restrict the sale of US mobile phone movement data to nongovernmental, private sector clients,' according to the report. Private sector clients - typically marketing companies or others in the advertising space - buy and sell geolocation data, sometimes 'reselling it to government agencies or contractors' according to the report.
  • 2020 Aug 12 .....Coindesk...Unpacking the Avit, Avanti Bank’s New Digital Asset Being Built With Blockstream ... the Avit can be thought of as commercial bank money or programmable electronic cash that can be exchanged for a dollar but is not pegged to the U.S. dollar like a stablecoin. It’s also not a security token, or a digital representation of an investment that’s expected to generate returns. The Avit represents one of several bank-led innovations in the digital asset space. With Goldman Sachs considering its own stablecoin issuance, Sygnum issuing a stablecoin tied to the Swiss franc and other experiments, Avanti has joined a growing list of banks that want to compete with startups on digital assets. However, Long said she believes stablecoins are not the ideal digital asset for trying to bring fiat into the crypto world.
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