What Banks Have Planned For Us With CBDC
Global Banking System Preparing For The CBDC
Does the picture below look like your dollars down the drain? – you’re right!!!
Have You READ THIS?? What The Banks Have Planned!! 😲
206,973 viewsOct 13, 2021
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What Banks Have Planned For Us With CBDC
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FULL VIDEO TRANSCRIPT
00:01cryptocurrency’s continued adoption has00:03turned up the heat on governments around00:05the world00:06their reckless money printing has only00:08added fuel to the fire and now they’re00:11rushing to develop their central bank00:13digital currencies before it’s too late00:16today i’m going to explore a recent00:18report which reveals what features00:20cbdc’s will have how governments plan on00:23rolling them out and what implications00:26this could have for cryptocurrency00:32[Music]00:35now i hate to make you wait but i need00:37to set the record straight00:39financial advice is great but you won’t00:41find any here mate00:43this video is only meant to entertain00:46and educate00:47if this is the first time you hear my00:49dank rhymes my name is guy and this00:51channel is where fiat comes to die00:54that’s because the coin bureau contains00:56the highest quality content about crypto00:58which is fiat’s archenemy if you didn’t01:00already know01:02coins tokens news reviews exchanges01:05tutorials and regulations are just a few01:07of the languages i speak01:09if this is the kind of knowledge you01:11seek subscribe to the channel and ping01:13that notification bell to build your01:15financial physique01:17i value your time which is why i’ve left01:19timestamps below that you can use to01:21skip ahead to any interesting topics you01:23find01:24if you watch until the end though that01:26would be mighty fine01:28so that’s all you need to know about me01:30so let’s dig in to some cbdc’s01:34the report i’ll be discussing today was01:36put together by the bank of01:38international settlements now for those01:40unfamiliar the bank of international01:42settlements or bis is the quote bank for01:46central banks and its primary role is to01:48facilitate coordination between central01:51banks around the world01:53over the last few years the bis has been01:55hammering out a template for central01:57bank digital currencies01:59and if the name didn’t give it away well02:01central bank digital currencies or02:03cbdc’s are digital currencies issued by02:06their respective central banks duh02:10note that cbdc’s are not crypto02:13currencies by any stretch of the02:15definition02:16this is because cbdc’s are centralized02:19permissioned and offer next to no02:22privacy02:23cbdcs are completely controlled by02:26central banks and the governments they02:28are beholden to02:29almost every central bank is working on02:32a cbdc of its own and seven of these02:34central banks have been actively helping02:36the bis hammer out a cbdc template02:40these are the united states federal02:42reserve the european central bank the02:45bank of england the bank of japan the02:47swiss national bank the bank of canada02:50and the swedish central bank02:52back in october 2020 these seven central02:55banks and the bis published the first of02:58many reports about what cbdc’s will look03:01like03:02the second cbdc report came out on03:05september the 30th and that’s the one03:07i’ll be covering today03:09this report contains even more details03:11about what cbdc’s will look like and03:14it’s divided into three parts03:16system design and interoperability03:19user needs and adoption and financial03:22stability implications03:24the authors provided a short six-page03:27summary of their three-part cbdc report03:29and there are a few interesting points03:31in the summary which were seemingly not03:33mentioned in the three sections of the03:35report03:36the very first thing worth pointing out03:38is the most important and that’s that03:40everything you’re about to hear applies03:41to a public or retail cbdc03:45now this is a small but insanely03:47significant detail because central banks03:50governments and select institutions will03:52use their own so-called wholesale cbdc’s03:56a wholesale cbdc template is also being03:59hammered out but one thing is clear as04:01day04:02regular folks like us will use a04:04completely different digital currency to04:06the people in power04:08let that sink in04:10now another concerning detail that can04:12be found at the end of the very first04:14page of the report summary and that is04:17quote cbdc’s would be likely to have04:19wide-ranging impacts on public policy04:22issues beyond a central bank’s04:23traditional remit04:26this seems to imply that cbdc’s will be04:28used to enforce public policy mandates04:31which are not financial in nature04:34but wait there’s more quote04:37different users and needs would need to04:39be defined and addressed in the system’s04:41design04:42and quote central banks might consider04:45measures to influence or control cbdc04:47adoption or use this could include04:50measures such as access criteria for04:52permitted users04:54this suggests that even retail cbdcs04:57will have different rules for different04:59groups of people05:00now if you’re starting to feel upset05:02don’t worry the bis and these central05:04banks know that quote there might be05:06some measures that may face obstacles to05:08public understanding and acceptance05:11i’ll tell you how they plan on helping05:13you understand and accept these terms05:14and conditions in just a moment05:17but first let’s start with how these05:19cbdc’s will be designed05:22much of how cbdc’s will be designed has05:25to do with what roles the current05:27financial intermediaries will play in05:29such a system05:31for starters quote central banks would05:33be the only entities entitled to issue05:35and redeem a cbdc and would bear the05:37ultimate responsibility for the design05:39of the cbd system and the operation05:41slash oversight of the core ledger05:45now although central banks could05:47theoretically cut out all existing05:49financial intermediaries the report05:51stresses the importance of partnering05:53with the private sector simply because05:55the central bank can’t possibly recreate05:58much less maintain the same06:00infrastructure on its own06:02if it helps here’s an image of what the06:04financial system looks like now in most06:06countries06:07and here’s what a cbdc-based financial06:10system would look like according to the06:11report06:13as you can see the exact role each party06:15plays here is not entirely clear but the06:17report notes that quote if the central06:19bank were to play too operational or06:21dominant a role in the ecosystem private06:24intermediary participation could be06:26curtailed06:28given that private financial06:29intermediaries are going to be a part of06:31the picture this means cbdc’s will need06:34to be interoperable not just06:36internationally but also domestically06:38with their existing infrastructure06:40because this will likely cause a lot of06:43technical issues the report recommends06:45limiting the number of financial06:47intermediaries that are allowed to06:48operate06:49also quote06:51approval processes for new06:53intermediaries or certain services and06:55strong oversight could help mitigate06:58technical issues06:59meaning the central bank will decide07:01exactly which financial intermediaries07:04are allowed to operate07:06when it comes to privacy quote full07:08anonymity is not possible as central07:10banks would design cbdc systems to meet07:13anti-money laundering and combating the07:15financing of terrorism requirements07:18thankfully your data will be safe07:20because quote the central bank would07:22have no commercial interest in end user07:24data and may be better placed than a07:26commercial entity to commit to a minimal07:29use of such data07:31what a relief07:33now the report also brings up the07:35infamous travel rule put in place by the07:38fat f which means that every cbdc07:40transaction above a certain amount would07:42be automatically tracked07:44if you don’t know what the fat f is and07:46what it’s got planned for crypto in the07:48coming weeks be sure to watch my video07:50about that using the link up in the top07:52right07:54i digress07:55the next part of the report briefly07:57touches on the interoperability07:59requirement for cbdc’s and notes that08:01quote the essential foundation of08:04interoperability would be08:05standardization which would allow08:07compatibility08:09the last thing the report mentions about08:11interoperability is quote a cbdc could08:14be introduced with an explicit policy08:17goal to catalyze a migration of national08:19standards to eg an internationally08:22promoted standard08:24put differently cbdc standards will be08:27global08:28i for one cannot wait08:31this brings me to the moment you’ve all08:33been waiting for and that’s the part of08:35the bis report that explains how central08:38banks and governments can convince us08:40plebs to adopt their cbdc’s make sure08:44you’ve got enough popcorn08:46it starts off by not so subtly admitting08:48that the main reason why central banks08:50are developing cbdcs is because of08:52cryptocurrency adoption08:55quote08:55without continued innovation and08:57competition to drive efficiency in a08:59jurisdiction’s payment system users may09:02adopt other less safe instruments or09:04currencies potentially leading to09:06economic and consumer harm09:08even though central banks can see the09:10writing on the wall the report seems to09:13imply that rolling out cbdc’s too09:15quickly could do more harm than good09:18this is fleshed out more in the third09:20part of the report which i’ll get into09:22later now ironically the report09:24acknowledges that quote technological09:26innovation has been transforming the09:28markets for retail payments at pace over09:30recent years with many new payment09:32methods platforms and interfaces09:35evolving to become faster cheaper and09:37safer09:38the logical conclusion of this kind of09:40statement would be to allow this kind of09:42payment innovation to continue but09:44apparently the bis and its banker09:46buddies believe this is better done in a09:49different way09:51now the report then outlines the three09:53ways by which cbdc adoption can be09:55achieved by fulfilling unmet user needs09:58achieving network effects and not10:01requiring everyone to buy a new computer10:03or phone10:04how exactly cbdc’s fulfill unmet user10:07needs is detailed a little later on and10:09according to the bis the main selling10:11points here are security low cost high10:14liquidity programmability and privacy10:19sorry10:20now in terms of achieving network10:22effects the report suggests quote cbdc10:25design could choose to emphasize10:27peer-to-peer functionality in order to10:29facilitate adoption this recommendation10:32is based on existing research on the10:34adoption of digital currencies but i10:36don’t think the authors realize that10:38they’re not exactly comparing apples10:40with apples here10:42not requiring everyone to buy a new10:44device is pretty self-explanatory though10:46it comes with its own set of issues10:48related to performance because the most10:50widespread technologies are the most10:52basic10:53as the report goes on it starts to10:55detail some more manipulative ways of10:57achieving cbdc adoption namely quote11:00incentivize consumer use of cbdc by11:02disbursing social benefits and transfers11:04to individuals in cbdc and quote11:07allowing consumers to pay their taxes in11:09cbdc may also provide a stable concrete11:12example for consumers to use cbdc11:16on page 11 the report provides a sort of11:18rubric for various cbdc marketing11:21campaigns targeting consumers with11:23different pain points and needs11:25the funny thing is that one of these11:26consumer archetypes is a person quote11:29who does not want commercial banks to11:30know his or her identity or track his or11:33her spending11:35naturally the best solution to this11:37issue is to give all that information11:39directly to the central bank instead11:45now i reckon the ideal middle ground11:47would be to offer both transparency and11:49compliant privacy the way secret network11:51does and you can learn more about that11:54using the link up in the top right11:57so this leaves just one part of the bs12:00report sorry bis report and that’s the12:02financial stability implications of a12:04cbdc12:06here we see the first mention of12:08cryptocurrency when the report notes12:09that quote stable coins are only just12:12starting to be developed and we’ll need12:14to satisfy regulators that they are safe12:17well i guess they missed the memo that12:18stable coins have been around for years12:20and their users know which ones are safe12:22and which ones are less safe12:25then the report goes on to claim12:27something so ridiculous that it pains me12:29to even repeat it12:31quote12:32unlike central banks issuers of stable12:34coins are not banned by principles to12:37design products that would coexist and12:39interoperate with other forms of money12:41or to promote ongoing innovation and12:43efficiency12:45this is categorically false as far as12:48i’m concerned12:49stable coins like usdt and usdc are12:52available on more than a dozen different12:54blockchains and it’s in their economic12:56interest to be as interoperable as12:58possible12:59stablecoins are literally leagues ahead13:02in interoperability terms of any cbdc13:05heck even visa has managed to test usdc13:08as part of its own payment13:10infrastructure13:11and then the truth comes out quote13:14significant stablecoin adoption and the13:16potential consequent fragmentation could13:18result in excessive market power and the13:20type of deposit disintermediation13:22described as a risk for cbdc issuance13:26this officially confirms that13:28stablecoins are seen by central banks as13:31a risk to the rollout of a central bank13:33digital currency they’re also hyper13:36aware that quote the actual introduction13:38of cbdc’s could be some years away13:41in the interim providers of private13:43money and tokens are expected to13:45continue developing and expanding their13:47service offerings13:48and because central banks can’t possibly13:50catch up the only way they can slow13:53stable coins down is through regulation13:55which is probably why we’re seeing13:57headlines like these all over the place14:00though the next part of the report is14:02quite technical in nature my14:03interpretation is that central banks14:05know that cbdc’s can’t compete with14:08stable coins because they can’t offer14:10the same yields on savings you find in14:12d514:13as i mentioned in my video about14:15fidelity’s views on cryptocurrency14:17yields are something that wealthy14:19investors and institutional investors14:21crave and their influence could just14:24protect stable coins from harsh14:26regulations14:28page eight of the third leg of the bis14:30report is where things get really14:32interesting14:34besides the fact that the projected14:36adoption of cbdc’s in g20 countries is14:39between four and twelve percent cbdc’s14:41could pose a huge threat to the14:43financial system via the banks14:46to understand why we must go back in14:49time14:50when the stock market started crashing14:51in the lead up to the great depression14:53people scrambled to withdraw all their14:55money from their bank accounts only to14:57find that their banks didn’t have their14:59money because it had all been lent out15:02these bank runs caused the banking15:03sector to collapse and this is what15:05ultimately caused the great depression15:08the fdic was created shortly afterwards15:11to make sure that banks always had15:12enough cash on hand to make sure bank15:15runs could never happen again15:17however the bis report highlights the15:20fact that a cbdc would be seen as a safe15:22haven by many investors during a time of15:25crisis meaning they would move their15:27money out of the banking system and into15:29the central bank15:31this would lead to a collapse of the15:33banking system like it did a hundred15:35years ago15:36now even if this collapse doesn’t happen15:39the report admits that in a cbdc system15:41quote a common theme is that maintaining15:44bank profitability levels could be15:46challenging15:47the report actually gives a series of15:49recommendations for how private banks15:51could mitigate the punch to their15:53pocketbooks and the potential collapse15:55it could cause and they are laughable to15:58say the least15:59of all the side effects the report says16:01a cbdc could have on the banking system16:04one of them caught my eye quote16:07the introduction of a cbdc by the16:09central bank could cause a reduction in16:11commercial bank deposits which would16:13consequently translate into more16:15expensive credit lines16:17in plain english cbdc’s could make loans16:20more expensive and that means it could16:21become next to impossible for the16:23average person to buy a house or other16:25valuable assets16:27say it’s almost like you’ll own nothing16:30and be happy16:32where have i heard that one before16:36anyways the same run on the bank risk16:39exists with stable coins and you could16:41argue that it’s already begun16:43the 120 plus billion in stable coin16:46market cap didn’t come from nowhere it16:49came from bank balance sheets16:52after highlighting these risks and16:54others such as cbdc’s potentially16:56replacing government bonds as the16:57primary safe haven asset among investors17:00the report explains how central banks17:02can use their omnipotence to prevent17:05these scenarios from playing out17:07quote17:08quantity-based safeguards would restrict17:10the use of cbdc through imposing hard17:13limits on the transfers and or holdings17:15of17:16cbdc and quote limits could also be17:20applied varyingly for different cbdc17:22account holders17:24better yet quote such limits could be17:26imposed on a permanent basis or on a17:28transitional basis17:30in other words if the economy starts17:32crashing and everyone runs to cbdc’s to17:35protect their wealth the central bank17:37will prevent them from doing that to17:39prevent the crash investors be damned17:42now the bis report concludes that quote17:45a material shift from bank deposits to17:47cbdc if the holdings of cbdc’s by17:50individual users were left unconstrained17:52could have a non-trivial long-term17:55impact on bank lending and17:56intermediation17:58well where do i sign up18:02as terrifying as this bis report is it18:05reveals just how difficult it will be to18:07roll out such a dystopian system and i18:10would argue it’s next to impossible18:12this is simply because there’s no way to18:14introduce cbdc without eating into the18:17bottom line of the banks and financial18:19intermediaries18:20they would sooner side with crypto than18:22let that happen and i have a strange18:24feeling that this could be the outcome18:26of the introduction of a cbdc18:29there is also no way in hell that the18:32average person would adopt a cbdc18:34without being forced and the moment you18:36start to use force to mandate something18:38you claim is good it becomes clear that18:40it’s well not18:43this begs the question of why central18:45banks would go through all this trouble18:47to create what is likely to be a18:49piss-poor payment method18:51well i reckon the answer is that this18:53isn’t their actual goal and the evidence18:55is easily found in the design of what18:57they’re building18:58cbdc’s are nothing short of a tool for19:01total control and every single stated19:03benefit and feature only exists to19:05entice people into this totalitarian19:08scheme19:09as the report itself admitted there are19:11already numerous financial technologies19:13that can do everything cbdc’s can and19:16more19:17most of these financial technologies19:19have come from cryptocurrency and i find19:21it odd that the report didn’t mention19:23any cryptocurrencies besides stable19:26coins19:26now on that note it didn’t mention the19:28word blockchain either i suppose the bis19:31doesn’t want to draw any more attention19:33to cryptocurrencies19:35it would be a real tragedy of any of the19:37governments reading the report got the19:39idea of adopting bitcoin like el19:41salvador did19:42other countries are likely to follow19:44suit especially since it’s much easier19:46to plug into a financial system that’s19:48been proven to be secure and reliable19:50rather than build a new one from the19:52ground up19:53it looks like they won’t have any other19:56choice either because fiat currencies19:58are losing value and credibility by the20:00minute20:01this might actually be what the central20:03banks want though after all the only way20:06they could possibly convince anyone to20:08adopt their cbdcs is if their existing20:10fiat currencies are worthless20:13even then the crash could happen much20:15quicker than they anticipated and their20:17cbdc’s are far from being ready to fill20:20that void20:21now it sounds crazy but we could end up20:24with a scenario where the only kind of20:26money left with any value are select20:28cryptocurrencies and china’s digital un20:32i think we all know which one the world20:34would pick20:35that’s just my theory though and i’m20:37keen to hear yours so what do you think20:40of these cbdc’s20:42drop me a comment down below and be sure20:44to share this video to make sure your20:46friends and family stay in the know20:48i’ve got a whole bunch of other videos20:50on the go and i also have another20:52channel besides the coin bureau20:54coin bureau clips is where you can see20:56everything that happens here behind the20:57scenes you can find me on twitter tiktok21:00and instagram too i’ve been verified on21:03the first two and if you know how i can21:05finally get verified on instagram that21:07would be cool21:08i even got verified on telegram so21:11you’ll be able to join knowing you’re21:13not going to be scammed21:15you should also subscribe to my weekly21:17newsletter which is filled with21:18everything but spam21:21and you can get yourself a hoodie or tea21:23or beanie from my merch store if you21:25want to rep the coin bureau brand21:27you can find your way to all these21:29resources and more using the links just21:31below me21:32don’t get lost thank you so much if you21:35stuck around it’s been a pleasure as21:37always i’ll see you again before you21:39know it21:44[Music]21:50you English (auto-generated)