Crypto Grizz

What Banks Have Planned For Us With CBDC

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!!!

What Banks Have Planned For Us With CBDC

#BIS #Crypto #CBDC

Have You READ THIS?? What The Banks Have Planned!! ๐Ÿ˜ฒ

206,973 views
Oct 13, 2021

ย 

1.44M subscribers

ย 
๐Ÿ“ฒ Insider Info in my Socials ๐Ÿ‘‰ https://guy.coinbureau.com/socials/ ๐Ÿ›’ Get The Hottest Crypto Deals ๐Ÿ‘‰ https://guy.coinbureau.com/deals/ ๐Ÿ‘• “Bitcoin Illusion” Shirt ๐Ÿ‘‰https://store.coinbureau.com/product/… ๐Ÿ”ฅ TOP Crypto TIPS In My Newsletter ๐Ÿ‘‰ https://guy.coinbureau.com/signup/ ~~~~~ ๐Ÿ“บEssential Videos๐Ÿ“บ FATF Crypto Regulations ๐Ÿ‘‰ https://youtu.be/cZyTDJPnp14 Secret Network Explained ๐Ÿ‘‰ https://youtu.be/9eOHeLSp7lg Fidelity Crypto Analysis ๐Ÿ‘‰ https://youtu.be/2otrUKwehc8 The Great Reset And CBDCs ๐Ÿ‘‰ https://youtu.be/lcKgE7eIaBI ~~~~~ โ›“๏ธ ๐Ÿ”— Useful Links ๐Ÿ”— โ›“๏ธ โ–บ About The BIS: https://www.bis.org/about/index.htm?m… โ–บ BIS CBDC Report Summary: https://www.bis.org/publ/othp42.pdf โ–บ CBDC Design And Interoperability: https://www.bis.org/publ/othp42_syste… โ–บ CBDC Adoption Methods: https://www.bis.org/publ/othp42_user_… โ–บ CBDC Financial Stability: https://www.bis.org/publ/othp42_fin_s… โ–บ CBDC Development Tracker: https://cbdctracker.org/ ~~~~~ – TIMESTAMPS – 0:00 Intro 1:34 Background 3:25 A Few Important Points 5:23 CBDC Design 8:31 Plans For Adoption 11:57 Effects On The Economy 14:28 CBDC vs. Banks 18:02 Conclusion ~~~~~ ๐Ÿ“œ Disclaimer ๐Ÿ“œ The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome. #BIS #Crypto #CBDC #ECB #Fed #stablecoins #regulation

What Banks Have Planned For Us With CBDC

VISIT OUR OTHER SITES:

Check Out Our Crypto Privacy Site: CryptoGrizz.com

Check Out Our Crypto Trading Site: CryptoGrizzTrader.com

Check Out Our Low Cap Altcoin Site: CryptoGrizzAltcoins.com

Check Out Our Prepper Site: PrepperGrizz.com

Check Out Our Global Crypto Survival Site: GlobalCryptoSurvival.com

ย 

FULL VIDEO TRANSCRIPT

ย 
00:01
cryptocurrency’s continued adoption has
00:03
turned up the heat on governments around
00:05
the world
00:06
their reckless money printing has only
00:08
added fuel to the fire and now they’re
00:11
rushing to develop their central bank
00:13
digital currencies before it’s too late
00:16
today i’m going to explore a recent
00:18
report which reveals what features
00:20
cbdc’s will have how governments plan on
00:23
rolling them out and what implications
00:26
this could have for cryptocurrency
00:32
[Music]
00:35
now i hate to make you wait but i need
00:37
to set the record straight
00:39
financial advice is great but you won’t
00:41
find any here mate
00:43
this video is only meant to entertain
00:46
and educate
00:47
if this is the first time you hear my
00:49
dank rhymes my name is guy and this
00:51
channel is where fiat comes to die
00:54
that’s because the coin bureau contains
00:56
the highest quality content about crypto
00:58
which is fiat’s archenemy if you didn’t
01:00
already know
01:02
coins tokens news reviews exchanges
01:05
tutorials and regulations are just a few
01:07
of the languages i speak
01:09
if this is the kind of knowledge you
01:11
seek subscribe to the channel and ping
01:13
that notification bell to build your
01:15
financial physique
01:17
i value your time which is why i’ve left
01:19
timestamps below that you can use to
01:21
skip ahead to any interesting topics you
01:23
find
01:24
if you watch until the end though that
01:26
would be mighty fine
01:28
so that’s all you need to know about me
01:30
so let’s dig in to some cbdc’s
01:34
the report i’ll be discussing today was
01:36
put together by the bank of
01:38
international settlements now for those
01:40
unfamiliar the bank of international
01:42
settlements or bis is the quote bank for
01:46
central banks and its primary role is to
01:48
facilitate coordination between central
01:51
banks around the world
01:53
over the last few years the bis has been
01:55
hammering out a template for central
01:57
bank digital currencies
01:59
and if the name didn’t give it away well
02:01
central bank digital currencies or
02:03
cbdc’s are digital currencies issued by
02:06
their respective central banks duh
02:10
note that cbdc’s are not crypto
02:13
currencies by any stretch of the
02:15
definition
02:16
this is because cbdc’s are centralized
02:19
permissioned and offer next to no
02:22
privacy
02:23
cbdcs are completely controlled by
02:26
central banks and the governments they
02:28
are beholden to
02:29
almost every central bank is working on
02:32
a cbdc of its own and seven of these
02:34
central banks have been actively helping
02:36
the bis hammer out a cbdc template
02:40
these are the united states federal
02:42
reserve the european central bank the
02:45
bank of england the bank of japan the
02:47
swiss national bank the bank of canada
02:50
and the swedish central bank
02:52
back in october 2020 these seven central
02:55
banks and the bis published the first of
02:58
many reports about what cbdc’s will look
03:01
like
03:02
the second cbdc report came out on
03:05
september the 30th and that’s the one
03:07
i’ll be covering today
03:09
this report contains even more details
03:11
about what cbdc’s will look like and
03:14
it’s divided into three parts
03:16
system design and interoperability
03:19
user needs and adoption and financial
03:22
stability implications
03:24
the authors provided a short six-page
03:27
summary of their three-part cbdc report
03:29
and there are a few interesting points
03:31
in the summary which were seemingly not
03:33
mentioned in the three sections of the
03:35
report
03:36
the very first thing worth pointing out
03:38
is the most important and that’s that
03:40
everything you’re about to hear applies
03:41
to a public or retail cbdc
03:45
now this is a small but insanely
03:47
significant detail because central banks
03:50
governments and select institutions will
03:52
use their own so-called wholesale cbdc’s
03:56
a wholesale cbdc template is also being
03:59
hammered out but one thing is clear as
04:01
day
04:02
regular folks like us will use a
04:04
completely different digital currency to
04:06
the people in power
04:08
let that sink in
04:10
now another concerning detail that can
04:12
be found at the end of the very first
04:14
page of the report summary and that is
04:17
quote cbdc’s would be likely to have
04:19
wide-ranging impacts on public policy
04:22
issues beyond a central bank’s
04:23
traditional remit
04:26
this seems to imply that cbdc’s will be
04:28
used to enforce public policy mandates
04:31
which are not financial in nature
04:34
but wait there’s more quote
04:37
different users and needs would need to
04:39
be defined and addressed in the system’s
04:41
design
04:42
and quote central banks might consider
04:45
measures to influence or control cbdc
04:47
adoption or use this could include
04:50
measures such as access criteria for
04:52
permitted users
04:54
this suggests that even retail cbdcs
04:57
will have different rules for different
04:59
groups of people
05:00
now if you’re starting to feel upset
05:02
don’t worry the bis and these central
05:04
banks know that quote there might be
05:06
some measures that may face obstacles to
05:08
public understanding and acceptance
05:11
i’ll tell you how they plan on helping
05:13
you understand and accept these terms
05:14
and conditions in just a moment
05:17
but first let’s start with how these
05:19
cbdc’s will be designed
05:22
much of how cbdc’s will be designed has
05:25
to do with what roles the current
05:27
financial intermediaries will play in
05:29
such a system
05:31
for starters quote central banks would
05:33
be the only entities entitled to issue
05:35
and redeem a cbdc and would bear the
05:37
ultimate responsibility for the design
05:39
of the cbd system and the operation
05:41
slash oversight of the core ledger
05:45
now although central banks could
05:47
theoretically cut out all existing
05:49
financial intermediaries the report
05:51
stresses the importance of partnering
05:53
with the private sector simply because
05:55
the central bank can’t possibly recreate
05:58
much less maintain the same
06:00
infrastructure on its own
06:02
if it helps here’s an image of what the
06:04
financial system looks like now in most
06:06
countries
06:07
and here’s what a cbdc-based financial
06:10
system would look like according to the
06:11
report
06:13
as you can see the exact role each party
06:15
plays here is not entirely clear but the
06:17
report notes that quote if the central
06:19
bank were to play too operational or
06:21
dominant a role in the ecosystem private
06:24
intermediary participation could be
06:26
curtailed
06:28
given that private financial
06:29
intermediaries are going to be a part of
06:31
the picture this means cbdc’s will need
06:34
to be interoperable not just
06:36
internationally but also domestically
06:38
with their existing infrastructure
06:40
because this will likely cause a lot of
06:43
technical issues the report recommends
06:45
limiting the number of financial
06:47
intermediaries that are allowed to
06:48
operate
06:49
also quote
06:51
approval processes for new
06:53
intermediaries or certain services and
06:55
strong oversight could help mitigate
06:58
technical issues
06:59
meaning the central bank will decide
07:01
exactly which financial intermediaries
07:04
are allowed to operate
07:06
when it comes to privacy quote full
07:08
anonymity is not possible as central
07:10
banks would design cbdc systems to meet
07:13
anti-money laundering and combating the
07:15
financing of terrorism requirements
07:18
thankfully your data will be safe
07:20
because quote the central bank would
07:22
have no commercial interest in end user
07:24
data and may be better placed than a
07:26
commercial entity to commit to a minimal
07:29
use of such data
07:31
what a relief
07:33
now the report also brings up the
07:35
infamous travel rule put in place by the
07:38
fat f which means that every cbdc
07:40
transaction above a certain amount would
07:42
be automatically tracked
07:44
if you don’t know what the fat f is and
07:46
what it’s got planned for crypto in the
07:48
coming weeks be sure to watch my video
07:50
about that using the link up in the top
07:52
right
07:54
i digress
07:55
the next part of the report briefly
07:57
touches on the interoperability
07:59
requirement for cbdc’s and notes that
08:01
quote the essential foundation of
08:04
interoperability would be
08:05
standardization which would allow
08:07
compatibility
08:09
the last thing the report mentions about
08:11
interoperability is quote a cbdc could
08:14
be introduced with an explicit policy
08:17
goal to catalyze a migration of national
08:19
standards to eg an internationally
08:22
promoted standard
08:24
put differently cbdc standards will be
08:27
global
08:28
i for one cannot wait
08:31
this brings me to the moment you’ve all
08:33
been waiting for and that’s the part of
08:35
the bis report that explains how central
08:38
banks and governments can convince us
08:40
plebs to adopt their cbdc’s make sure
08:44
you’ve got enough popcorn
08:46
it starts off by not so subtly admitting
08:48
that the main reason why central banks
08:50
are developing cbdcs is because of
08:52
cryptocurrency adoption
08:55
quote
08:55
without continued innovation and
08:57
competition to drive efficiency in a
08:59
jurisdiction’s payment system users may
09:02
adopt other less safe instruments or
09:04
currencies potentially leading to
09:06
economic and consumer harm
09:08
even though central banks can see the
09:10
writing on the wall the report seems to
09:13
imply that rolling out cbdc’s too
09:15
quickly could do more harm than good
09:18
this is fleshed out more in the third
09:20
part of the report which i’ll get into
09:22
later now ironically the report
09:24
acknowledges that quote technological
09:26
innovation has been transforming the
09:28
markets for retail payments at pace over
09:30
recent years with many new payment
09:32
methods platforms and interfaces
09:35
evolving to become faster cheaper and
09:37
safer
09:38
the logical conclusion of this kind of
09:40
statement would be to allow this kind of
09:42
payment innovation to continue but
09:44
apparently the bis and its banker
09:46
buddies believe this is better done in a
09:49
different way
09:51
now the report then outlines the three
09:53
ways by which cbdc adoption can be
09:55
achieved by fulfilling unmet user needs
09:58
achieving network effects and not
10:01
requiring everyone to buy a new computer
10:03
or phone
10:04
how exactly cbdc’s fulfill unmet user
10:07
needs is detailed a little later on and
10:09
according to the bis the main selling
10:11
points here are security low cost high
10:14
liquidity programmability and privacy
10:19
sorry
10:20
now in terms of achieving network
10:22
effects the report suggests quote cbdc
10:25
design could choose to emphasize
10:27
peer-to-peer functionality in order to
10:29
facilitate adoption this recommendation
10:32
is based on existing research on the
10:34
adoption of digital currencies but i
10:36
don’t think the authors realize that
10:38
they’re not exactly comparing apples
10:40
with apples here
10:42
not requiring everyone to buy a new
10:44
device is pretty self-explanatory though
10:46
it comes with its own set of issues
10:48
related to performance because the most
10:50
widespread technologies are the most
10:52
basic
10:53
as the report goes on it starts to
10:55
detail some more manipulative ways of
10:57
achieving cbdc adoption namely quote
11:00
incentivize consumer use of cbdc by
11:02
disbursing social benefits and transfers
11:04
to individuals in cbdc and quote
11:07
allowing consumers to pay their taxes in
11:09
cbdc may also provide a stable concrete
11:12
example for consumers to use cbdc
11:16
on page 11 the report provides a sort of
11:18
rubric for various cbdc marketing
11:21
campaigns targeting consumers with
11:23
different pain points and needs
11:25
the funny thing is that one of these
11:26
consumer archetypes is a person quote
11:29
who does not want commercial banks to
11:30
know his or her identity or track his or
11:33
her spending
11:35
naturally the best solution to this
11:37
issue is to give all that information
11:39
directly to the central bank instead
11:45
now i reckon the ideal middle ground
11:47
would be to offer both transparency and
11:49
compliant privacy the way secret network
11:51
does and you can learn more about that
11:54
using the link up in the top right
11:57
so this leaves just one part of the bs
12:00
report sorry bis report and that’s the
12:02
financial stability implications of a
12:04
cbdc
12:06
here we see the first mention of
12:08
cryptocurrency when the report notes
12:09
that quote stable coins are only just
12:12
starting to be developed and we’ll need
12:14
to satisfy regulators that they are safe
12:17
well i guess they missed the memo that
12:18
stable coins have been around for years
12:20
and their users know which ones are safe
12:22
and which ones are less safe
12:25
then the report goes on to claim
12:27
something so ridiculous that it pains me
12:29
to even repeat it
12:31
quote
12:32
unlike central banks issuers of stable
12:34
coins are not banned by principles to
12:37
design products that would coexist and
12:39
interoperate with other forms of money
12:41
or to promote ongoing innovation and
12:43
efficiency
12:45
this is categorically false as far as
12:48
i’m concerned
12:49
stable coins like usdt and usdc are
12:52
available on more than a dozen different
12:54
blockchains and it’s in their economic
12:56
interest to be as interoperable as
12:58
possible
12:59
stablecoins are literally leagues ahead
13:02
in interoperability terms of any cbdc
13:05
heck even visa has managed to test usdc
13:08
as part of its own payment
13:10
infrastructure
13:11
and then the truth comes out quote
13:14
significant stablecoin adoption and the
13:16
potential consequent fragmentation could
13:18
result in excessive market power and the
13:20
type of deposit disintermediation
13:22
described as a risk for cbdc issuance
13:26
this officially confirms that
13:28
stablecoins are seen by central banks as
13:31
a risk to the rollout of a central bank
13:33
digital currency they’re also hyper
13:36
aware that quote the actual introduction
13:38
of cbdc’s could be some years away
13:41
in the interim providers of private
13:43
money and tokens are expected to
13:45
continue developing and expanding their
13:47
service offerings
13:48
and because central banks can’t possibly
13:50
catch up the only way they can slow
13:53
stable coins down is through regulation
13:55
which is probably why we’re seeing
13:57
headlines like these all over the place
14:00
though the next part of the report is
14:02
quite technical in nature my
14:03
interpretation is that central banks
14:05
know that cbdc’s can’t compete with
14:08
stable coins because they can’t offer
14:10
the same yields on savings you find in
14:12
d5
14:13
as i mentioned in my video about
14:15
fidelity’s views on cryptocurrency
14:17
yields are something that wealthy
14:19
investors and institutional investors
14:21
crave and their influence could just
14:24
protect stable coins from harsh
14:26
regulations
14:28
page eight of the third leg of the bis
14:30
report is where things get really
14:32
interesting
14:34
besides the fact that the projected
14:36
adoption of cbdc’s in g20 countries is
14:39
between four and twelve percent cbdc’s
14:41
could pose a huge threat to the
14:43
financial system via the banks
14:46
to understand why we must go back in
14:49
time
14:50
when the stock market started crashing
14:51
in the lead up to the great depression
14:53
people scrambled to withdraw all their
14:55
money from their bank accounts only to
14:57
find that their banks didn’t have their
14:59
money because it had all been lent out
15:02
these bank runs caused the banking
15:03
sector to collapse and this is what
15:05
ultimately caused the great depression
15:08
the fdic was created shortly afterwards
15:11
to make sure that banks always had
15:12
enough cash on hand to make sure bank
15:15
runs could never happen again
15:17
however the bis report highlights the
15:20
fact that a cbdc would be seen as a safe
15:22
haven by many investors during a time of
15:25
crisis meaning they would move their
15:27
money out of the banking system and into
15:29
the central bank
15:31
this would lead to a collapse of the
15:33
banking system like it did a hundred
15:35
years ago
15:36
now even if this collapse doesn’t happen
15:39
the report admits that in a cbdc system
15:41
quote a common theme is that maintaining
15:44
bank profitability levels could be
15:46
challenging
15:47
the report actually gives a series of
15:49
recommendations for how private banks
15:51
could mitigate the punch to their
15:53
pocketbooks and the potential collapse
15:55
it could cause and they are laughable to
15:58
say the least
15:59
of all the side effects the report says
16:01
a cbdc could have on the banking system
16:04
one of them caught my eye quote
16:07
the introduction of a cbdc by the
16:09
central bank could cause a reduction in
16:11
commercial bank deposits which would
16:13
consequently translate into more
16:15
expensive credit lines
16:17
in plain english cbdc’s could make loans
16:20
more expensive and that means it could
16:21
become next to impossible for the
16:23
average person to buy a house or other
16:25
valuable assets
16:27
say it’s almost like you’ll own nothing
16:30
and be happy
16:32
where have i heard that one before
16:36
anyways the same run on the bank risk
16:39
exists with stable coins and you could
16:41
argue that it’s already begun
16:43
the 120 plus billion in stable coin
16:46
market cap didn’t come from nowhere it
16:49
came from bank balance sheets
16:52
after highlighting these risks and
16:54
others such as cbdc’s potentially
16:56
replacing government bonds as the
16:57
primary safe haven asset among investors
17:00
the report explains how central banks
17:02
can use their omnipotence to prevent
17:05
these scenarios from playing out
17:07
quote
17:08
quantity-based safeguards would restrict
17:10
the use of cbdc through imposing hard
17:13
limits on the transfers and or holdings
17:15
of
17:16
cbdc and quote limits could also be
17:20
applied varyingly for different cbdc
17:22
account holders
17:24
better yet quote such limits could be
17:26
imposed on a permanent basis or on a
17:28
transitional basis
17:30
in other words if the economy starts
17:32
crashing and everyone runs to cbdc’s to
17:35
protect their wealth the central bank
17:37
will prevent them from doing that to
17:39
prevent the crash investors be damned
17:42
now the bis report concludes that quote
17:45
a material shift from bank deposits to
17:47
cbdc if the holdings of cbdc’s by
17:50
individual users were left unconstrained
17:52
could have a non-trivial long-term
17:55
impact on bank lending and
17:56
intermediation
17:58
well where do i sign up
18:02
as terrifying as this bis report is it
18:05
reveals just how difficult it will be to
18:07
roll out such a dystopian system and i
18:10
would argue it’s next to impossible
18:12
this is simply because there’s no way to
18:14
introduce cbdc without eating into the
18:17
bottom line of the banks and financial
18:19
intermediaries
18:20
they would sooner side with crypto than
18:22
let that happen and i have a strange
18:24
feeling that this could be the outcome
18:26
of the introduction of a cbdc
18:29
there is also no way in hell that the
18:32
average person would adopt a cbdc
18:34
without being forced and the moment you
18:36
start to use force to mandate something
18:38
you claim is good it becomes clear that
18:40
it’s well not
18:43
this begs the question of why central
18:45
banks would go through all this trouble
18:47
to create what is likely to be a
18:49
piss-poor payment method
18:51
well i reckon the answer is that this
18:53
isn’t their actual goal and the evidence
18:55
is easily found in the design of what
18:57
they’re building
18:58
cbdc’s are nothing short of a tool for
19:01
total control and every single stated
19:03
benefit and feature only exists to
19:05
entice people into this totalitarian
19:08
scheme
19:09
as the report itself admitted there are
19:11
already numerous financial technologies
19:13
that can do everything cbdc’s can and
19:16
more
19:17
most of these financial technologies
19:19
have come from cryptocurrency and i find
19:21
it odd that the report didn’t mention
19:23
any cryptocurrencies besides stable
19:26
coins
19:26
now on that note it didn’t mention the
19:28
word blockchain either i suppose the bis
19:31
doesn’t want to draw any more attention
19:33
to cryptocurrencies
19:35
it would be a real tragedy of any of the
19:37
governments reading the report got the
19:39
idea of adopting bitcoin like el
19:41
salvador did
19:42
other countries are likely to follow
19:44
suit especially since it’s much easier
19:46
to plug into a financial system that’s
19:48
been proven to be secure and reliable
19:50
rather than build a new one from the
19:52
ground up
19:53
it looks like they won’t have any other
19:56
choice either because fiat currencies
19:58
are losing value and credibility by the
20:00
minute
20:01
this might actually be what the central
20:03
banks want though after all the only way
20:06
they could possibly convince anyone to
20:08
adopt their cbdcs is if their existing
20:10
fiat currencies are worthless
20:13
even then the crash could happen much
20:15
quicker than they anticipated and their
20:17
cbdc’s are far from being ready to fill
20:20
that void
20:21
now it sounds crazy but we could end up
20:24
with a scenario where the only kind of
20:26
money left with any value are select
20:28
cryptocurrencies and china’s digital un
20:32
i think we all know which one the world
20:34
would pick
20:35
that’s just my theory though and i’m
20:37
keen to hear yours so what do you think
20:40
of these cbdc’s
20:42
drop me a comment down below and be sure
20:44
to share this video to make sure your
20:46
friends and family stay in the know
20:48
i’ve got a whole bunch of other videos
20:50
on the go and i also have another
20:52
channel besides the coin bureau
20:54
coin bureau clips is where you can see
20:56
everything that happens here behind the
20:57
scenes you can find me on twitter tiktok
21:00
and instagram too i’ve been verified on
21:03
the first two and if you know how i can
21:05
finally get verified on instagram that
21:07
would be cool
21:08
i even got verified on telegram so
21:11
you’ll be able to join knowing you’re
21:13
not going to be scammed
21:15
you should also subscribe to my weekly
21:17
newsletter which is filled with
21:18
everything but spam
21:21
and you can get yourself a hoodie or tea
21:23
or beanie from my merch store if you
21:25
want to rep the coin bureau brand
21:27
you can find your way to all these
21:29
resources and more using the links just
21:31
below me
21:32
don’t get lost thank you so much if you
21:35
stuck around it’s been a pleasure as
21:37
always i’ll see you again before you
21:39
know it
21:44
[Music]
21:50
you
ย 
ย 

Leave a Comment

Your email address will not be published. Required fields are marked *