Central Bank Digital Currency (CBDC)

Trump Signs Executive Order Banning CBDCs

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Trump Signs Executive Order Banning CBDCsNiamh Harris – According to Fox Business the EO directs other federal agencies and departments to provide the group with recommendations about digital asset regulations that should be rescinded or modified”

InfoWars reports: Titled “Strengthening American Leadership In Digital Financial Technology,” the wide-ranging EO explicitly says CBDCs “threaten the stability of the financial system, individual privacy, and the sovereignty of the United States.”

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Bank of England’s Digital Pound Lab Paves the Way for CBDCs

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Bank of England's Digital Pound Lab Paves the Way for CBDCsNiamh Harris – The Bank of England (BoE) has announced the creation of a dedicated ‘Digital Pound Lab’ to experiment with a central bank digital currency (CBDCs).

According to the BoE’s website the move signals the end of the “consultation and response phase” and the beginning of the “design phase”.

As part of its ongoing preparation for a potential UK central bank digital currency, the digital pound lab will enable ‘hands-on experimentation’ for testing API functionality, innovative use cases and potential business models for PIPs and ESIPs Continue reading →

Bank of Canada Cancels Digital Dollar Project After Public Backlash

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Bank of Canada Cancels Digital Dollar Project After Public BacklashNiamh Harris – Plans by the Bank of Canada (BOC) to implement a digital “dollar,” also known as a central bank digital currency (CBDC), have been shelved.

After spending years taking steps toward its creation, the Bank of Canada is now saying it will not be pursuing the release of a central bank digital currency.

LifeSite News reports: Officials from Canada’s central bank said that a digital currency, or electronic “loonie,” will no longer be considered after years of investigating bringing one to market.
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Centralization Risks: Implications for Digital Infrastructure

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Centralization Risks: Implications for Digital InfrastructureDr. R. P. – The perils of over-reliance on digital systems have been once again highlighted by the crashing of computer systems around the world due to an update to the Falcon antivirus and security product from CrowdStrike affecting its interaction with Windows operating systems.

The update has caused chaos for banking, retail, railways, airports, healthcare and for a wide range of other businesses and infrastructure where the Falcon software runs on Windows systems. Advice for bringing affected computers back into working order has been published but the exact mechanism by which the update caused “Blue Screen of Death” errors does not appear to have yet been reported. Continue reading →

NC Senate Bans Federal Reserve CBDC Testing in North Carolina

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NC Senate Bans Federal Reserve CBDC Testing in North CarolinaBrianna Kraemer – US Federal Reserve will likely soon be prohibited from testing a Central Bank Digital Currency system in the state of North Carolina.

The General Assembly has passed an act prohibiting payments to the state using central bank digital currency. The legislation, HB 690, also prohibits North Carolina from participating in the Federal Reserve branch’s testing of any future CBDC.

State senators passed the bill, entitled “No Central Bank Digital Currency Payments to State” on Tuesday afternoon in a 39-5 vote. The Finance Committee and the Senate Committee on Rules and Operations approved the bill unanimously this week ahead of the floor vote. The bill passed the House last year with unanimous approval, but it must be returned for concurrence due to one minor grammatical change. Continue reading →