Monday, September 28, 2020

The Government Just Took this Big Step Closer to Controversial “Fedcoin”

from Birch Gold Group:

We are living in strange times…

The debasement of the dollar continues, and according to a recent Sovereign Man piece, China is the main threat for that to get even worse:

Conflict with China is by far one of the single biggest threats to the dollar. So it’s worth paying attention to, because, as the last Cold War proved, it can escalate rapidly and persist for decades.

But there is another threat to the dollar that is being developed on our own shores – and by our own central bank.

You’ll Never Guess Which Country Has The Most Widespread Adoption Of Crypto In The World

from ZeroHedge:

Reliance on remittances and the prevalence of peer-to-peer phone payments have led to a steep rise of cryptocurrency use in Africa’s largest economy.

As Statista’s Katharina Buchholz details below, out of 65 countries in the Statista Global Consumer SurveyNigerians were the most likely to say they used or owned cryptocurrency.

Almost a third of Nigerians said this applied to them.

French Central Bank Picks Accenture, HSBC and Others for Digital Euro Pilot

by Stephen O’Neal, Coin Telegraph:

The central bank of France is about to start several experimental trials centering the digital euro.

Banque de France has picked eight potential candidates to test the integration of a CBDC for interbank settlements, according to the announcement published earlier today.

The list of approved participants includes mainstream juggernauts like Accenture, HSBC, and Societe Generale, as well as smaller crypto-focused players like Seba Bank and LiquidShare.

THE BIS AND DIGITAL “CURRENCY”

by Joseph P. Farrell, Giza Death Star:

(This week, due to company, I am on a reduced blogging schedule, and accordingly, there will be blogs today and Wednesday, and no blogs Tuesday, Thursday, or Friday. Thank you for your understanding and patience. )

G.B. spotted this article, and offered a few tangential but important comments. Essentially, it’s an “update” to the Bank of International Settlements’ plans to roll out digital currency, ultimately to replace cash:

BIS Innovation Hub: The Gradual March To Central Bank Digital Currency Continues To Advance

Essentially, there are two important points to note. Firstly, various central banks are already engaged in a limited roll-out of digital currencies:

Under this new law, cryptocurrency could become illegal

by Simon Black, Sovereign Man:

In early 1775, Benjamin Franklin and his European colleague, Charles Dumas, developed a secret method of communicating with each other.

Dumas had spent years gathering intelligence in Europe to assist the Americans in their revolt against Britain. But the two needed a secure way to pass information across the Atlantic.

So they developed a special cipher– a crude form of encryption where letters and words were substituted for numerals.

The decryption key changed with every letter; so, for example, in a letter from Franklin dated March 2, 1781, the word “MERCHANT” was written as “23. 3. 4. 13. 6. 14. 24. 18.”

Bitcoin bolivars? Venezuela reportedly accepting crypto as payment for passport applications

from RT:

Venezuela’s passport service is accepting Bitcoin as payment for some applications, according to people using the online system. The move suggests an increased shift to alternative payment systems in the South American state.

A screenshot of a Bitcoin (BTC) payment prompt on Venezuela’s Administrative Service for Identification, Migration and Foreigners (SAIME) was posted to Reddit on June 23. Social media users on other platforms confirmed that the cryptocurrency could be used by citizens overseas who are applying for a Venezuelan passport.

Crypto-Currencies: Will World Go Fully Digital, Wiping Out Gold & Ruining Dollar Dominance?

from Sputnik News:

The COVID pandemic has accelerated the shift to digital settlements and crypto coins triggering a debate about whether traditional means of payment and safe havens will soon become a thing of the past. Independent political risk analyst Eric Kraus has weighed up whether Bitcoin will replace gold and whether crypto yuan can depose the dollar.

On 8 June, the World Bank suggested that the COVID-related global recession would be the deepest since the Second World War with the highest share of economies seeing contractions in annual per capita gross domestic product (GDP) since 1870.