Dystopian Smart Money Nightmare

Source: Watchman's Duty
https://rumble.com/v26jni6-dystopian-smart-money-nightmare.html

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Today's Central Bank Digital Currencies Status
https://cbdctracker.org/

CBDCs: The Current State of Central Bank Digital Currency (CBDC) Developments Around the World
https://www.cybavo.com/blog/central-bank-digital-currency-cbdc-current-projects-2022/

SWIFT ISO 20022 Timeline and ISO 20022 and The Federal Reserve MX/ISO 20022 mandatory adoption is intended to occur in several stages.
High-value, cross-border payments in the European Union will first transition to ISO 20022 in November 2022,
particularly payments involving the Target2 system, the real-time financial settlement system used by central banks in the Eurosystem.

****The U.S. Federal Reserve will fully transition to ISO 20022 by November 2023.

The old MT/ISO 15022 messaging system will continue to be partially used until 2025, after which the vast majority of MT/ISO 15022 messages won’t be permitted.

CBDC is sometimes thought of as equivalent to a digital banknote, although in some respects it may have as much in common with a bank deposit.
Any UK CBDC would work alongside - not replace - cash and bank deposits.

We will continue to provide cash for as long as the public still want it.
What is ISO 20022 and How is it Changing?
https://www.ir.com/guides/what-is-iso-20022

Transition plan
On 5 December 2022, we announced that the migration of CHAPS to ISO 20022 messaging

*******(Transition State 2.1 of the RTGS Renewal Program) – will now occur on 19 June 2023, rather than April 2023.

This decision follows a period of consultation with CHAPS Direct Participants,
to understand the impact of the European Central Bank (ECB) decision to move their TARGET2 ISO 20022 migration from 21 November 2022 to 20 March 2023.

Welcome to ISO 15022 | ISO20022

The International Organization for Standardization (ISO) is a worldwide federation of national standards bodies (ISO member bodies).
https://www.iso20022.org/welcome-iso-15022

****The ECB re-plan, combined with the subsequent decision by SWIFT to move its (cross-border)

** ISO 20022 implementation to 20 March 2023, has had a considerable impact on industry preparation plans.

The new Transition State 2.1 go-live date is designed to provide sufficient time for the industry to safely manage the ECB and SWIFT transitions before making
final preparations for CHAPS to safely transition to the ISO 20022 messaging standard.
In the light of this amended timeline, the Bank is reviewing the milestones and indicative migration date for Transition State 3 – the introduction of the new RTGS core ledger and settlement engine.
The Bank will be adjusting milestones to avoid clashes with the revised Transition State 2.1 migration.
Our aim is to minimize the impact of the revised timeline on the Transition State 3 implementation, currently scheduled for spring 2024,
whilst also ensuring that the plan is safe and robust.
We expect to announce the revised milestones and key dates for Transition State 3 in February 2023.

Ensure a successful migration from the MT format
The world of payments is in permanent evolution, but some changes are bigger than others.
In today’s environment, commercial exchanges are globalized, and payment transactions are tremendously varied, numerous and complex. To address these challenges,

*** the payment industry is preparing itself for the largest disruption so far in this century: the migration to ISO 20022.

Why is the MT standard being phased out?
Created in 1973, SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a private company that developed the SWIFT network, which enables all businesses and financial institutions to connect and exchange financial messages.
In 1977, the first electronic message using the MT standards was sent. Since then, SWIFT has introduced many changes and innovations to the MT messaging system.
Although the new MX standard was introduced in the early 2000s, the old MT standard remains predominant.

The industry, however, has decided to replace the old MT standards entirely with MX messages because they are compliant with ISO 20022 standards.
https://www.redbridgedta.com/.../mark.../swift-mx-migration/

The Development of the Government Securities Clearing Corporation
https://www.newyorkfed.org/medialibrary/media/research/epr/2017/epr_2017_gscc_ingber.pdf?la=en

Use of Data Source Schemes in ISO 15022 Compliant Messages Updated on 17 December 2020 –
1. Addition of DSS for the China Central Depository & Clearing
(CCDC)
https://www.iso20022.org/sites/default/files/2022-05/ISO15022_Data_Source_Schemes.pdf

National Securities Clearing Corporation (NSCC)

What Is a National Securities Clearing Corporation?
National Securities Clearing Corporation (NSCC) is a subsidiary of Depository Trust & Clearing Corporation (DTCC) that provides centralized clearing, risk management, information, and settlement services to the financial industry
https://www.investopedia.com/terms/n/nscc.asp

We're ISO, the International Organization for Standardization. We develop and publish International Standards.
https://www.iso.org/home.html

The Depository Trust Company (“DTC”)
https://www.dtcc.com/~/media/Files/Downloads/Settlement-Asset-Services/user%20documentation/ISO%2015022%20Settlement/DWAC_ISO_15022.pdf

RTGS Renewal Program
The RTGS Renewal Program will deliver the next generation of our real-time gross settlement (RTGS) service.

The Real-Time Gross Settlement (RTGS) service is the infrastructure that holds accounts for banks, building societies and other institutions.
The balances in these accounts can be used to move money in real time between these account holders, this delivers final and risk-free settlement.
A program of work has been established to deliver a renewed Real-Time Gross Settlement (RTGS) service. As set out in the blueprint,
as well as replicating the functionality provided today, the new RTGS service will deliver a range of new features and capabilities for payments and settlements between financial institutions.

We will continue to engage with the payments industry throughout the Program, to ensure that the next generation of RTGS creates a world-leading payments service for the UK.
https://www.bankofengland.co.uk/.../rtgs-renewal-programme

Use of Data Source Schemes in ISO 15022
Updated on 17 December 2020 –
1. Addition of DSS for the China Central Depository & Clearing (CCDC)
https://www.iso20022.org/sites/default/files/2022-05/ISO15022_Data_Source_Schemes.pdf

UK launches CBDC pilot - News
https://news.fintechnexus.com/uk-launches-cbdc-pilot/

UK Government Accelerates CBDC Exploration
https://www.pymnts.com/news/2022/uk-government-accelerates-cbdc-exploration/

Minutes of the CBDC Engagement Forum - February 2022
https://www.bankofengland.co.uk/minutes/2022/february/minutes-of-cbdc-forum-february-2022

Public Policy Principles for Retail Central Bank Digital Currencies
(CBDCs)
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1025235/G7_Public_Policy_Principles_for_Retail_CBDC_FINAL.pdf

UK central bank digital currency
We are looking carefully at how a UK central bank digital currency (CBDC) might work. But we have not yet made the decision to introduce one
https://www.bankofengland.co.uk/digital-currencies

UK to consult on possible central bank digital currency
https://www.reuters.com/world/uk/uk-consult-possible-central-bank-digital-currency-2021-11-09/

Central Bank Digital Currency
Statement made on 9 November 2021
https://questions-statements.parliament.uk/written-statements/detail/2021-11-09/hcws381

Statement on Central Bank Digital Currency next steps
HM Treasury (HMT) and the Bank of England (the Bank) have today announced the next steps on the exploration of a UK Central Bank Digital Currency (CBDC).
https://www.bankofengland.co.uk/news/2021/november/statement-on-central-bank-digital-currency-next-steps

Bank of England statement on Central Bank Digital Currency
The Bank of England and HM Treasury have today announced the joint creation of a Central Bank Digital Currency (CBDC) Taskforce to coordinate the exploration of a potential UK CBDC.
https://www.bankofengland.co.uk/news/2021/april/bank-of-england-statement-on-central-bank-digital-currency

CBDCs and the UK Central Bank Digital Currency
https://news.monitalks.io/news/article/cbdc-uk

An electronic form of central bank money
A Central Bank Digital Currency (CBDC) would be an electronic form of central bank money that could be used by households and businesses to make payments.
The Bank has not yet made a decision on whether to introduce CBDC, and intends to engage widely with stakeholders on the benefits, risks and practicalities of doing so.

Discussion Paper Central Bank Digital Currency Opportunities, challenges and design March 2020
https://www.bankofengland.co.uk/-/media/boe/files/paper/2020/central-bank-digital-currency-opportunities-challenges-and-design.pdf?la=en&hash=DFAD18646A77C00772AF1C5B18E63E71F68E4593

New forms of digital money
https://www.bankofengland.co.uk/paper/2021/new-forms-of-digital-money

The UK jumps on the central bank digital currency bandwagon
The government announced the launch of a task force bringing together the Treasury and the Bank of England to examine whether to introduce a digital currency.
https://techhq.com/2021/04/the-uk-jumps-on-the-central-bank-digital-currency-bandwagon/

An addendum to “A Cashless Society- Benefits, Risks and Issues (Interim paper)” Understanding Central Bank Digital Currencies (CBDC)
https://www.actuaries.org.uk/system/files/field/document/Understanding%20CBDCs%20Final%20-%20disc.pdf

Digital Pound Foundation launches to help implement UK’s digital Pound
The ETN-Network sits on the board of directors alongside Accenture, Ripple, CGI, Ava Labs, Quant, Billon Group, and other prominent members.
https://news.electroneum.com/digital-pound-foundation-launches-to-help-implement-uks-digital-pound

Eurosystem launches digital euro project
https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210714~d99198ea23.en.html

The Digital Pound Foundation Wants to See UK’s CBDC Materialize; G7 Leaders Say It Must Support, Do No Harm
https://www.pymnts.com/cbdc/2021/digital-pound-foundation-wants-uk-cbdc-g7-leaders-say-must-do-no-harm/

AMERICA TOO

TECHNICAL EVALUATION FOR A U.S. CENTRAL BANK DIGITAL CURRENCY SYSTEM SEPTEMBER 2022
https://www.whitehouse.gov/wp-content/uploads/2022/09/09-2022-Technical-Evaluation-US-CBDC-System.pdf

New UK prime minister pushes CBDC – Big chance for Bitcoin?
https://www.crypto-news-flash.com/new-uk-prime-minister-pushes-cbdc-big-chance-for-bitcoin/

The digital pound hits a snag — will UK proceed with CBDC agenda?
https://techhq.com/2022/01/the-digital-pound-hits-a-snag-will-uk-proceed-with-cbdc-agenda/

UK Announces CBDC Taskforce to Be Lead by BoE and HM Treasury
https://www.coinspeaker.com/uk-cbdc-taskforce-boe-hm-treasury/

UK To Launch CBDC Consultation In 2022, Launch Not Happening Before 2025
https://alexablockchain.com/uk-to-launch-cbdc-consultation-in-2022/

A solution without a problem? The ‘digital pound’ may be dead in the water
https://techmonitor.ai/technology/emerging-technology/uk-cbdc-digital-pound-bank-of-england

Published on 09 November 2021
HM Treasury (HMT) and the Bank of England (the Bank) have today announced the next steps on the exploration of a UK Central Bank Digital Currency (CBDC).

CBDC would be a new form of digital money issued by the Bank of England and for use by households and businesses for their everyday payments needs.

It would exist alongside cash and bank deposits, rather than replacing them.

In 2022, HMT and the Bank will launch a consultation which will set out their assessment of the case for a UK CBDC,
including the merits of further work to develop an operational and technology model for a UK CBDC.
It will evaluate the main issues at hand, consider the high level design features, possible benefits and implications for users and businesses, and considerations for further work.

This consultation will form part of a ‘research and exploration’ phase and helps to inform policy development over the next few years.

No decision has been made on whether to introduce a CBDC in the UK, which would be a major national infrastructure project.
In April 2021,
the Bank and HMT initiated the joint CBDC Taskforce to coordinate the exploration of a potential UK CBDC.
The Bank also set up the Engagement and Technology forums, where relevant stakeholders from industry,
civil society and academia provide strategic and technical input to the work on CBDC.

The 2022 consultation will inform a decision on whether the authorities are content to move into a ‘development’
phase which will span several years.
A technical specification would follow the consultation explaining the proposed conceptual architecture for any CBDC.
This could involve in-depth testing of the optimal design for, and feasibility of, a UK CBDC.

If the results of this ‘development’ phase conclude that the case for CBDC is made, and that it is operationally and technologically robust,
then the earliest date for launch of a UK CBDC would be in the second half of the decade.

Economic Secretary to the Treasury, John Glen, said: "This consultation will begin an open discussion on the role a UK central bank digital currency might play in the UK.
"I’d encourage everyone to contribute to the discussion so we can explore the opportunities this could bring, as well as understanding any risks it may pose.”

Deputy Governor for Financial Stability, Jon Cunliffe, said: “The plan to publish a consultation next year on CBDC is a crucial step in our policy development,
especially as we further our thinking on the pressing issues at hand. What it will do is provide a platform for interested parties and relevant groups to engage with the key questions on the merits of CBDC,
and whether the public sector should advance to a development phase.”

Central Bank Digital Currency Introduction by RBI in India: Impact and Concerns
https://www.jurist.org/commentary/2022/03/purushottam-anand-cbdc-introduction-india-budget/

This Is How the Fed Will Seize Your Money in 2023: Gerald Celente
https://rumble.com/v25vm4u-this-is-how-the-fed-will-seize-your-money-in-2023-gerald-celente.html

Federal Reserve Board - Coordinated Central Bank Action to Enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements.
The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank
https://www.federalreserve.gov/newsevents/pressreleases/monetary20200315c.htm

FED-NOW PAYMENT SYSTEM BEGINS MAY 2023
https://rumble.com/v25cgwz-fed-now-payment-system-begins-may-2023.html

FDIC Transparency with Bank Bail-in Systemic Resolution Advisory Committee 11-9-22
https://rumble.com/v24wbl0-fdic-systemic-resolution-advisory-committee-11-9-22.html

Watch Out The Money in YOUR Bank's At Risk
https://rumble.com/v24wbsw-watch-out-the-money-in-your-banks-at-risk.html

CBDC and the Fed's Plan to Weaponize Money
https://rumble.com/v22z2hc-cbdc-and-the-feds-plan-to-weaponize-money.html

CBDC's, petro Dollar, elimination of cash, & the great reset Melissa Cuimmei
https://rumble.com/v21qmm6-cbdcs-petro-dollar-elimination-of-cash-and-the-great-reset-melissa-cuimmei.html

FEDNOW CRIEDT/DEBIT SYSTEM The Fed Just Announced CBDC Launch 2023
https://rumble.com/v20siuq-fednow-criedtdebit-system-the-fed-just-announced-cbdc-launch-2023.html

WHITE HATS BLOW WHISTLE ON GREAT RESET SOCIAL SCORE SOFTWARE
https://rumble.com/v23lbz8-white-hats-blow-whistle-on-great-reset-social-score-software.html

SOVEREIGNS ARE MOVING ALL FIAT INTO CSRQ
https://rumble.com/v23lcgg-sovereigns-are-moving-all-fiat-into-csrq.html

Cashless Society | Dystopian Sci-Fi Short Film
https://rumble.com/v20m59q-cashless-society-dystopian-sci-fi-short-film.html

Facial Recognition Social Credit Score
https://rumble.com/v20hv6i-facial-recognition-social-credit-score.html

What this new law change means is the “LEGAL” status of US and other customer bank deposits within the G20 nations, placing them on par with many unsecured paper investments.
Now more than ever, if you give your fiat currency to a bank, it is your responsibility to know the solvency of the bank you chose.
This is called a BALIN

G20 to Change Status of Bank Accounts = Investments
https://www.armstrongeconomics.com/uncategorized/g20-to-change-status-of-bank-accounts-investments/

From Bail-out to Bail-in: Mandatory Debt Restructuring of Systemic Financial Institutions
https://www.imf.org/external/pubs/ft/sdn/2012/sdn1203.pdf

XRP Ripple is partnered with the World Economic Forum.
https://blocknews.com/world-economic-forum-confirms-ripple-as-an-official-partner/

'New capabilities such as programmability, composability and tokenization …
can be built on top of CBDCs, fast payment systems and associated data architectures'

****FDIC Transparency with Bank Bail-in Systemic Resolution Advisory Committee 11-9-22
https://rumble.com/v24wbl0-fdic-systemic-resolution-advisory-committee-11-9-22.html

FedNow to launch by mid-2023, Fed official says
https://www.paymentsdive.com/news/fednow-federal-reserve-bank-instant-payments-real-time-CBDC/630059/

Federal Reserve updates FedNow Service timing to mid-2023, marks beginning of full-scale pilot testing
https://www.federalreserve.gov/.../pre.../other20220829a.htm

FedNow aims for September testing
https://www.paymentsdive.com/.../federal-reserve.../630789/

Federal Register notice: Federal Reserve Bank Services
https://www.federalreserve.gov/.../files/other20221103a1.pdf

Federal Reserve Announces FedNowSM Service Pricing Approach, Credit Transfer Limit
https://www.frbservices.org/news/press-releases/012722-fednow-pricing-announcement

FedNow gives fee holiday in 2023
https://www.bankingdive.com/.../fednow-federal.../635933/

The Federal Reserve Bank of Boston announces collaboration with MIT to research digital currency
https://www.bostonfed.org/news-and-events/press-releases/2020/the-federal-reserve-bank-of-boston-announces-collaboration-with-mit-to-research-digital-currency.aspx

Digital Currency Initiative at MIT
https://dci.mit.edu

Digital Currency Initiative MIT
https://www.media.mit.edu/groups/digital-currency-initiative-dci/overview/

One Bank Research Agenda February 2015
https://www.bankofengland.co.uk/-/media/boe/files/research/one-bank-research-agenda---summary.pdf?la=en&hash=B2C820FBF6A960C4A625C2DAB5B5B6CE4FEDF120

Project Hamilton - building a hypothetical central bank digital currency
https://dci.mit.edu/project-hamilton-building-a-hypothetical-cbdc

DTCC BUILDING INDUSTRY'S FIRST PROTOTYPE TO SUPPORT DIGITAL U.S. CURRENCY IN THE CLEARING & SETTLEMENT PROCESS AS PART OF DIGITAL DOLLAR PROJECT EFFORT
https://www.dtcc.com/news/2022/april/12/dtcc-building-industrys-first-prototype-to-supports-digital-us-currency

Beware of Bank Bail-ins - A Bail Out Using Your Money
https://rumble.com/vt58p9-beware-of-bank-bail-ins-a-bail-out-using-your-money.html

Bank Bail-in Laws Since the end of 2014, new G20 Bank Bail-In Laws have been signed and put into supra-national law.
Average bank depositors are now legally treated as unsecured creditors even in the largest economies of the world. Form 424B2 BARCLAYS BANK PLC
https://www.streetinsider.com/SEC+Filings/Form+424B2+BARCLAYS+BANK+PLC/19376567.html

LEGALIZED BANK BAIL-INS
https://sdbullion.com/legalized-bank-bail-ins

New G20 Rules: Cyprus-style Bail-ins to Hit Depositors AND Pensioners
https://www.resilience.org/stories/2014-12-02/new-g20-rules-cyprus-style-bail-ins-to-hit-depositors-and-pensioners/

'Legalized' G20 Bank Bail-In Laws
https://ncrenegade.com/legalized-g20-bank-bail-in-laws/

H.R.4173 - Dodd-Frank Wall Street Reform and Consumer Protection Act
https://www.congress.gov/bill/111th-congress/house-bill/4173

New Financial Crisis Laws: Bank Bail-ins, Money Market Freeze
https://sdbullion.com/blog/new-financial-crisis-laws

Why Bank Bail-Ins Will Be the New Bailouts
https://www.investopedia.com/articles/markets-economy/090716/why-bank-bailins-will-be-new-bailouts.asp

New Financial Crisis Laws: Bank Bail-ins, Money Market Freeze
https://sdbullion.com/blog/new-financial-crisis-laws

Can banks legally confiscate your deposits without your permission?
https://moorejustinmusic.com/students-life/can-banks-legally-confiscate-your-deposits-without-your-permission-to-bail-themselves-out/

Bank deposit Bail In law is biggest threat to average USA
https://www.investmentwatchblog.com/bank-deposit-bail-in-law-is-biggest-threat-to-average-usa-g20-savers-hsbcs-james-steel-gold-is-a-highly-regarded-asset/

Central Bank Digital Currency (CBDC)
https://www.media.mit.edu/projects/central-banks-and-digital-currency/overview/

Central Bank Digital Currency (CBDC): In-Depth Guide
https://research.aimultiple.com/cbdc/

What Is a CBDC?
https://www.kogocrypto.com/what-is-a-cbdc/

ECB publishes white paper on its own crypto currency
https://21-btc.club/ecb-publishes-white-paper-on-its-own-crypto-currency/

CBDC Technology Considerations
https://www3.weforum.org/docs/WEF_CBDC_Technology_Considerations_2021.pdf

ECB publishes white paper on its own crypto currency
https://21-btc.club/ecb-publishes-white-paper-on-its-own-crypto-currency/

IMF recommends CBDC and global crypto standards for financial stability
https://uptodatecryptonews.com/imf-recommends-cbdc-and-global-crypto-standards-for-financial-stability/

Bank 4.0 and the Future of Financial Services
https://rumble.com/vpoh89-bank-4.0-and-the-future-of-financial-services.html

CBDC Digital Currency to Track Everything
https://rumble.com/vpogi3-cbdc-digital-currency-track-everything.html

The digital identity push under the ‘great reset’ agenda risks enabling an authoritarian social credit system on a global scale: perspective
https://sociable.co/technology/your-digital-identity-used-against-you-great-reset/

‘Cash Is Disappearing,’ BOE Official Says Building Case for CBDC
https://www.bloomberg.com/news/articles/2021-11-22/-cash-is-disappearing-boe-official-says-building-case-for-cbdc

Resolving Globally Active, Systemically Important, Financial Institutions
https://www.fdic.gov/about/srac/2012/gsifi.pdf

The New Banking Crisis — In Two Frightening Graphs
https://wallstreetonparade.com/2016/09/the-new-banking-crisis-in-two-frightening-graphs/

33 banks announce a collective commitment to climate action
https://www.unepfi.org/industries/banking/collective-commitment-to-climate-action/

Central Banks Announce Coordinated Action to Enhance Swap Lines
https://finance.yahoo.com/video/central-banks-announce-coordinated-action-144519551.html

The Federal Reserve, along with a number of global central banks, announced a coordinated action Friday to support dollar liquidity swap line arrangements.

Top US Banks Under Investigation Over ESG And Climate Action ~ Oct. 31, 2022
https://www.unepfi.org/industries/banking/collective-commitment-to-climate-action/

Cybersecurity | American Bankers Association
https://www.aba.com/banking-topics/technology/cybersecurity

original link by steve rutherford
https://www.youtube.com/watch?v=AuLLJsWttlk

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