The Implosion of FTX Is the Excuse to Usher in Central Bank Digital Currency as NY Fed and Banks Test CBDC


How the implosion of the crypto currency ponzi-scheme helps set the stage for CBDCs and cashless society.


Via Need To Know News


Tucker Carlson explains that the very young executives of the FTX cryptocurrency exchange are well connected to the Gary Gensler, the head of the Securities and Exchange Commission (SEC), who should have called out the FTX scam before it imploded. Sam Bankman-Fried, the founder of FTX, donated over $40 million to the Democrat party and the media was also paid off. Cryptocurrency is a huge problem for governments because it cannot be controlled. The FTX collapse is being used as the pretext to usher in government currency, known as central bank digital currency (CBDC), which has been planned all along. Right after FTX’s collapse, every major bank announced a new partnership with the New York Federal Reserve to establish a new digital currency that can be regulated and controlled. CitiBank, Wells Fargo, Mastercard and HSBC announced a 12-week digital dollar pilot program that can ultimately be used for totalitarian control.


Sam Bankman-Fried admitted that he used his virtuous stances as a front to win the game. He said: “Ya, hehe. I had to be, it’s what reputations are made of, to some extent. I feel bad for those who get f***ed by it. By this dumb game we woke westerners play where we say all the right shiboleths [sic] so everyone likes us.” When asked if his “ethics stuff” was “mostly a front,” SBF replied, “Yeah. I mean that’s not all of it but it’s a lot.”



From the Washington Examiner:

The Federal Reserve Bank of New York and major banks will launch a three-month test of a digital dollar in hopes of studying its feasibility.

The initiative was announced by the regional Federal Reserve bank and nearly a dozen financial institutions on Tuesday. A news release referred to the experiment as a “proof-of-concept project” in which the banks will work with the Fed’s New York Innovation Center to simulate digital money representing the deposits of their own customers and settle them through simulated Fed reserves on a distributed ledger.

“The [project] will also test the feasibility of a programmable digital money design that is potentially extensible to other digital assets, as well as the viability of the proposed system within existing laws and regulations,” according to the news release.

The news comes as cryptocurrency and blockchain technology have exploded to prominence in the mainstream financial world. While the flagship cryptocurrency bitcoin peaked a year ago and has since been in precipitous decline, the technology behind such tokens has attracted interest from not only private financial institutions but also central banks across the globe.

In January, the Fed took a first step toward weighing the use of a central bank digital currency when it released its much-anticipated discussion paper and opened a four-month public comment period to receive input.

The paper said that a CBDC could streamline cross-border payments and could further enshrine and preserve the dominance of the dollar’s international role, including as the world’s reserve currency.

Read full article here…

The Blaze: