New York Federal Reserve Partners with Banking Giants to Start 12-Week “Digital Dollar” Pilot

Global banking institutions, such as Citibank, HSBC, Mastercard, and Wells Fargo, have partnered with the New York Federal Reserve to start a 12-week “digital dollar” pilot.

The participants announced the program on Tuesday.

That means CBDCs aren’t too far down the line.

CBDCs (Central Bank Digital Currencies) will lead to ultimate financial enslavement of the masses.

https://twitter.com/WallStreetSilv/status/1592578284671631360

BREAKING: Global banking giants are starting a 12-week digital dollar pilot with the Federal Reserve Bank of New York – Reuters

— Bitcoin Magazine (@BitcoinMagazine) November 15, 2022

It begins. https://t.co/B67nUuP242

— Edward Snowden (@Snowden) November 15, 2022

From Reuters:

Global banking giants are starting a 12-week digital dollar pilot with the Federal Reserve Bank of New York, the participants announced on Tuesday.

Citigroup Inc , HSBC Holdings Plc (HSBA.L), Mastercard Inc (MA.N) and Wells Fargo & Co (WFC.N) are among the financial companies participating in the experiment alongside the New York Fed’s innovation center, they said in a statement. The project, which is called the regulated liability network, will be conducted in a test environment and use simulated data, the New York Fed said.

The pilot will test how banks using digital dollar tokens in a common database can help speed up payments.

Earlier this month, Michelle Neal, head of the New York Fed’s market’s group, said it sees promise in using a central bank digital dollar to speed up settlement time in currency markets.

Although financial institutions claim a digital dollar boosts speed and convenience, the real reason for them is CONTROL and SURVEILLANCE.

Every single purchase you make with digital dollars will be tracked by the government and banks.

Watcher.Guru added:

Moreover, the program will see both the Fed and some of the world’s premiere financial institutions come to this conclusion in conjunction. This development comes after the head of the New York Federal Reserve, Michelle Neal, spoke on the promise of a digital dollar.

Subsequently, Reuter noted Neal saw an opportunity, “in using a central bank digital dollar to speed up settlement time in currency markets.” Finally, the announcement arrived today with no timeline for the experiment’s operation.

As a reminder, the Federal Reserve wants to launch its CBDC infrastructure between May and July of 2023.

MUST-WATCH: Northern Ireland Financial Investor Melissa Ciummei “The Pandemic Will End When the Digital Monetary System Is In Place”

From CoinDesk:

According to a press release, FedNow will be open to financial institutions of any size, allowing them to facilitate instant payments for consumers and businesses, giving customers immediate full access to funds. The platform is currently in pilot phase with more than 120 organizations participating, including lender U.S. Bank and payment processor Alacriti Payments among them.