Here Come “Programmable Dollars”: New York Fed And 12 Banking Giants Launch Digital Dollar Test.
NC Renegade: Never let a crisis go to waste. Or a market crash for that matter.
With equity and bond markets stuck in brutal bear markets and providing a sufficient distraction to what is happening behind the scenes, the Fed and a group of banks have been quietly preparing for the next stage in the “organized crash” pipeline: the rollout of CBSC.
According to a statement by the New York Fed, 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, HSBC Holdings, Mastercard and Wells Fargo are among the financial companies participating in the experiment alongside the New York Fed, which will provide a “public contribution to the body of knowledge on the application of new technology to the regulated financial system.”
Bank of New York Mellon, the money-laundering bank of the world, HSBC Holdings, PNC Financial Services, Toronto-Dominion Bank, Truist Financial and U.S. Bancorp are also participating in the test, along with payments network Mastercard. more