The Digital Money Revolution

the-digital-money-revolution

14-11-19 11:04:00,

Authored by Huw van Steenis via Project Syndicate,

The rapid pace and sheer scale of innovation in digital currencies and mobile payments indicates that a monetary revolution is forthcoming. The choice for governments and central banks is whether to stand in front of a train that is gaining steam, or get on board and reap the benefits.

How radically will digital currencies change our methods of exchange and the way that we think about money? With innovation in digital payments barreling ahead, these questions are now commanding the attention of the World Economic Forum and other international institutions.

Regardless of how Facebook’s own digital-currency moonshot, Libra, fares, it has already provided a wake-up call for firms and policymakers around the world.

“If revolution there is to be, let us rather undertake it than undergo it,” Otto von Bismarck once said.

The question for policymakers is not whether to try to shape the digital-money revolution, but how.

Digital money is already a key battleground in finance, with technology firms, payment processing companies, and banks all vying to become the gateway into the burgeoning platform-based economy. The prizes that await the winners could be huge. In China, Alipay and WeChat Pay already control more than 90% of all mobile payments. And in the last three years, the four largest listed payment firms – Visa, Mastercard, Amex, and PayPal – have increased in value by more than the FAANGs (Facebook, Apple, Amazon, Netflix, and Google). In a way, Libra is actually crashing the party late.

The opportunities offered by digital money are clear. Across Western countries, moving money is overly costly and inefficient, and those who end up paying the most are often the ones who can least afford to do so. As I argued in a report for the Bank of England (BOE) earlier this year, improving these processes could yield significant returns and social benefits.

Moreover, the needs – the potential returns – are even greater in many emerging markets, particularly when it comes to cross-border payments. According to the World Bank, the average cost of sending international peer-to-peer remittances averages around 7% of the sum.

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How The Digital Currency Agenda Has Grown Amidst Resurgent “Nationalism”, Part One

how-the-digital-currency-agenda-has-grown-amidst-resurgent-“nationalism”,-part-one

03-09-19 09:56:00,

Authored by Steven Guinness,

In my last two articles I examined the detail behind the simultaneous plans of the Bank of England and the Federal Reserve to establish new payment systems. From the evidence at hand, the objective of central banks has been to make their new systems compatible with distributed ledger technology (DLT) as a basis for introducing central bank digital currency to supersede physical money over the next decade.

As we will learn, the rhetoric from globalist institutions and figureheads on the subject of digital currency has developed significantly since the EU referendum and Donald Trump’s presidency.

But to begin with, it is worthwhile looking at some of the commentary from the central banking community prior to the onset of renewed political ‘nationalism.’

2015

A few days after the EU referendum bill passed through parliament, the Bank of England’s Chief Economist Andy Haldane delivered a speechwhich discussed negative interest rates on currency (referred to as the ‘zero lower bound‘). He brandished the idea of removing the lower bound by abolishing paper currency and issuing a government backed currency in electronic form which would be held in digital wallets. Such a move would ‘allow negative interest rates to be levied on currency easily and speedily.’

Haldane also remarked that the distributed ledger technology within Bitcoin ‘has real potential‘ before going on to say:

Work on central bank-issued digital currencies forms a core part of the bank’s current research agenda. Perhaps central bank money is ripe for its own great technological leap forward.

This generated some press coverage at the time, notably from the Financial Times who said converting paper currency into digital would ‘help the bank to manage inflation by enabling it to bypass the current constraint against lowering rates below zero.’

In November 2015, the Committee on Payments and Market Infrastructures issued a paper simply titled ‘Digital Currencies‘. The CPMI works through the Bank for International Settlements in that the BIS hosts the CPMI secretariat.

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The Digital Revolution was a Disastrous Mistake – PaulCraigRoberts.org

the-digital-revolution-was-a-disastrous-mistake-–-paulcraigroberts.org

02-07-19 01:05:00,

Copyright .© Paul Craig Roberts 2019.- Please contact us for information on syndication rights.

This site offers factual information and viewpoints that might be useful in arriving at an understanding of the events of our time. We believe that the information comes from reliable sources, but cannot guarantee the information to be free of mistakes and incorrect interpretations. IPE has no official position on any issue and does not necessarily endorse the statements of any contributor.

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Big Brother Digital License Plates Coming To A State Near You | Light On Conspiracies – Revealing the Agenda

big-brother-digital-license-plates-coming-to-a-state-near-you-light-on-conspiracies-8211-revealing-the-agenda

26-01-19 03:13:00,

By MassPrivateI

Michigan became the second state in the country to roll out the world’s first digital license plate.

According to an article in The Car Connection, the state of Michigan just approved Reviver Auto’s digital license plates called the “Rplate.”

Reviver Auto boasts that a total of five states have already approved their digital license plates.

Our innovative, multi-functional digital license plate, the Rplate Pro, will be on the road in California, Florida, Arizona and Texas in 2018. (Source)

George Orwell could never have dreamed of a world where license plates became a tool for more government surveillance.

Digital license plates are a privacy nightmare for motorists.

No longer will law enforcement have to run your license plate to see if you paid your taxes and insurance, because now your license plate will display a big “X” notifying everyone that you are a violator.

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Digital license plates are the epitome of Big Brother surveillance

According to an article in WIRED, Rplates will turn vehicles into rolling Big Brother billboards that display Amber Alerts and much more.

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Digital Sovereignty. A Public Service Internet for Europe? Protecting Users’ Personal Data – Global Research

digital-sovereignty.-a-public-service-internet-for-europe-protecting-users8217-personal-data-8211-global-research

07-12-18 02:49:00,

The French Government announced in October that the National Assembly and Army Ministry would no longer be relying on American digital companies for Internet search.  They are in future going to be using the French and German developed Quant search system which doesn’t track its users’ personal data and doesn’t therefore expose users to the misuse of personal data for advertising or propaganda purposes.

This announcement has made no waves here, but it could be the start of an Internet revolution. For the first time, an attempt is being made at a Government level, to wrest back some of the control that private American companies now have over our lives.  As Florian Bachelier, chair of the Assembly’s Cybersecurity and Digital Sovereignty task-force put it: “Security and digital sovereignty are at stake here”. This is only a small step but, alongside a much fiercer attitude towards regulation, France has demonstrated that it is taking the need to reclaim “digital sovereignty” seriously.  According to an article in Wired magazine the search for a European wide solution to American dominance of data is now well underway.

It is useful to see these moves in the context of previous European interventions in the development of media technologies. In 19th Century France the telegraph was developed with Government funding and nationalisation of the British telegraph was organised because the French system was much more efficient and provided equal access to all news organisations and customers. The development of radio as a consumer medium in Britain was dependent on money provided for ship to shore communication in the First World War.  Public broadcasting was then established to ensure that these monopolistic services could not be used to provide a propaganda platform for any one individual or organisation – including the Government.

This history can be compared to the rather different way in which media has developed in the US where the rights to private ownership have always taken precedence over public rights, even when (as in the case of the Internet and World Wide Web), the basic technical infrastructure is built using public funds.  As a result, a handful of oligopolies have controlled each generation of media technologies and used them to amass private fortunes.  The speed of development of the FANGS (Facebook,

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Digital Dictatorship: China Exerts Control Over Population Through “Social Credit” System

Digital Dictatorship: China Exerts Control Over Population Through “Social Credit” System

24-09-18 08:27:00,

China is developing a digital dictatorship to exert control over its 1.4 billion citizens. For some, “social credit” will bring great opportunities — for others, punishment. The Communist Party’s plan is to monitor its citizens 24/7 and rank them on their behavior, as the dystopian social ranking system will be fully operational by 2020.

According to Australian Broadcasting Corporation (ABC), an active pilot program has already assigned a score out of 800 to millions of people across the country. More than 200 million surveillance cameras are currently using artificial intelligence and facial recognition software that adds or subtracts social points based on physical and digital behavior.

The data collected from the vast network of cameras is blended with information collected from individuals’ government records, medical, financial, and even internet browsing histories. People’s scores can oscillate from good to bad in “real time” dependant on the person’s behavior, but also the people they associate with can affect scores as well.

“If your best friend or your dad says something negative about the government, you’ll lose points too,” the ABC reports.

In 2014, the Chinese government published a notice concerning all provincial, autonomous region, and cities concerning the construction of the social credit system. The scheme has been seen as a bid to reinforce the notion that “keeping trust is glorious and breaking trust is disgraceful,” according to the State Council Notice concerning Issuance of the Planning Outline for the Construction of a Social Credit System (2014-2020) government document.

“A social credit system is an important component part of the Socialist market economy system and the social governance system. It is founded on laws, regulations, standards and charters, it is based on a complete network covering the credit records of members of society and credit infrastructure, it is supported by the lawful application of credit information and a credit services system, its inherent requirements are establishing the idea of an sincerity culture, and carrying forward sincerity and traditional virtues, it uses encouragement to keep trust and constraints against breaking trust as incentive mechanisms, and its objective is raising the honest mentality and credit levels of the entire society,” said the government document.

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China’s ‘Digital’ Totalitarian Experiment

China’s ‘Digital’ Totalitarian Experiment

13-09-18 08:01:00,

Authored by Gordon Chang via The Gatestone Institute,

  • China’s “social credit” system, which will assign every person a constantly updated score based on observed behaviors, is designed to control conduct by giving the ruling Communist Party the ability to administer punishments and hand out rewards. The former deputy director of the State Council’s development research center says the system should be administered so that “discredited people become bankrupt”.

  • Officials prevented Liu Hu, a journalist, from taking a flight because he had a low score. According to the Communist Party-controlled Global Times, as of the end of April 2018, authorities had blocked individuals from taking 11.14 million flights and 4.25 million high-speed rail trips.

  • Chinese officials are using the lists for determining more than just access to planes and trains. “I can’t buy property. My child can’t go to a private school,” Liu said. “You feel you’re being controlled by the list all the time.”

  • Chinese leaders have long been obsessed with what Jiang Zemin in 1995 called “informatization, automation, and intelligentization,” and they are only getting started Given the capabilities they are amassing, they could, the argument goes, make defiance virtually impossible. The question now is whether the increasingly defiant Chinese people will accept President Xi’s all-encompassing vision.

By 2020, Chinese officials plan to have about 626 million surveillance cameras operating throughout the country. Those cameras will, among other things, feed information into a national “social credit system.”

That system, when it is in place in perhaps two years, will assign to every person in China a constantly updated score based on observed behaviors. For example, an instance of jaywalking, caught by one of those cameras, will result in a reduction in score.

Although officials might hope to reduce jaywalking, they seem to have far more sinister ambitions, such as ensuring conformity to Communist Party political demands. In short, the government looks as if it is determined to create what the Economist calledthe world’s first digital totalitarian state.”

China’s President Xi Jinping is not merely an authoritarian leader.

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