Suggest or save? Two things are certain with Bank for international payments (BIS): its multinational bankers i hate bitcoin (btc) and decentralized cryptocurrenciesbut they love central bank digital currencies (MNBC) well under control. And the “bank of banks” just proposed his own model from MNBC.
- The Bank for International Settlements has proposed a ‘hybrid’ retail central bank (CBNC) digital currency model.
- This hybrid model involves control of MNBCs by the central bank and consumer services provided by commercial banks, i.e. two intermediaries instead of one.
Bankers want to retain control of the currency with their respective MNBCs
PUSH Bank for international payments (BIS) is eager to maintain hegemony fiat currencyissued states and managed bankers, face to face decentralized competitors and without intermediaries what they are bitcoin (BTC) and cryptocurrencies.
For this, the world’s central bankers are developing their own digital currency, or MNBC. China and European Central Bank (ECB) they are particularly advanced in this subject.
And the Bank for International Settlements therefore wants to help them by publishing a report on “A retail central bank digital currency architectural design “. This report, which we will briefly describe, was written by the Advisory Group on Innovation and the Digital Economy (CGIDE).
BIS proposes its hybrid central bank digital currency model
For individuals, BIS in its report recommends retail MNBC “ hybrid “. This term means a supranational body emission and control MNBC are secured central bank country while commercial banks ensure from your side consumer services.
Yes, the MNBC hybrid model therefore offers they have not one but two mediators. Because in addition to the central bank, it will be necessary to go through banks usually open to individuals:
“The user logs into the wallet application (…) and requests to exchange MNBC for local currency, sends the amount to be exchanged and the proxy ID of the original MNBC wallet. Having complied with anti-money laundering (AML) procedures, intermediary requests the withdrawal of the given amount from the user’s wallet. Then the MNBC ledger will perform the required verification based on the user’s registration type, withdraw the required amount from the user’s wallet and deposit it into the user’s wallet. intermediary. He will then announce intermediarywhich deposits the required amount into the user’s account (…). Finally, the wallet app notifies the user of a cash deposit or payment. »
Bank for international payments
In short, exactly the same intermediary-interrupted banking system as today, but with leverage distributed ledger technology (DLT), popularized bitcoin and its network blockchain (two words that are not not mentioned once in this report). From the bankers they are intermediariestheir system will necessarily include points centralization (in this case two in this model). No wonder it’s getting bigger political leaders start oppose to this dangerous strengthening of bankers’ control over money, like Donald Trump or Robert F. Kennedy Jr. who reject all MNBCs in the United States.