The IMF is developing a platform for central bank digital currencies to enable cross-border transactions, but this appears to be yet another step towards a global currency reset backed by fiat currency-based assets, including gold hoarded by central banks, leading to an elitist financial system. Is this the future of money, or a dangerous step towards economic inequality?
I have always held the view that there are two GCR scenarios heading our way. Our GCR and the Elitist Monetary Reset. This is obvious given that both sides know the current, global fiat system experiment is coming to its logical conclusion.
Both alternative systems will utilize assets. Our GCR is backed by off-ledger gold, their Reset will be backed by fiat currencies, perhaps SDRs (Strategic Drawing Rights), and perhaps some central bank gold reserves – which is why global central banks are buying gold in record amounts over the past 18 months.
The IMF’s most recent announcement of their interconnecting CBDC payment platform initiative is their next step.
The International Monetary Fund (IMF) is developing a platform for central bank digital currencies (CBDCs) that will enable cross-border transactions. The IMF wants central banks to agree on a common regulatory framework for digital currencies to allow global interoperability.
Already, 114 central banks are exploring CBDCs, with about 10 having crossed the finish line. IMF Managing Director Kristalina Georgieva emphasized that CBDCs should be backed by assets, and that cryptocurrencies are an investment opportunity only when backed by assets. Georgieva also suggested that CBDCs could promote financial inclusion and reduce the cost of remittances.
The creation of a global CBDC platform would prevent the rising popularity of decentralized cryptocurrencies from filling a regulatory void. Critics suggest that this is another step towards a global currency reset backed by fiat currency-based assets, including gold hoarded by central banks, leading to an elitist financial system.
Article Reference: www.reuters.com/markets/imf-working-global-central-bank-digital-currency-platform-2023-06-19/
