Unelected globalists want programmable CBDC, digital ID to rule the metaverse: perspective The Bank for International Settlements (BIS) continues its push for the adoption of programmable (CBDCs) and tokenized deposits, this time highlighting the metaverse as an entry point in a new report. Central Bank Digital Currencies “Wholesale CBDCs, whose use is confined to financial institutions, could form a basis to support tokenized deposits and the tokenization of real and financial assets. They could potentially support cross-border transactions through multi-CBDC arrangements” Bank for International Settlements, The economic implications of services in the metaverse, February 2024 According to the BIS , “ :” report The economic implications of services in the metaverse “If the becomes macroeconomically relevant, .” metaverse the payment instruments that win in this competition may see a substantial boost in their overall adoption The authors list several potential payment systems, including, “traditional payment cards, new digital payment providers, cryptocurrencies, CBDCs and (interlinked) fast payment systems.” However, they say that assets are too volatile and that some of the more traditional means of payment are too slow with cross-border complications. crypto Therefore, they make the case for “a system or interlinked fast payment systems, tokenized deposits or central bank digital currencies,” which “could allow for instant, verifiable payments and could thus form a superior alternative to volatile speculative assets” that “could also support programmability and tokenization in virtual environments.” “In principle, retail fast payment systems, retail central bank digital currencies or tokenized deposits could be designed to support services in the metaverse” Bank for International Settlements, The economic implications of services in the metaverse, February 2024 Tokenized deposits and CBDCs are both programmable forms of digital payments that work in tandem with one another, and , “ . One potential option in this space would be using the FPS payment rails for CBDCs.” according to the World Bank a CBDC network and fast payments do not necessarily have to compete So, when bankers talk about CBDC, tokenized deposits, and fast (FPS), they can all basically complement one another. payment systems The BIS defines CBDCs as “a digital payment instrument, denominated in the national unit of account, that is a direct liability of the central bank,” but this definition is incomplete as it leaves out the whole notion of programmability. Programmability means public and private entities can on CBDCs, so that you are limited on what you can buy or sell, where you can make transactions, and when. program restrictions Other key feature missing from the definition of CBDC is that all transactions would be recorded on a , and that CBDCs cannot operate without digital identity, so they will never be as private or . unified programmable ledger anonymous as physical cash As for tokenized deposits, the BIS defines them as “digital representations of commercial bank deposits in a programmable platform.” According to the report, “ ” by “allowing for real-time, automated payments that can be made contingent on certain actions (eg transfer of virtual property in the metaverse, completion of specified tasks).” tokenized deposits could play a role in facilitating virtual exchange While the authors list several potential payment options for the metaverse, they are clearly in favor of CBDCs and tokenized deposits. They say that “CBDCs, too, could be designed to facilitate requests for payment and proof of payment in a domestic or cross-border setting, thus supporting metaverse services. CBDCs are increasingly relevant as a financial policy and plumbing question. BIS surveys have found that more central banks are exploring the design of CBDCs and more pilots are going live.” As mentioned earlier, a CBDC cannot operate without digital identity. “ “ Identification at some level is hence central in the design of CBDCs. This calls for a CBDC that is account-based and ultimately tied to a digital identity Bank for International Settlements Annual Economic Report 2021 According to the Bank for International Settlements (BIS) : Annual Economic Report 2021 “ .” The most promising way of providing central bank money in the digital age is an account-based CBDC built on digital ID with official sector involvement And digital identity is shaping up to be your passport to the metaverse, according to the globalists at the World Economic Forum (WEF). Published ahead of the 2023 annual meeting, the WEF and Accenture “ ” highlighted that digital identity would be a key component in the coming metaverse. briefing paper Interoperability in the Metaverse “ ,” the report reads, adding, “ .” Digital identity is the nexus to an interoperable metaverse It enables accountability and the capacity to traverse worlds with minimal friction A digital identity , including your digital wallet, what you share on social media, the websites you visit, your credit history, health status, and your geolocation, among many other data points. stores your credentials and keeps a record of your behavior “This digital identity determines what products, services and information we can access – or, conversely, what is closed off to us” Identity in a Digital World, WEF, 2018 Seamlessly navigating the metaverse means that each user will have to have at least one avatar, linked to their digital identity, and this will act like a passport to various experiences in both the physical and digital realms. According to a , “This digital identity determines what products, services and information we can access – or, conversely, what is closed off to us.” WEF insight report on digital identity from 2018 The same concept would apply to digital identity in the metaverse. In the end, unelected globalists want programmable CBDC and digital ID to rule the metaverse. This article was originally published by on Tim Hinchliffe The Sociable.

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