Monday, June 17, 2024

On The Edge Of The Programmable Ledger: CBDCs

New Zealand's central bank, the Reserve Bank of New Zealand, has opened a consultation on central bank digital currencies.

New Zealand's central bank is somewhat unusual in that it is charged with broader powers than most central banks.

The RBNZ is not only responsible for monetary policy, the central bank is the financial markets regulator - responsible for oversight of the financial system and prudential regulation of banks, deposit-takers, and insurance companies.

Unlike bank digital currencies in your account today, central bank digital currencies are programmable.

Not only are CBDCs programmable and combinable, but the long game involves a plan to interconnect central banks and the Bank of International Settlements so that they will network via a unified ledger.

Reserve bank power to create or release CBDCs would be at arm's length from these processes and remain largely confidential or secret in nature.

Accenture has been working on Digital IDs with global bankers and Fintech for decades, fully aware that Digital IDs will be integral for access to CBDCs. 

https://brownstone.org/articles/on-the-edge-of-the-programmable-ledger-cbdcs/ 

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