CBDC: First China, Now Italy Then You – Central Bank Digital Currency Enslavement

CBDC: First China, Now Italy Then You – Central Bank Digital Currency Enslavement by Rory for The Daily Coin

Over the years we have explained digital currencies are nothing more than the next massive system of control that were built on the back of technology developed by the NSA and MIT. Back in 2017 when bitcoin was exploding all over the place we wrote 17 different articles that year spending more time and effort on this one subject than even gold and silver in hopes of showing just how dangerous this situation is to all of us. Well, it appears, we are at the doorstep of this digital nightmare becoming a reality.

In 2019 we explained that China was on the cusp on releasing their version of the CBDC – central bank digital currency. This was the first time this acronym and phrase had been used and, now, this is the phrase and acronym of choice barely a year later.

With the use of CBDC there will be no need for “contract tracers” as the currency, primarily used in conjunction with your phone, will tell governments around the world, literally, everything you do and will reveal 70% or more of every person you are contact with at any given moment of the day or night.

Central banks around the world are examining the use of digital currencies.

As of recent, central banks of the U.K., Sweden, Thailand, China, and the US are studying whether there are advantages of the digital form of their fiat money.

And the answer is yes, the government and banking elites will seize even more power from the people.

Called central bank digital currencies (CBDCs), this “digital fiat” — digital money can be directly sent to people’s bank accounts. It eliminates physical cash – which is the end game for banking elites. 

A CBDC gives a government complete control over its currency. This will increase their financial-surveillance over the people. When a bank fails, there will be no bank run, because people can’t withdraw their money from that bank. This means when a financial crisis strikes, it will allow governments to do “bail-ins” where the people, like it or not, will be forced to take a haircut on their deposits to save the failing institution.

And with that being said, the Executive Committee of the Italian Banking Association recently approved new general guidelines for a CBDC.

“Italian banks are available to participate in projects and experiments of a digital currency of the European Central Bank, contributing, thanks to the skills acquired in the construction of infrastructures and distributed governance, to speed up the implementation of a European-level initiative in a first nation. Since last year, the ABI has set up a working group dedicated to deepening the aspects related to digital coins and crypto-assets. Hence the 10 considerations shared by the Executive Committee,” the Italian baking association said on its website.

  1. Monetary stability and full compliance with the European regulatory framework must be preserved as a matter of priority.
  2. Italian banks are already operating on a Distributed ledger technology DLT infrastructure with the Spunta project. They are intended to be part of the change brought about by an important innovation such as digital coins.
  3. A programmable digital currency represents an innovation in the financial field capable of profoundly revolutionizing money and exchange. This is a transformation capable of bringing significant potential added value, particularly in terms of the efficiency of the operating and management processes. Hence the importance of dedicating attention and energy to develop, quickly and with the collaboration of all the ecosystem players, useful tools first of all for the development of the Euro area.
  4. Digital money needs to be fully trusted by citizens. To this end, it is essential that the highest standards of regulatory compliance, safety and supervision are adhered to.
  5. In particular, a Central Bank Digital Currency, thanks to the central role played by the Central Bank, represents the tool that more than any other can reconcile the needs of innovation, in line with the current reference framework of rules, existing instruments and interoperability with the analog world. The existence of such an instrument could at the same time reduce the attractiveness of instruments of comparable use but issued by private individuals or (in cases of complete decentralization) which cannot be identified, characterized by an intrinsically higher risk profile.
  6. With the aim of fully explaining the transformative potential of these instruments, the possibility, at the moment of study, of issuing a European CBDC intended for the public, which could represent an evolution of cash, is of particular interest. Thanks to the role of the banks, it is possible to identify technical solutions and reference models to preserve the current characteristics of cash, while introducing many benefits of the digital world (already proper to electronic payment instruments), such as the possibility of not losing the own money and, in this period of strong attention to health risk, to operate in contactless mode.
  7. Detailed work will lead to the identification of the distribution, conservation and exchange model of digital currencies that best fits the customer’s service needs, to maintain the effectiveness of the monetary policy transmission mechanisms and regulatory compliance. Of course, in each of these objectives, the role of banks is crucial.
  8. Achieving high ease of use, while ensuring full interoperability between the digital and analog world and a total level of circularity between all the players in the ecosystem, represents a success factor in the diffusion of these tools.
  9. Particular attention must be paid, according to the technological choices that will be adopted, to the citizens’ personal data protection profiles.
  10. Projecting these reflections into the future, it is possible to affirm that the availability of a CBDC will enable a series of use cases of great interest: to favor the transmission of value between peers, thus also facilitating the logic of exchange between person and machine and between machine and machine; allow the settlement of cross-border peer-to-peer transactions, mitigating the interest rate, exchange rate and counterparty risk; Promote, thanks to the programmability characteristic of these currencies, the execution of exchanges upon the occurrence of predefined conditions, ultimately reducing administrative processes.

Source

What we find most amusing is the fact that Italy is following China’s lead. What makes this even more interesting is the fact that China has been able to make tremendous headway into Europe, through Italy, with their Belt and Road Initiative. Yes, we are looking at this as part of the satanic globalist system of enslavement with most nations using the China model of brutal tyranny and communism.

  • Chinese leaders “believe they have a narrow window of strategic opportunity to strengthen their rule and revise the international order in their favor”. — Former U.S. National Security Advisor H. R. McMaster, Battlegrounds: The Fight to Defend the Free World.
  • “Europe has now become the buffer zone for the confrontation between China and the United States”. — Pierre-Henri d’Argenson, Le Figaro, April 28, 2020.
  • Now, China is trying to dominate southern Europe’s infrastructure. China was already granted a license to run Greece’s largest seaport, Athens’ Piraeus harbor, which Beijing plans to turn into Europe’s biggest commercial harbor. Then China started to project its expansion in Italy’s ports, where four major ports are also in line for Chinese investments.
  • The People’s Bank of China… “has steadily amassed stakes above 2 percent (the disclosure threshold in Italy) in a slew of Italy’s largest shareholder-owned companies” China has also invested in strategic Italian energy entities….
  • This economic penetration will also have immense security consequences… Italy, which is being lured by the promise of a $3 billion Huawei investment in its telecommunications system, announced that it has no plans to stop Chinese telecom firms playing a role in the country’s future 5G network. It is a project that U.S. Attorney General William P. Barr defined a “monumental danger”.
  • Italy will see a collapse of its GDP and the explosion of its public debt… the highest since World War II. Beijing knows this and claims that “Italy has many economic problems, Europe is in crisis and the Belt and Road Initiative is the only major global investment plan”. Source

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To say we have dedicated a little time and research into this subject would be an understatement. Governments around the world are coming after what remains of your wealth – and your children. They are going to get both by using this mark-of-the-beast currency as it has been prophesied in the Holy Bible. It is happening and as the post coronavirus world begins to “reopen” and the “new normal” becomes normal  a great many evils are beginning to envelope an unsuspecting public. CBDC is now making it’s way to your wallet and you will accept it because “science and data”.

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The Daily Coin

Rory Hall, The Daily Coin and Gospel News Network. Beginning in 1987 Rory has written over 1,400 articles and produced more than 500 videos on topics ranging from the precious metals market, economic and monetary policies, preparedness as well as geopolitical events. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver, Gold Seek, SGTReport, and a great many more. Rory was a producer and daily contributor at SGTReport between 2012 and 2014. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Dr. Warren Coates and Peter Schiff, to name but a few. Don't forget to visit The Daily Coin and Gospel News Network to enjoy some of the best economic, precious metals, geopolitical and preparedness news from around the world.