CBDC – Central Bank Digital Currency – Part 1
Agustin Carstens, General Manager of the Bank for International Settlements (BIS), the central bank of central banks, stating they will have “absolute technological control” over your personal spending if you let central banks have their way with Central Bank Digital Currencies.
This video of his statement was posted on Facebook September 13, 2022:
Quote:
A key difference with the CBDC is the central bank will have absolute control on the rules and regulations that will determine the use of that expression of central bank liability. And also we will have the technology to enforce that. Those two issues are extremely important and that makes a huge difference with respect to what cash is.
MIT refers to their concept of “Open Central Bank Digital Currency” or “OpenCBDC.”
There is information available at https://dci.mit.edu/: “digital currency initiative” which includes information on Central Bank Digital Currency, for example, in the newsletter section:
e.g. Issue #14 – 2022 September-December – December 23, 2022
Click on “Why OpenCBDC Matters” – this link– to view a video presentation and two documents: “OpenCBDC Introductory Workshop: December 5, 2022: Sam Stuewe, Lead Maintainer, OpenCBDC, MIT DCI” and a links document.
From the links document, I have just included the more descriptive information below and left out the technical info for developers:
Introduction
OpenCBDC is an open source project to engage in collaborative technical research to understand the space of designs for potential central bank digital currencies (CBDC). The first contribution is OpenCBDC-tx, an experimental transaction processor that emerged from joint research with the Federal Reserve of Boston as part of Project Hamilton.
Project Hamilton
Project Hamilton is a multi-year, collaborative research project between the MIT Digital Currency Initiative and the Federal Reserve Bank of Boston. The goal of Project Hamilton is to investigate the technical feasibility of a general purpose CBDC that could support a payment economy at the scale of the United States, as well as to gain a hands-on understanding of a hypothetical CBDC’s technical challenges, opportunities, risks, and tradeoffs.
OpenCBDC Homepage: https://dci.mit.edu/opencbdc
OpenCBDC Technical Whitepaper
*Executive Summary: Project Hamilton Phase 1 Executive Summary:
https://bit.ly/34N7Wjm (longer link)
*Full Paper: A High Performance Payment Processing System Designed for Central Bank Digital Currencies:
https://bit.ly/3GHrKSi (longer link)
Another Video: OpenCBDC Technical Webinar: 11th Feb ’22 (this is different from the video presentation included with the documents above)
Also information on the Bank of Canada in the same newsletter issue:
Our collaborators at the Bank of Canada released an analytical note on archetypes for a retail CBDC. Prior to this note, they released a staff discussion paper titled “Cash, COVID-19, and the Prospects for a Canadian Digital Dollar,” which provides insights into potential CBDC.