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POSTED ON November 23, 2022  - POSTED IN Key Gold Headlines

We recently reported that the Federal Reserve plans to launch a 12-week pilot program in partnership with several large commercial banks to test the feasibility of a central bank digital currency (CBDC). The US isn’t alone in experimenting with digital currency. India is working on developing a digital rupee and recently announced the second phase of testing.

After successfully running a pilot program to test its digital currency at the wholesale level, the Reserve Bank of India (RBI) has announced it will test the digital rupee in a retail setting.

POSTED ON November 16, 2022  - POSTED IN Key Gold Headlines

On Tuesday (Nov. 15), the New York Federal Reserve announced a 12-week pilot program in partnership with several large commercial banks to test the feasibility of a central bank digital currency (CBDC).

The “proof of concept” program will test an “interoperable digital money platform” on a regulated liability network (RLN) for “technical feasibility, legal viability, and business applicability of distributed ledger technology,” according to a press release.

POSTED ON March 3, 2022  - POSTED IN Key Gold Headlines

As economic sanctions began to put a stranglehold on the Russian economy, long lines formed at banks and ATMs as everyday people tried to pull cash from their bank accounts. A Russian economy expert from the Foreign Policy Research Institute called it “a full-fledged bank run.”

POSTED ON February 23, 2022  - POSTED IN Key Gold Headlines

What would you do if you went to the ATM and found that you couldn’t access the money in your bank account?

Many Canadians recently suffered this unsettling experience. Customers of five major Canadian banks reported mysterious online banking outages last week after Canadian Prime Minister Justin Trudeau announced he was invoking emergency powers in response to a massive trucker protest. This gave the Canadian government the authority to freeze bank accounts.

POSTED ON January 24, 2022  - POSTED IN Key Gold Headlines

Last week, the Federal Reserve released a “discussion paper” examing the pros and cons of a potential US central bank digital dollar. According to the Federal Reserve press release, the central bank hopes to get public feedback on the idea.

“We look forward to engaging with the public, elected representatives, and a broad range of stakeholders as we examine the positives and negatives of a central bank digital currency in the United States,” Federal Reserve Chair Jerome H. Powell said.

POSTED ON October 4, 2021  - POSTED IN Guest Commentaries

We’ve written extensively about the “war on cash.” In a nutshell, governments would love to do away with cash in order to better track and control their citizens. There have been numerous moves closer to a cashless society in recent years, from capping ATM withdrawals to doing away with large-denomination bills. Last year, China launched a digital yuan pilot program and the US has floated moving toward a digital dollar.

POSTED ON June 3, 2021  - POSTED IN Key Gold Headlines

Last year, China launched a digital yuan pilot program. The Chinese government-backed digital currency got a boost when the country’s biggest online retailer announced the first virtual platform to accept the Chinese digital currency. China isn’t the only government exploring the possibility of digital money. Sweden has developed a digital currency of its own. The European Central Bank is pushing for a digital euro. And Russian central bank governor Elvira Nabiullina recently told CNBC that digital currency is “the future of our financial system.”

So, how long before a digital dollar comes to the United States? Well, it’s already in the pipeline.

POSTED ON March 1, 2021  - POSTED IN Key Gold Headlines

China made a big splash when it rolled out its digital yuan and it got a boost when China’s biggest online retailer announced it has developed the first virtual platform to accept the Chinese digital currency. But China isn’t alone in exploring the possibility of digital money. Sweden has developed a digital currency of its own and the European Central Bank is pushing for a digital euro.

We’re told digital currency should replace unwieldy physical cash. It will be more convenient and help governments stop criminals. But there is a more sinister motive behind this government pivot toward digital currency.

POSTED ON December 27, 2020  - POSTED IN Guest Commentaries

The People’s Bank of China was the first central bank to roll out a digital currency. The digital yuan recently got a boost when China’s biggest online retailer announced it has developed the first virtual platform to accept the Chinese digital currency.

Digital currency is nothing more than a virtual banknote or coin that exists in a digital wallet on your smartphone instead of a billfold or a purse. Digital currencies issued by central banks are backed by the state, just like traditional fiat currency.

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