Bank of America Proclaims CBDCs (central bank digital currencies) as a New Form of Money

[doe moe]

Will The U.S. Launch A Digital Dollar?

Is the U.S. quietly edging toward adoption of a digital dollar? In March 2022, President Joe Biden issued an executive order directing the Office of Science and Technology Policy to prepare a report on the risks and benefits of creating a digital dollar for the U.S. In acronym-addicted Washing

www.forbes.com

Bank of America Proclaims CBDCs as a New Form of Money

Like cryptocurrency, central bank digital currencies (CBDCs) are considered digital currency and are issued by a central bank. Many countries

www.paymentsjournal.com

Bank of America Says CBDCs Are the Future of Money and Payments

Central bank digital currencies have the potential to revolutionize global financial systems, the report said.

www.coindesk.com

Any family bank with Bank Of America? If you do, can you confirm receipt of such a notice? There is lots of info online about this happening.

Apparently they will soon begin converting their customers cash accounts over to digital currencies.

Chase, and Citibank also plan to do the same.

The benefits and risks of CBDCs depend on their design and issuance, but Bank of America expects central banks in developed economies to focus on payments efficiency and those on developing countries to focus on financial inclusion.

Still, CBDCs aren't without their risks. They may drive competition with bank deposits, and could lead to a loss of monetary sovereignty and inequality among countries globally, the note said.

CBDC issuance may not happen for over a decade in some counties, but central banks are expected to “adopt technological advances or risk irrelevance over the longer term,” the note added.

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Personally I think this is very bad!

 

[Knuckles666]

What’s the investment strategy for this if any?

 

[doe moe]

What’s the investment strategy for this if any?

None, its about controlling the masses financially.

Doing away with the paper dollar means you can be cut off from your funds at anytime with no means of making an actual withdraw.

 

[tallblacknyc]

None, its about controlling the masses financially.

Doing away with the paper dollar means you can be cut off from your funds at anytime with no means of making an actual withdraw.

Been telling nigs this for yrs.. stop being so happy making purchases with your phone or tapping with your card. Make cash king again so that you control your money and money flow. All they need to do is blame a “hacker” or have some kinda “spyware” or computer “malfunction “ and all your funds magically disappear. They can take forever trying to “fix” the problem without you having funds to survive. Sounds like you giving too much control and faith over your livelihood. They’ ve already had “test” umm malfunctions in certain areas where ebt didn’t work for days and people were assed out from buying groceries and watching people lose it. Those “test” ummm I mean malfunctions are practices for bigger future situations

 

[KoolJay]

I'm a BoA customer, I haven't received any notices, but let me check again. I may have thought it was an online statement or something. Thanks for the heads up... Would like to get more info about this...