The Great Reset: CBDCs around the world on the verge of rollout – Will it succeed or fail as the new monetary system?

Today more than 90% of all central banks in the world are working on developing their own Central Bank Digital Currency. These have accelerated during the crypto bear market with dozen of market making progress toward their collective end goal of total currency control. 

Guy from Coin Bureau will give you a quick recap of what CBDCs are, bring you up to speed on their development in most regions of the world and tell you why existing CBDC projects suggest they will not succeed.

In this video, Guy will be discussing retail CBDCs since existing research by central banks suggest they will have some seriously dystopian qualities such as controlling how much you can save, how much you can spend and where you can spend it.

Note in the video:

• Fed Reserve Bank of New York launches a new 12-week CBDC pilot program with major banks (Nov 15, 2022) a few days after FTX collapsed.

• Fed Reserve Bank of Boston completed its own CBDC pilot program (Project Hamilton) in Dec 26, 2022 with the help of MIT.  

• Fed Reserve Bank of San Francisco posted a job advert for developers to work on a CBDC pilot in Feb 19, 2023.

• Former White House advisor revealed current US Admin, at beginning March 2023, is explicitly pushing for a CBDC and trying to get rid of crypto.

• Canada to examine crypto, stablecoins and CBDCs in new budget (Nov 04, 2022) with stricter crypto regulations have been introduced.

• Mexico's digital Peso delayed (Jan 08, 2023) due to a series of legal administrative and technological issues, launch date unclear, previously expected launch in 2024.

• Bank of England accepted application for a digital wallet in December 2022, began hiring people to develop the digital Pound (Bricoin). BOE plans on limiting digital Pound to 10 GBP per person and later revealed (Feb 28, 2023) this digital Pound could prevent bank runs and thus confirming freeze on holdings during times of crisis. Then UK banks started blocking payments to crypto exchanges. Expected launch in 2025.

• ECB made a series of promises about digital Euro, such as preserving privacy, and not programmable. Digital Euro could come as soon as 2026.

• Ukraine's digital Hryvnia is in a draft concept (Nov 29, 2022). Ukraine central bank has stopped Fiat transfers to and from cryptocurrency exchanges. Ukraine government recently (Dec 28, 2022) signed a deal with BlackRock CEO Larry Fink to rebuild the country once war has ended.

• Russian announced (Feb 17, 2023) a CBDC pilot with real consumers in April. Russia approves use of crypto for cross-border payments.  

• China has been struggling to get its citizens to adopt its digital Yuan launched in Jan 2022. Milestone reached in Oct 2022 of $14B in transactions. Became programmable in Jan 2023 and was used to buy assets for the first time. Hong Kong not interested in digital Yuan but want their own CBDC with a pilot took placed in Oct 2022. Hong Kong is also embracing cryptocurrency offering institutional access by June 2023.

• The Reserve Bank of India completed a retail CBDC pilot in Dec 2022 and is in the process of rolling out since Jan 2023. Cracked down on crypto by introducing taxes and contemplating a ban.

• Pakistan State Bank is planning on introducing a CBDC by 2025.

• Indonesia said in Dec 05, 2022 it planned to make CBDC the only legal digital tender in the country and is in the process of rolling it out.

• The Monetary Authority of Singapore announced in Nov 11, 2022 it is working on a retail CBDC with the Fed Reserve Bank of NY.

• In Japan, a retail CBDC pilot will begin next month (April) with a full rollout by 2026.

• The National Bank of Kazakhstan announced in Oct 27, 2022, it would be building its CBDC on the BNB chain despite subsequent crypto collapse. CBDC trial began earlier this year and run until 2025.

• Turkey completed first CBDC test with more to come in 2023 (Dec 30, 2022). Announced its digital ID just a few weeks later.

• UAE announced its CBDC rollout in Feb 2023 and expects to have it up and running by 2026.

• Saudi Arabia still in the process of researching CBDC and no concrete plans.

• Brazil will have its CBDC up and running by 2024 (Dec 12, 2022). 

• Not much announcement coming out from Latin America as could be due to mass crypto adoption is well underway.

• Australia to use crypto to power its CBDC as National Australia Bank is to launch Aussie dollar as  stablecoin on Ethereum and Algorand. Expects to finish its first CBDC pilot by mid-year.

• Nigeria had already implemented its CBDC. In December (7th, 2022) Nigeria limited cash use by limiting cash withdrawals to $45 per day and try and force its population to adopt its eNaira, released back in Oct 2021. Only 0.05 percent of Nigerians adopted the eNaria (Feb 24, 2023). Government attempts to revamp the eNaira and is in talks with NY-based company. Supreme Court strucked down the attempt to redesign the eNaira and allowed cash use until Dec 2023.

• To voluntarily adopt CBDC, 1) governments to inflate away Fiat currencies so that cash becomes worthless but cause a lot of issues or 2) use a crisis of some kind such as a collapse of the banking system to bail in with your assets in the banks and give you the CBDC in return or 3) slowly squeeze everyone financially using a combination of higher interest rates and high inflation and offer CBDC as UBI and program it to be spent on certain things, in certain places and at certain times, and all these with an expiry date on it.

More in the video.