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BIS gives full backing for CBDCs - XRP insight?


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47 minutes ago, Danny said:

BIS also published this one today:
https://www.bis.org/publ/arpdf/ar2021e3.pdf

Holy cow, I tried to read that other article and the ads kept moving the words all over the place, not letting me scroll down to the next paragraph, wanting me to click buttons... I had to nope out.

Thank you for posting @NMNR but I'll take the comprehensive pdf and a pleasant reading experience.

Coil needs to grow faster and attack the advertising business model 

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3 hours ago, KarmaCoverage said:

Holy cow, I tried to read that other article and the ads kept moving the words all over the place, not letting me scroll down to the next paragraph, wanting me to click buttons... I had to nope out.

Thank you for posting @NMNR but I'll take the comprehensive pdf and a pleasant reading experience.

Coil needs to grow faster and attack the advertising business model 

Do you use something other than Brave browser? No ads for me using Brave. Side note, it was announced today that their search engine (global public beta) just launched https://techcrunch.com/2021/06/22/braves-non-tracking-search-engine-is-now-in-beta/ 

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The push comes as physical cash use falls globally and authorities look to fend off the threat to their money-printing powers from bitcoin and efforts from 'Big Tech' such as the Facebook-backed Diem, formerly Libra.

Without CBDCs, digital money would become increasingly dominated by big tech firms, Coeure warned, as they would leverage enormous social media user bases.

"That is a place where you don't want to be, where governments don't want to be," Coeure said, describing it as a loss of control of sovereign money.

I guess Ripple stands somewhere in the middle of this with XRP ?

CBDCs and XRP don't overlap too much IMO but do you think the big banks and countries are scared to use XRP because of loss of power ?

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Unhosted Wallets: Commonly used private wallets are called: “unhosted wallets.” As mentioned, the FATF suggests denying licensing VASPs “if they allow transactions to/from non-obliged entities (i.e., private / unhosted wallets).” (GVA, p37) VASPS should also “treat such VA transfers as higher risk transactions that require enhanced scrutiny and limitations.” (GVA, p60)

If you host your own cold/offline wallet,this is your on/off ramp where regulation will be applied. 

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3 hours ago, paym8 said:

and if they deal with cold offline paper wallets they will be de-registered? so, where do you cash out?

Through a licensed exchange that performs KYC/AML verification on their clients. That's the way it should be.

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I was referring to this para,

Unhosted Wallets: Commonly used private wallets are called: “unhosted wallets.” As mentioned, the FATF suggests denying licensing VASPs “if they allow transactions to/from non-obliged entities (i.e., private / unhosted wallets).” 

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Slightly off topic, but how BSA laws will be applied to CBDCs will need to be considered.

I think it will be via the Exchanges or VASPs along with outlawing private keys and controlling crypto personally, doing P2P transactions. Those VASPs will be the on/off ramps into the domestic CBDC/currency and thus the domestic economy. 

https://www.fincen.gov/news/news-releases/fincen-recognizes-significant-impact-bank-secrecy-act-data-law-enforcement

Edited by KarmaCoverage
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