What Bank of International Settlements (BIS) wants versus what BIS says
What BIS wants (according to Augustin Carstens (General Manager of BIS):
To be able to know exactly who spends every dollar, on what, and to be able to control that.
That much we knew already.
Now they are coming out and saying stablecoins do not meet what they call a "no questions asked" criteria of money.
However, anyone who's been dealing with banks knows they ask a lot of questions - and that's not just for dealing with stablecoins.
So where does this "no questions asked" suddenly come from?
I put it to you that it is half of an emerging narrative that will portray central bank digital currency (CBDCs) as "better" because they don't need to ask questions, and that will be because through the total financial surveillance that they can construct with CBDC, they will already have all the information and there is no more need to ask questions.
Problem, solution. Rinse and repeat.
Please note also that BIS introduces a self-serving criterion that for something to be good money, it ought to be backed by a central bank.
BIS is known as "the central bank of central banks".
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