Bank of International Settlements

Plans on taking away hard currency and replacing it with digital currency.

Thoughts?

By the way, they already attempted this in Nigeria about four years ago. It lead to some major riots, and ultimately the people of Nigeria voted out their politicians and demanded that the newly elected ones arrest the ousted ones.

Top | Newest First | Oldest First

Ynotisay · M

I'm not sure if that's accurate. What they did is set a standard for central banks to hold up to 2% of their reserves in digital currency. They've been detractors of crypto but, it appears, realize that it's not going away. I think you also might be a little off base with those Nigerian riots a few years ago. Might want to look in to that one a bit.

icedsky · 51-55, M

Im pretty sure Ive got an Email from them saying I was awarded 163 million dollars because of Nigerian email scams.

Ferric67 · M

@icedsky that's a lot of money

wildbill83 · 36-40, M

will never work, at least not in the utopian sense that's it's advocates think it will...

there will always be some form of physical currency; if it isn't government issued tender, it'll be something else of value (food, goods, drugs, people...)

whowasthatmaskedman · 70-79, M

There is nothing to stop them running parallel systems and that will remain so. 😷

DDonde · 31-35, M

I don't know anything about that bank, but about 99% of all transactions I do are digital.

View 3 more replies »

Ynotisay · M

@Ferric67 @Ferric67 That's not true. Far from it. I don't know where you saw that but if you have a link you can share that would be appreciated.

Ferric67 · M

@Ynotisay
https://www.cato.org/blog/nigerias-cbdc-was-not-chosen-it-was-forced

https://www.theguardian.com/world/2023/feb/15/angry-protests-erupt-across-nigeria-against-scarcity-of-cash

Ynotisay · M

@Ferric67 Ok. Thanks. A couple of things.

You sent me a link to a Guardian article that was a year old. Those people were protesting because the government was switching from old bills to new bills and the deadline was approaching. That's what the article was about, right? Zero to do with digital currency.

But here's what gets me with that Cato article. Nigeria adopted digital currency in 2021. The writer said it was adopted due to the cash shortage. But that happened in 2023. The math doesn't really add up, huh? I wonder if there's a reason for that?

Digital currency in Nigeria is optional. The [i]vast [/i]majority use legal tender. And I still don't know the role BIS has in this.

But to toss it out there the WORLD will use digital currency in the future. There's no question about that. A digital dollar will happen. With all the necessary safeguards to allow economies to continue to function successfully.

But maybe you just want to believe that 'the man' is going take what's yours. Or you'll become a slave in some dystopian society. There's some out there who want others to believe that. They use words like "riots" and "forced" in headlines because it's effective. Whatever. My money is on the smart, reasoned people.

Add a comment...