The tests, which took place over 12 weeks with some of the world's leading banks, including Citigroup Inc. and Wells Fargo & Co., sought to evaluate the potential of digital currencies to enhance both domestic and international payment systems.
"By tracking every financial transaction, they will have access to every detail of our spending, the recipient of our money, and how we allocate our resources. In essence, it replicates George Orwell’s dystopian society depicted in 1984," critics have argued.
Kristalina Georgieva, the Managing Director of the IMF, recently confirmed at a conference in Rabat, Morocco, that the fund is working diligently on a global infrastructure to ensure interoperability between CBDCs issued by national central banks.
"Perhaps a future Congress will introduce legislation that actually begins to cut back on the size and scope of government called the Fiscal Irresponsibility Act!"
"Ten banks working with an organization that is part of the Federal Reserve Bank of New York recently participated in a test for 12 weeks of an interoperable digital money platform that operates exclusively in U.S. dollar," a bill analysis stated.
