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.
“The Biden administration has repeatedly governed by executive overreach when it comes to energy and environmental regulations, ignoring the law and doing so without congressional approval."
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.
Sanctions imposed on Russia under the Biden administration, following Russia's military action in Ukraine, have shaken the foundation of the U.S. dollar's global dominance.
The European Central Bank is in the final stage of investigating the digital euro project, which aims to create a digital currency accessible to all citizens of the euro area.
