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.
California Democratic Governor Gavin Newsom’s office said the media was inaccurately reporting his previous comments that he did not support paying reparations to black slave descendants in Californians.
