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.
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.
"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," says Kiyosaki.
While services inflation began to moderate and rent prices rose at a slower pace, "inflation still remains too hot for the Fed's liking," according to senior economist at Wells Fargo in Charlotte, North Carolina Sarah House.
Customers of small U.S. banks pulled a record $119.9 billion of deposits in the seven days ending March 15, data released by the Federal Reserve showed Friday.
Ted Cruz introduces legislation to prevent the U.S. Federal Reserve from creating a digital currency to avoid financial surveillance and government control over Americans' financial information.
