From Riley Waggaman (aka “Edward Slavsquat”): He is an American writer who lives in Moscow. He worked at RT for almost four years (his official position was “Senior Editor”, but his day-to-day duties were not as illustrious as the title suggests)
Central banks. It’s a sensitive issue for many people, and for good reason.
Like all other central banks, the Bank of Russia also enjoys a special legal status that makes it independent from the Russian government, but at the same time gives it access to the entire state apparatus so that it can carry out and enforce its wishes. Civilization changing power with very little (one might say zero) “democratic” accountability – that’s pretty good business.
Of course, proponents of this strange global system insist that it must be so in order to avoid “political entanglements” with economic policy. God bless their hearts.
With all of this in mind, we were overjoyed about the messagethat the Central Bank of Russia will soon begin to closely monitor almost all forms of financial transactions in the country.
According to RBK, from January 2022 the Bank of Russia will “request information on all p2p transactions (from person to person), including the personal details of senders and recipients of funds”.
As can be seen from the document, the report is intended to include all incoming and outgoing money transfers between individuals carried out according to the following scenarios:
- from card to card;
- from account to account;
- from e-wallet to e-wallet, from card to wallet and vice versa;
- from the subscriber account of the telecommunications operator to the wallet or card and vice versa;
- Payments through the Fast Payment System;
- cross-border money transfers from private individuals;
- Money transfers without opening an account, including via payment terminals of payment agents;
- Transfers made by an individual between their own accounts within the same credit institution;
- Transfers via money transfer systems, e.g. Western Union, CONTACT, etc.
Peer-to-peer transactions do not include the transfer of funds to deposit accounts, accounts for loan repayment, broker / investment accounts, commissions from credit institutions for servicing, and transfers made by legal entities and sole proprietorships, the central bank explained.
You have to admire the loopholes: investment services, legal entity transfers – you know, the types of transactions typically associated with rich people.
Why the need for such strict surveillance? Is the Bank of Russia concerned that too many people are wasting their money on World of Tanks skins?
No, Russia’s all-powerful central bank protects citizens from “illegal online casinos, organizers of financial pyramids, forex dealers and cryptocurrency exchangers”.
Earlier this month, the Bank of Russia said it wanted a blanket ban on all cryptocurrency investments – ostensibly to protect Russians from risky financial decisions.
Does this mean the Russian central bank is against crypto? No of course not. She is madly in love with a particular cryptocurrency, the digital ruble issued by the Bank of Russia. Everything else is a “shitcoin” to use the hip crypto jargon.
The digital ruble is a Central Bank Digital Currency (CBDC). You have probably heard of these things by now.
The digital ruble is based on a centralized ledger, which means that the revolutionary concept that is driving the cryptocurrency madness – the idea that decentralized digital coins are “trustless,” which means you don’t have to rely on or trust a third party -, is made completely null and void. One might as well use an editable MySQL database to “guarantee” transactions. That’s basically the plan too.
A gentleman named Tim Hinchliffe wrote a fascinating article about what the digital ruble “means” in concrete terms. We strongly recommend that you use the read full article, but here are some excerpts:
On the occasion of the annual Cyber Polygon cybersecurity exercise, the Deputy Governor of the Bank of Russia Alexey Zabotkin unveiled the central bank’s plan for a digital ruble. […] With these electronic banknotes, users could set limits on the types of purchases.
“This [digitale Rubel] will enable better traceability of payments and cash flows, and also examine the possibility of setting conditions for the permitted use of a particular currency unit, ”said Zabotkin.
The Central Bank of Russia said parents could give the digital currency to their children with certain restrictions, such as: B. by banning them from buying junk food. […]
That would be a useful feature for a customer, and of course hundreds of similar use cases can be devised, added Zabotkin. […]
According to the head of the Russian central bank, last mile access to the digital ruble will remain in the hands of commercial banks and possibly other authorized and properly monitored payment service providers. […]
In addition, the Central Bank of Russia plans to introduce a digital ruble, where all transactions will be recorded in a centralized ledger. […]
The Bank of Russia will maintain the centralized ledger on the Bank of Russia’s technological platform, and all transactions will be recorded in this ledger, added the head of the central bank.
Under this CBDC scheme, all transactions would be recorded in a single, centralized ledger.
That will be the article hardly fair. You just have to read it while you silently weep for the future.
And the fun should start soon!
The DEITA.RU portal spoke about the currency reform that … will begin in early 2022. The reform will include the renewal of ruble notes and the introduction of the digital ruble. [..]
[Die Chefin der Zentralbank] Elvira Nabiullina said that if the digital ruble were introduced, Russians could get a digital pension. According to her, the central bank is also working on a technology that will enable access to the digital ruble even without the Internet.
Oh yeah, forcing elderly people who rely 100% on the Russian government to feed themselves to use those digital trash coins first – that’s the solution.
In the meantime, Hermann Gräf’s Sberbank is working with the Bank of Russia on the development of a QR code-based payment system.
Folks, we are soul raped by bankers. There is no such thing as “national sovereignty”. Not even in Russia. I’m sorry, but it’s true. I’m sorry.