There are several entities vying to make the US/Global Digital Currencies. One of, if not THE leader in this competition is The Digital Dollar Project. This would be a Central Bank version which would closely resemble what we have now, but with far more tracking, removal of physical currency, and centralization.

“There are so many things that are changing from a technology perspective that it’s really, really hard to convince people to take a step back from the day to day things that they’re looking at and try to understand what’s happening overall.”

Hey, hey, everybody. Welcome to another Money Today.

Wow. Just…wow.

What we’re putting together here today is something nobody on the internet, as far as I can tell, is putting together. And I really appreciate…you’re gonna see a bunch of clips here. I appreciate all of these people putting together some of this information, but this is something super important for everybody to understand. I mean, this is the basis of money for the entire world, we’re talking. And there’s a lot of players putting this stuff together, and nobody knows about it. I’m talking probably 99.9% of the people have no idea what’s going on.

So, before you think that I am overstating what I’m talking about, I’m gonna go ahead and start playing this. The only caveat I’m gonna give you in this one, because I want to keep the time short and I’m going to be going through all of this in much more detail, is I want you to pay attention to Chris Giancarlo. You’ll notice in this first article that they don’t say that he has anything to do with the digital dollar – he’s just some guy from the CFTC. No bias.

Anyway, watch these clips. This will give you a good basic understanding for what we’re going to continue to go through, alright? Love you all.

‘Visa Applies for Digital Dollar Blockchain Patent.’

This is by Jason Brett, and I always like to see who is actually writing these articles. Jason Brett’s a former U.S. Regulator with the FCID, compliance examiner for the (HAMP), or Making Home Affordable Program, with the Treasury. He’s been a Regulator, he knows what’s going on, so when he talks about these different things as far as, like, blockchain, patents, and government regulation, I tend to trust him.

So, this is described as ‘Digital Fiat Currency’ and they’re talking about the patent. Visa’s patent is described as a central entity computer that receives requests that include the serial number and denomination of a physical currency. The creation of the digital currency and the removal of the physical currency from circulation in a fiat currency system is recorded in a blockchain.

So, here’s what’s going on: essentially what’s gonna happen is, everything’s gonna be tracked. You’re going to have a digital currency, a digital dollar, whatever you want to call it. There’s going to be a digital wallet. And once these things go about, they’re going to destroy…or, actually, not destroy, but hinder the amount of physical currency that is in circulation.

J. Christopher Giancarlo, who is the former Chairman of the U.S. CFTC, he states: “This confirms when the U.S. does big things like the space program, Internet, there are partnerships within the private and public sector. This patent filing is evidence the private sector is very much at work on the future of money.”

So, Congress considered the idea of a digital dollar when debating the CARES Act, the third COVID-19 relief package. Although the digital dollar was not included in the final legislation, thank God, separate bills have been introduced in both the House and the Senate that looks to legally create a digital dollar the Federal Reserve and also a digital dollar wallet at the U.S. Treasury.

That’s pretty interesting. So, the Treasury is going…would essentially make this digital dollar wallet and the Federal Reserve pretty much, they would be in control of all the ledger. So, you’d have two organizations working together. Now, the U.S. Treasury is government-based; the Federal Reserve is about as Federal as Federal Express – they’re just a bunch of bankers. So, it would be interesting how, you know, those two, again, would work together, and I’m glad it didn’t happen because can you imagine the government being in charge of putting together a wallet that was un-hackable and being able to explain to people, like, how this works and how this is gonna happen? No way.

Anyhow, moving forward. The full abstract of the patent filed by Visa is described as this: techniques are disclosed when including receiving by a central entity computer. So, that’s the big thing: a central entity computer. Not nodes all over the place, not decentralized, but a centralized entity computer, a request for digital currency.

The request includes a serial number and a denomination of a physical currency: tracking. The central entity computer generates the digital currency for the denomination and links the serial number: tracking. Visa’s patent goes on to state that the generating includes recording the digital currency on a blockchain, the central entity computer transmits a notification of the generation of the digital currency. The central entity computer causes removal of the physical currency from circulation in a fiat currency system. So, again, they just take the paper dollar out of circulation. So, great.

And here’s the actual schematic that they submitted to the patent office. And I took a look at this, I’m like, this kind of looks like a cartoon. But yeah, okay, if that’s how it works in patent office, it’s great.

[Inaudible – 00:05:42] the digital dollar yesterday, I was here in the World Economy Forum and I interviewed, you know, the Crypto Dad, former head of CFTC Christopher Giancarlo. And Christopher Giancarlo, he was very famous in crypto and still is because he defended crypto in front of the Senate, he defended crypto in front of the U.S. lawmakers and he really said, “Hey, you cannot kill crypto. You cannot kill crypto, you need to nurture it. You need to let it grow. You need to let it develop because this is innovation, and this is very important.” And then he really became so famous and everyone knew who Christopher Giancarlo was.

Well, now he’s no longer head of CFTC but he’s working with digital dollar. He’s really pushing for this nonprofit organization that will basically develop the digital dollar together with Accenture, and Accenture is a corporation that is involved a lot in the digital currencies across the world.

Accenture is a corporation that is involved a lot in the digital currencies across the world.

Even in Sweden, Accenture is involved with Swedish national digital currency that is e-krona, that is developing.

Interviewer: Chris Giancarlo, former Commissioner of the CFTC, but really, you’ve been incredible busy since then. You know, share a little bit about the variety of activities underway.

Chris Giancarlo: Thank you, Dave. You know, it was really an honor to be able to serve my country for five years at the CFTC, and the second half of that as Chairman of the agency, and really direct its response to this new wave of digitalization of our global economy and our financial markets — what some people call the internet of value — and the impact that’s had on financial market, and impact on financial regulation. And now, since leaving the agency, I’m really dedicating myself to continuing to see through areas where our financial system needs to be modernized.

We’re partnering with Accenture on the digital dollar project, to look and to start thinking through some of the challenging issues in the development of a tokenized form of the U.S. dollar. Right now, the dollar comes in two forms: it comes in coins and it comes in cash. What we’re talking about is seeing if it’s possible to develop a third form of the dollar, and that would be a digital form. A central bank digital currency of the U.S. dollar that would provide enormous benefits, we think, in terms of lowering the cost, shortening the speed of global transfer payments, but really bringing millions of people that are unbanked into the ability to participate in global markets in a more direct way. So, we think there’s a lot of advantages for that. I’m delighted to be working with Accenture on it, on these projects.

“Now…I know what you’re all thinking.”

Yeah! Well, what I’m thinking is, who is this guy speaking and what the heck is Accenture?

And I would ask you guys, just go and look up Accenture and just start browsing around so you get a better idea. I mean, these guys are working with digital currencies around the world, but we’re gonna get more into them as we go on. But I just wanted to give you a little bit of overview.

“What about privacy? And it is a problem and it is something that we have to think about, but I want you to start thinking about it differently. So, let me give you an example of what I mean.

Right now, Amazon and Walmart are currently moving into the grocery delivery business, and not only do they want to deliver your groceries, they want your key to your house. And Walmart in particular is not just asking for a key to your house – they’re asking for permission to open up your fridge and put stuff away. There’s a percentage of people in this room who think that is horrifying. I myself cannot wait.

Right now, every car that comes off a lot has a GPS sensor. Nobody is surprised – we love it, as it navigates us to everywhere we want to go. but what we don’t realize is that, that piece of information that says ‘I can actually track you everywhere you are’ means that chances are, I either know or I could pretty easily find out whether or not you were sick. I know how often you go to the hospital, I know which hospital you go to, I know which clinics you go to, I can easily do a Google search to figure out what that practices is, I understand how many people were in the car at the time, whether you were likely dropping somebody off and then picking them afterwards or whether it was you.

So, the question is, if I’m a car manufacturer, what is my responsibility?

If it’s not one company doing this, but every company doing this, what we’re talking about now is that we’re placing our lives, how we work, how we live, how we raise our families, into the hands of companies.”

“…Whoa….”

For more info check out https://www.digitaldollarproject.org/.

References: Michael Biltz, Accenture Technology Vision https://www.youtube.com/watch?v=S8Qdz…

Digital Dollar, Davos (Darrick Lucas) https://youtu.be/PyEKVYDUe_E

Davos Dialogue: Digital Dollar Project with Chris Giancarlo https://youtu.be/npu0NKsDfP4

Visa Patent PUBLISHED for DIGITAL DOLLAR https://youtu.be/8WhRVWU1Xw0

All opinions are my own. Do your own research!

Eric Phillips

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