Breaking Down the Digital Currency Landscape

Christian Briggs special guests on the On A Good Fight radio show with Jameson Haygood. He outlines all the factors that go into a digital currency and how they are rolling it out. Christian shows the contrast of a decentralized digital currency (Bitcoin) versus the Federal CBDC, which is a centralized digital currency. He then speaks about the Bank of International Settlements (BIS), which is the bank that runs all banks, out of Switzerland. The BIS coordinated a strategic white paper which laid out the architecture of how CBDCs will be laid out in various countries and how they’ll interconnect. This underlying payment system will be supported by Ripple (XRP), as close to 50 countries have already signed up to use their platform. According to the World Economic Forum (WEF), in June of 2018 there were zero countries involved in CBDC research and development programs. As of today, there are over 100 countries actively engaged in CBDC initiatives. On part two of the CBDC show where Christian Briggs special guests on the On A Good Fight radio show with Jameson Haygood, Christian talks about how the government, through the use of CBDCs, unprecedented levels of information and control over all individual financial activity, which raises tremendous civil liberty concerns. In March 2023, Federal Chairman Jerome Powell stated that “it is absolutely the case that congress will need to be authorizing the Federal Reserve to issue a CBDC.” However, Chairman Powell went on to say that a wholesale central bank digital currency might bypass congress and be issued without approval. By July 20th, the Federal Reserve launched FedNow, the precursor to a United States central bank digital currency, and over 120 banks and payment providers are part of this pilot program.