December 12, 2012
The “experimental new digital currency” known as Bitcoin has been given that status of a “payment service provider” (PSP) by French financial institutions Aqoba and Crédit Mutuel. Officially, they are not a PSP because of the banks they are aligned with who are. This means Bitcoin is able to take advantage of their PSP status without having to be one themself.
Crédit Mutuel is the “main component of the Crédit Mutuel-CIC Group” which includes a federation of French financial institutions that have assets totaling over $581 billion. The federation’s holding corporation, the Banque Federative du Crédit Mutuel (BFCM) control French and foreign operational subsidiaries in Germany, Belgium, Spain and Portugal.
Crédit Mutuel is classified as a retail bank, yet it also services corporate investments, asset management, private banking and conducts international activities. They also are involved in:
• Finance leasing
• Real estate investment
• Property development
• Collection services
• Insurance policies
Bitcoin now has an International Bank ID number (IBAN) which allows transactions through PayPal and WorldPay and other digital payment networks; as well as issue debit cards, enabled to process monetary transfers to other banks and accept transfer of digital currency to their own “location”.
A Bitcoin account will be as viable as any other bank account with other established banks worldwide. Deposits will be subject to compensatory laws that are applicable when dealing with printed fiat in traditional accounts and balances in Bitcoin accounts can be exchanged for the fiat in that country (i.e. euros, US dollars, Yaun, etc. . . ).
The illusion is that this digital currency can allow any “two willing parties to transact directly with each other without the need for a trusted third party”; however while based on the collective control of computers, a “chain of digital signatures” and a “trusted central authority” to keep the monetary system from relying on printed fiat.
Virtual cash, the digital exchange offered by Bitcoin, is gaining ground as the possible future replacement for global currencies as a network of global computers.
French version of the FDIC called Garantie des dépôts will offer protections to Bitcoin with user funds held at Crédit Mutuel under the name of the account holder with Bitcoin. Bitcoin itself will not store actual fiat, nor is it insured. Insurance on deposits will be allocated to euro deposits stored at Crédit Mutuel.
In May, The UN Conference on Trade and Development (UNCTAD) has issued a report that proposes that the current system of world currencies and capital rules that govern the world’s economy need to be altered in order to stabilize our economic crisis.
UNCTAD wants to see the BRICs countries, known as the non-aligned nations, considered surplus nations, cut their imbalances, thereby taking the financial burden off of the UK and US as upholding the global reserve currency. A global monetary system that replaces the US dollar as the global reserve currency will accomplish this goal.
“Replacing the dollar with an artificial currency would solve some of the problems related to the potential of countries running large deficits and would help stability,” said Detlef Kotte, one of the report’s authors. “But you will also need a system of managed exchange rates. Countries should keep real exchange rates [adjusted for inflation] stable. Central banks would have to intervene and if not they would have to be told to do so by a multilateral institution such as the International Monetary Fund.”
The trendy appeal of Bitcoin makes it a perfect addition to a society transitioning into the digital era. There is no actual transfer of fiat currency or precious metals which alleviates the necessity of traditional banking. The only worry would be takeover of the internet – which gives Bitcoin the promise toward one world currency that the global Elite have been looking for.
As a global currency, Bitcoin provides:
• No adherence to national borders
• Creation through predictive software called Mining
• Transactions are anonymous
The built-in control aspect of Bitcoin is that they are created by the Mining software which ensures that someone is overseeing how many Bitcoins are in existence – or will ever be in existence.
The Bitcoin program is under licensing by MIT, the globalist-controlled think-tank college.
The technocratic push toward cyber currency or e-money, is a march toward complete control over global currencies with the development of supporting technologies and the distribution of such that facilitate an online representation of money that can be used for exchange with another fiat system. Most attempts to create an encompassing digital currency has failed before their time because of their dependence on other established monetary schemes. Digital money like Bitcoin has a built-in manipulative mechanism that allows the currency to be traded multiple times without ability to verify this fact unless an interested party is monitoring the transactions of the particular coin.
Bitcoin causes legal issues such as potential violating securities laws, the Stamp Payment Act, facilitates tax evasion and money laundering and well as compromises consumer protection.Add This to Technorati Faves