Thread by @gbponz

THREAD on #ECB digital currency:
According to Italian media, there is a relevant news item. (1/7) @nglinsman @Halsrethink @amlivemon @mtmalinen @bondstrategist @chigrl @RobertMCutler

A paper reported that Frascati has been selected as the central repository for all #ECB Central Bank Digital Money transactions. That implies a number of possible inferences:
(2/7)

1. As always, the #EU "Consultation process" is a pathetic farce. Unless you were part of that microscopic part of the population, professionals not compromised with involved entities, no one told you diddly squat.(3/7)

2. Not only they are far along the process, but a decision on the structure is also far advanced: apparently there will BE a central depository of ALL transactions. Still unclear if it will be "permissive" or "after the fact".(4/7)

That makes #Obama's use of regulation to "steer" society (a.k.a. "operation Choke Point") by setting obstacles on unapproved transactions (payday lenders, weapons, etc.) pale into insignificance. (5/7)

Just to be clear: once physical cash is printed and distributed into the economy, Governments may or may not follow the transactions, NOT the cash, unless it comes back in the system. What little was said implies that under the new system it would be no longer true. (6/7)

So, while the #EU takes another long stride towards the #Chinese social system, we will have to see what kinds of (nominal) brakes on abuse will they set up. If any. (end)