Citi Bank Converts Customers' Deposits Into Digital Tokens

[sunny225]

Video runs 8:49.

Looks like we will be using digital currency before the end of the year, whether we want to or not.

[mzgarden]

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Citi has launched a token service using blockchain technology to offer digital asset solutions for its institutional clients, the lender announced Monday.

The new service, called Citi Token Services, will convert clients’ deposits into digital tokens that can be used for instant cross-border payments, liquidity and automated trade finance solutions around the clock, Citi’s statement said........Citi is hardly the only bank to introduce blockchain technology for its clients. JPMorgan Chase operates a blockchain network, Onyx, and a private stablecoin, JPM Coin. The U.S. Patent and Trademark Office last year approved a trademark for ‘J.P. Morgan Wallet’ — aiming to provide electronic transfer of virtual currencies for members, cryptocurrency payment processing, virtual checking accounts and payment settlement between parties.

JPMorgan is also exploring a blockchain-based digital deposit token to expedite cross-border payments, Bloomberg reported this month. Most of the groundwork for the tokens has been completed, but the lender is waiting for a go-ahead from the regulators, according to the wire service.

link to banking dive.com

[Ozarks Tom]

Little by little they're incrementally moving towards the digital dollar. But, I see a tremendous resistance among the public coming if they try to take the bills out of our pockets and replace them with a piece of plastic. All personal privacy, what there's left of it, would be gone. Our everyday transactions would be complicated beyond belief. Take for instance just paying a neighborhood kid to mow your lawn, is that 12 year old supposed to carry a device to swipe your card for his $25 payment, then fill out a tax form showing it? Are garage sales going to log in every $2 purchase?

The whole idea of a digital currency is the utopian dream of those who would control our everyday lives, but the pushback will be more than they expected. Also, I'm thinking there are some Constitutional problems with it that would greatly complicated their plans.