The Digital Dollar is Coming! Crypto’s Involved Are…??

Hey, yo what is going on with the viewers
of the tuuuuubbbe!? If you were notified of this video, you know
who I am, if you weren’t notified why not? Ring that bell, because my name is Tyler and
you just entered the crypto channel, that keeps it as hospitable than these good ole
Montana folk….You know how we GIFT it. It’s time for Chico Crypto! A gift? Yes, that is what Chico Crypto is bringing
to you served sanitized, stanky, and straight up lanky. We haven’t done a good ole, research video
for some time, since the craziness of the world took over but the breadcrumbs have been
being dropped day by day, and these crumbs actually connect back to the craziness of
the world and economic turmoil. What I’m talking about is the Digital Dollar,
and how blockchain projects are most likely connected right back to the USD’s next transformation. So March 20th, I made my first video, about
the Digital Dollar when the treasury department announced the hiring of Brian Brooks, Coinbase’s
Chief Legal Officer, who was highly involved in the legal red tape of getting USDC the
ok from the mix of US regulators. And this was before the stimulus bill was
announced, by March 23rd….there were draft Stimulus Bills, with digital dollar language
in them. So, on March 25th I put out my second video,
with even more research, finding out Brian Brooks, is best freinds with Steve Mnuchin
snoochie boochies… and Brian is gung ho on the private sector building the technology
for the next US Dollar, while the regulators and government should just set the monetary
policy. That is from Brian’s own mouth, and if you
want my full research, both digital dollar vids are included down in the description. So there are many layers of this onion to
peel back….of course there’s the Federal Reserve including the treasury department,
but there is also the layer of the clearing house, and finally something called ISO20022. What is ISO20022? Well it’s the new global standard for payment
messaging, that really isn’t new, it was created and first published all the way back
in 2004 by the international organization for standardization, ya that group, that makes
sure things are ISO certified, in industries across the globe. So, in 2012, the FED created a stakeholder
group whose goal was to assess the value of adopting the new ISO standard. This lead to the publishing of a paper in
2015, titled Strategies for improving the US payment system. And in it, with stakeholders including the
clearing house, they assessed ISO20022 in a business case, and from the recommendations. The study concluded that a phased approach
to ISO 20022 adoption should be employed in the United States to reduce risk and cost. Which included 3 phases, phase 1: education….phase
2: adoption for cross border payments and finally phase 3: for domestic payments. Well 3 years went by since that paper, and
in July of 2018 when the New York FED board of governors released the statement that they
were looking to adopt the ISO20022 message format for the Fedwire Funds service as it
would be an international standard that would replace Fedwires current payment messaging
format. And as we can see, the transition to ISO would
take place in 3 phases with the FED, beginning in 2020 and ending in 2023. Now here is where things start to really accelerate. November of 2019, Jerome Powell, head of Federal
Reserve sent this letter to Congress, and it said that they were exploring whether it
makes sense to issue its own digital currency that could be used by households and businesses…a
central bank digital currency, or CBDC. In the letter Jerome Says “the Federal Reserve
is not currently developing a US dollar CBDC. but continues to carefully evaluate the costs
and benefits of issuing a general purpose CBDC, defined as a new type of Fed liability
that could be held directly by households and business” So no actual work in November, but like I
said, things accelerate fast. February 5th of 2020, Fed Governor, Lael Brainard
gave a speech at the Stanford Graduate School of Business in California. No recording, but the FED has a transcript
of the speech. In it she talks about Digital players in the
payment space, from technology firms, and increased competition…thus the FED needs
Real-time infrastructure Lael says “. We are committed to closing
the gap between the transaction capabilities in the digital economy and the underlying
payment and settlement capabilities. Recognizing that consumers and businesses
across the country want and expect real-time payments, and the banks they trust should
be able to provide this service securely, this summer, the Federal Reserve announced
that it is building its first new payments rail in more than forty years—the FedNow
Service. FedNow will facilitate end-to-end faster payment
services, increase competition, and ensure equitable and ubiquitous access to banks of
all sizes nationwide. Together, the Clearing House’s RTP and FedNow
are moving the U.S. banking system to real-time retail payments. These systems will enable consumers and businesses
to settle retail transactions in real time, at any time, and allow them to manage their
money with greater flexibility. RTP and FedNow should significantly increase
the speed and efficiency of the U.S. payment system.” She then goes on to talk about Central Bank
Digital Currencies, how private banks, and other countries like china, are rapidly moving
with plans for a digital currency. She explains “Given the dollar’s important
role, it is essential that we remain on the frontier of research and policy development
regarding CBDC. Like other central banks, we are conducting
research and experimentation related to distributed ledger technologies and their potential use
case for digital currencies, including the potential for a CBDC. We are collaborating with other central banks
as we advance our understanding of central bank digital currencies. So the way money is going to move, is going
to rapidly change. FEDnow and Clearinghous’s RTP, are in the
works…..and there is potential for a US central bank digital currency to move through
these systems. Well, as we know, just a month later, in March
we had Brian Brooks brought onto the Treasury department Team specifically to the office
of comptroller, reuniting with his old friends from Onewest bank. And we know, what Brian thinks, private companies
should build the tech, while government sets monetary policy. What private payment organization does the
Federal government and regulators loooooveeeee? SWIFT, or the society for worldwide interbank
financial telecommunication. And you know Swift, they are the transfer
powerhouse…according to the treasury, they handle 5 trillion dollars….per day. And what has SWIFT recently said? Well just last month, they announced their
new approach to ISO 20022 adoption, which, gives banks a little leeway to full adopt,
pushing out requirements for banks from 2021 to 2022 but still sticking to their original
roadmap, of a complete overhaul by 2025. So now we know, the FED is getting an overhaul,
FEDwire, the Clearinghouse is getting an overhaul through RTP, and their favorite private system
is getting redone. So what blockchain projects are involved with
this? Well from my previous digital dollar videos,
we zeroed in on Coinbase and their USDC. It’s built,and Brian Brooks was a big part
of it. It’s something that the Federal Reserve
likes, a coin backed by their greenbacks. So this is definitely suspect numero uno! And as we know, USDC, is an erc20 asset built
on Ethereum, so that is big news for the Ether crowd if so. But in my personal opinion, the stablecoin,
isn’t what we should be worried about, as I foresee many private organizations, attempting
to create their own version. As just 3 days ago, another company Netcents,
declared their readiness for the expected Federal Reserve Digital Dollar. Competition will be fierce, and there will
be many stable options. But how those stablecoins are transferred,
is a much different story. So this goes back to Swift, the FEDs favorite
private transfer system. Well Swift is conforming to the ISO20022 standard
through SWIFT GPI, which they say will digitally transform cross border payments. Well in January of 2019, swift announced swift
GPI link, a gateway that would enable GPI to ecommerce and DLT platforms. And the proof of concept would launch with
the firm r3. Well almost a year ago, in March of 2019 we
got a very informative webinar between SWIFT and r3, that requires email registration to
gain access too, well let’s do it, and skip to 13:27 and begin.. Yes, Swift GPI link is an oracle service. It’s an ORACLE that is system agnostic because
they plan on working with a multitude of services blockchain/DLT and the new traditional ones
like FedWire. And it’s sooo freaking easy to see, just
going to smart, of which is chainlink, you see their first partner. “We’re proud to be working with SWIFT on
their own SWIFT Smart Oracle. Allowing smart contracts on various networks
to make payments, send governance instructions, and release collateral with over 11,000 banks” Which Sergey, the flanman himself, has clearly
explained…..but that was back in the day during the proof of concept phase, well just
6 months ago back in September, at a chain link meetup in Paris, something went quietly
under the radar. Lets watch now…ya the “chainlink SWIFT
oracle” So from my research, we should be keeping
a keen eye on a couple of projects, USDC. I mean, just look at the explosion in supply,
once news of the digital dollar started circulating, a growth of 62 freaking percent in just a
month, and USDC supply is at about 700 million. Something is bubbling regarding this stablecoin….But
how this stablecoin, or others, or any asset for that matter, will be going through Swift
GPI in the short term future, and the GPI link reaks of chain. Cheers, I’ll see you next time!

35 thoughts on “The Digital Dollar is Coming! Crypto’s Involved Are…??”

  1. ⏰ Time Stamps ⏰

    00:08 Introduction: Good Ole Montana Bois

    01:28 The Chico Crypto Gift of Digital Dollar Research

    01:56 Prior Digital USD Research. What We Found…

    03:02 What Is ISO20022?

    04:02 FED Announces ISO20022 Starting In 2020

    04:31 Jerome Powell and the Fed Issuing a CBDC

    05:10 Lael Brainard Says Research is Being Done With Blockchain

    07:29 Private Companies Should Build Digital Dollar Tech

    07:57 Swift & ISO20022

    08:41 Coinbase USDC Involved w/ the Digital Dollar?

    09:08 The Stable Dollar Is Not What We Should Be Worried About

    09:33 Swift GPI & Swift GPI Link

    10:14 Swift GPI Link = Oracle Service

    10:47 Chainlink Is Building Swift Smart Oracles

    12:10 The LINK News That Went Quietly Under the Radar

    12:53 Concluding Thoughts

    13:31 Outro

    ?Buy A Ledger & Keep Your Crypto Safe?

    ?Buy A Trezor & Keep Your Crypto Safer?

    ?Download The Brave Browser $BAT & Support Crypto!

    ?Join The Chat On Telegram:

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    ??Subscribe to The Chico Channel–

  2. Pretty cool of those guys giving food out to the truckers. Excellent content as always. Thank you for your hard work.

  3. "not currently developing". Translation: The process is finalized and we are just now bringing out of the shadows.

  4. How come you dont mention the connections with Ripplenet ?

  5. Tyler, btw, you do have some of best content in the whole space. But you must have help on the research, right?

  6. Don't forget Digibyte. Jared visited Washington at the end of last year then started talking about a DGB stablecoin. Coincidence..? Have you looked into that Chico?

  7. Major companies & whales will invest in Blockchain Technology which is the exact same thing as investing in Bitcoin but they won’t even realize it … then the price of BTC will just keep going up over time no matter the price corrections that will take place along the way …

  8. Haha. Funny how you don't connect the DOTS how RIPPLE was at that 2012 meeting and by the other meeting in 2015 the FED had their own RIPPLE wallet. Check all those RIPPLE connections out and also the Bank Of America official release paper yesterday that BOE already confirms RIPPLE and Swift working together. Chainlink will handle the security side of it. How many Subs you have?? Lol. And Santander is RIPPLES first customer that is teaming up with BOE to do a cross border app that they both will be connected to. I should get my own YT Channel.

  9. I'd like to see thank you for all your important information Chico! The foundation you are building on is something that will stand the test of time!

  10. Yo bro 1st off SWIFT sucks!! If you do some real research you will see that R3 is partnered with Ripple XRP. XRP is the bridge to all this money. All the money in the world! IF you look at Jp Morgan hinting to the ripple effect of payments. If you look at Bank of America and Visa with their announcements yesterday.. they're partnered with ripple. Swift is a old system and they will still use the initial system of swift but its getting upgraded to the XRP ledger. Swift board members are also some way shape or form partnered with ripple. So is Jp Morgan, Goldman Sachs, BNY Mellon, State street bank, and Bank of America. When The most wealthy in the world and the people who run this world are all invested into something you never heard about.. you might want to follow. They cant say XRP so they still use the name thats already in place and thats SWIFT but believe you me.. they have already bowed down to the next Global Reserve Currency XRP!! You will all see soon enough. I mean do you not know about XRP?

  11. Dam Chico, Sooner or later your just going to bite your tongue, swallow your pride and just say the inevitable XRP is coming to a town near you, and that my friend is a fact and I don’t think anyone can dispute that as the writing is ALL OVER THE WALL!!!!

  12. Love MT, I got the best cop in the world there, I was doing 120 in a 55 that looked like a 75 zone……when I told him how many stated I had planned (bitcoinroadshow) he said "Ya know, we never had speed limits in MT till recent years; so I am gonna help you out…..I will dial back the year if you dial back the speed" fucking legend!

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