JUST IN: Major Financial Change: Banks to RESET to ISO 20022CBDC - hokanews

 

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JUST IN: Major Financial Change: Banks to RESET to ISO 20022CBDC - hokanews


hokanews.com - There is no denying that the financial world is undergoing significant changes. In a recent announcement, November 19, 2023, has been designated as the currency RESET day. What does this date signify, and what are its implications for the global financial system? 


RESET Currency: What Happens on November 19, 2023?


November 19, 2023, marks a pivotal moment in the financial world. It is the date when the global currency will undergo a RESET, signifying a fundamental shift in the global financial system. This date also heralds the commencement of the ISO 20022CBDC system.


But what exactly occurs during the RESET of the currency? One of the most noticeable changes is that, on this date, all banks will be required to convert their systems to ISO 20022CBDC. ISO 20022 is a single ledger system for all currencies, and this system will be linked to the digital identity (iD) of each individual.


Changes in Cash Usage


One direct consequence of the RESET currency is a transformation in cash usage. Prior to November 19, 2023, banks will halt their operations for half a day to complete a full system conversion. Following this date, the usage of physical cash will significantly decrease.


With the adoption of ISO 20022CBDC, financial transactions will become more efficient and can be conducted electronically. This results in less reliance on physical cash.


ISO 20022CBDC: A Single Ledger for All Currencies


ISO 20022CBDC is a single ledger system designed to accommodate all currencies. It is a critical step toward wider adoption of digital currencies. Every transaction will be recorded within this system, and it will be linked to the digital identity of each individual.


This innovation allows for better integration between digital currencies and the payment system, potentially leading to greater transparency and accountability in the global financial system.


RFID: Is It Mandatory?


In addition to the changes in the financial system, the announcement also mentions that Radio-Frequency Identification (RFID) will become mandatory. RFID is a technology that enables the identification and tracking of items and individuals using radio signals.


The implications of RFID usage in the financial system still require further explanation. However, it appears that this technology will play an integral role in the transformation of the global financial system.


Changes by 2025


November 19, 2023, is just the beginning of a series of changes in the global financial system. The period from November 2023 to November 2025 is expected to be a crucial transitional phase.


This means that by November 2025, the world will gradually phase out the usage of physical cash entirely, moving toward a world that relies increasingly on digital currencies.


Challenges and Expectations


Of course, there are many challenges to be addressed in implementing these significant changes. One of them is how to globally integrate technologies like RFID and the ISO 20022CBDC system. Data protection and privacy will be a primary concern throughout this journey.


However, the hope is that these changes will bring about a more efficient, transparent, and accessible financial system for people worldwide. With careful adoption and proper regulation, these changes have the potential to benefit many.


November 19, 2023, will be etched in history as the beginning of a major transformation in the financial world. The RESET of the currency and the conversion to the ISO 20022CBDC system mark a significant milestone that will propel the global financial system into a new era. While there is much to be understood and addressed, these changes have the potential to create a more efficient and inclusive financial world.


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Source: Pi_Exc