SideNote: Allot of gold has already been confiscated through the form of U.S. TV ads enticing citizens to sell their gold jewlery for fiat $$$. Now it is happening in India. The NWO needs to seperate the gold (real money) from Joe-Six-Pac, so Joe will have no other currency of choice but to use the NWO digital currency for trade. GRIM
http://www.deccanchronicle.com/151221/nation-current-affairs/article/gold-rich-temples-not-keen-%E2%80%98melting%E2%80%99

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RBI says Banks to get commission for unlocking household gold

India Infoline News Service | Mumbai | January 22, 2016 11:04 IST

The government will pay banks a 2.5% commission to unlock the country’s massive stash of gold under a new monetisation scheme, the Reserve Bank of India (RBI) said, as the ambitious plan received a poor response from banks and customers. (MINT)

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War On Cash Escalates: China Readies Digital Currency, IMF Says
"Extremely Beneficial"
01/20/2016

As Bloomberg reports, The PBOC is targeting an early rollout of
China's own digital currency to "boost control of money" and none
other than The IMF's Christine Lagarde added that "virtual currencies
are extremely beneficial."

What exactly does a “War on Cash” mean?
It means governments are limiting the use of cash and a variety of
official-mouthpiece economists are calling for the outright abolition
of cash. Authorities are both restricting the amount of cash that can
be withdrawn from banks, and limiting what can be purchased with cash.

These limits are broadly called “Capital Controls.”

Why Now?

Why are governments suddenly so keen to ban physical cash?
The answer appears to be that the banks and government authorities are
anticipating bail-ins, steeply negative interest rates and hefty fees
on cash, and they want to close any opening regular depositors might
have to escape these forms of officially sanctioned theft. The escape
mechanism from bail-ins and fees on cash deposits is physical cash,
and hence the sudden flurry of calls to eliminate cash as a relic of a
bygone age — that is, an age when commoners had some way to safeguard
their money from bail-ins and bankers’ control.

Forcing Those With Cash To Spend or Gamble Their Cash

Negative interest rates (and fees on cash, which are equivalently
punitive to savers) raise another question: why are governments
suddenly obsessed with forcing owners of cash to either spend it or
gamble it in the financial-market casinos?

The conventional answer voiced by Mr. Buiter is that recession and
credit contraction result from households and enterprises hoarding
cash instead of spending it. The solution to recession is thus to
force all those stingy cash hoarders to spend their money.

And so now we see China pushing for the early unleashing its own
virtual currency, as Bloomberg reports.....

"Issuance of digital currency can help reduce costs, curb crimes and
money laundry, facilitate transactions and boost central bank’s
control on money supply and circulation, PBOC says in statement on
website after concluding a seminar today."

"PBOC has asked its research team, which was set up in 2014, to study
application scenarios for digital currency and strive for an early
rollout."

PBOC Statement:
"People's Bank of China digital currency seminar held in Beijing. From
the People's Bank, Citibank and Deloitte digital currency expert,
respectively, on the overall framework of digital currency currency
evolving national digital currency, encryption currency issued by the
State and other topics of discussion and exchange. People's Bank of
China Governor Zhou Xiaochuan attended the meeting, the People's Bank
of China Deputy Governor Chair Fan Yifei. Relevant research
institutions, major financial institutions and advisory bodies of
experts attended the meeting."

"The meeting pointed out that with the development of information
technology and mobile Internet, cloud computing Trusted controlled,
secure storage terminal evolution, block chain technology worldwide
payment undergone tremendous changes, the development of digital
currency is central Bank of currency and monetary policy has brought
new opportunities and challenges. The People's Bank attaches great
importance from 2014 to set up a special research team, and in early
2015 to further enrich the power of digital distribution and business
operations monetary framework, the key technology of digital currency,
digital currency issued and outstanding environment, digital currency
legal issues facing the impact of digital currency on economic and
financial system, the relationship between money and private legal
digital distribution of digital currency, digital currency issuance of
international experience conducted in-depth research, has achieved
initial results."

"The meeting held that China's current economy under the new norm,
explore the central bank issued digital currency has a positive
practical significance and far-reaching historical significance. It
can reduce the traditional distribution of digital currency note
issue, the high cost of circulation, improve convenience and
transparency of economic transactions and reduce money laundering, tax
evasion and other criminal acts to enhance the central bank's money
supply and currency in circulation control, better support economic
and social development, the full realization of inclusive finance
help. Future, digital currency issuance, circulation system also helps
build our new financial infrastructure construction, further improve
China's payment system, improve payment and settlement efficiency,
promote economic quality and efficiency upgrades."

"The meeting urged the People's Bank of digital currency research team
to actively absorb the important results and practical experience of
digital currency research at home and abroad, continue to advance on
the basis of preliminary work to establish a more effective
organizational guarantee mechanism, to further clarify the strategic
objectives of the central bank issued digital currency and do key
technologies, multi-scene digital currency research applications for
the early introduction of digital currency issued by the central bank.
Design of digital currency should be based on economic, convenience
and safety principles, and ensure the application of low-cost digital
currency, wide coverage, digital currency payment instruments with
other seamlessly, enhance the applicability and vitality of digital
currency."

"The People's Bank in advancing digital currency research work with
relevant international agencies, Internet companies to establish a
communication link with the domestic and foreign financial
institutions, traditional card-based payment institutions were widely
discussed. At home and abroad to participate in discussions of
attention to this work, and related research on expert theory,
practice and exploration and development path with the people in the
banking system conducted in-depth exchanges."

The International Monetary Fund extolled the potential benefits of
virtual currencies and said...

“Virtual currencies and their underlying technologies can provide
faster and cheaper financial services, and can become a powerful tool
for deepening financial inclusion in the developing world,” IMF
Managing Director Christine Lagarde said in a statement Wednesday to
accompany the report.

"The challenge will be how to reap all these benefits and at the same
time prevent illegal uses, such as money laundering, terror financing,
fraud and even circumvention of capital controls.”

The benefits to banks and governments by eliminating cash are self-evident:

1) Every financial transaction can be taxed.
2) Every financial transaction can be charged a fee.
3) Bank runs are eliminated.