Important Takeaways:
- What Will America Be Like Under Biden’s Digital Dollar? Look At Communist China
- Biden’s executive order gave the game away by stating that a U.S. digital dollar must ensure ‘financial inclusion and equity’ and monitor or mitigate ‘climate change and pollution.’
- President Joe Biden issued a sweeping executive order last year on Central Bank Digital Currency (CBDC), which “places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC.”
- But experiences in China, a nation that launched a digital currency in 2020, have shown that a CBDC considerably expands government power at the expense of individual freedom.
- According to The Wall Street Journal, the Chinese digital yuan is programable, and “Beijing has tested expiration dates to encourage users to spend it quickly, for times when the economy needs a jump start.”
- Even before the digital yuan’s issuance, those Chinese citizens who received lower social credit scores due to “bad behaviors” struggled to live an everyday life. Many couldn’t travel because they were unable to buy plane or train tickets, some were denied school or employment opportunities, and some pet owners even had their pets confiscated.
- The digital yuan has enabled the Chinese government to reprimand human rights activists, religious practitioners, and government critics in new and terrifying ways: by instantly deducting fines from their bank accounts, confiscating their wealth, or banishing them from China’s digital payment system completely. Knowing they won’t be able to survive for a day in a cashless society is frightening enough to silence most dissenting voices.
- Anyone who assumes the U.S. and other democracies will not abuse CBDCs like China has done is delusional. The Covid-19 pandemic revealed how quickly democratically elected governments in the West expanded their powers and intruded on citizens’ economic and political freedom in the name of public health.
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Ecclesiastes 5:8 If you see the extortion[a] of the poor, or the perversion[b] of justice and fairness in the government,[c] do not be astonished by the matter. For the high official is watched by a higher official,[d] and there are higher ones over them![e]
Important Takeaways:
- Get Ready: The Digital Dollar Is a Tool for Government Surveillance and Control
- Most of the world’s economies, including the United States, are rapidly ramping up to digitize their currency and ultimately end “paper cash” by creating a Central Bank Digital Currency (or CBDC for short).
- Part of the “Great Reset” agenda is to eliminate or reduce untraceable and untaxable cash and crypto transactions and clear the way to establish national government-controlled digital currency.
- The agenda is to get a CBDC in every country, get people used to it, and then connect those digital systems into a one-world digitized payment system.
- Does this sound too far-fetched? Consider that the U.S. Federal Reserve’s Board of Governors have already issued a white paper titled: “Money and Payments: The U.S. Dollar in the Age of Digital Transformation” as a “first step” in exploring the creation of a CBDC.
- Make no mistake, a centralized digital currency is coming.
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By Jonnelle Marte
(Reuters) – The first phase of a multi-year research project the Boston Federal Reserve is doing with the Massachusetts Institute of Technology on the technology that could be used for a digital dollar is nearly done and could be released over the next month or so, a Boston Fed official said on Wednesday.
The research, dubbed “Project Hamilton,” will look at the technical challenges that need to be addressed when building a central bank digital currency, or CBDC and is separate from a discussion paper the Fed board is expected to release soon examining the policy questions surrounding a digital dollar. Both papers were initially due to be released over the summer.
The initial findings from the Boston Fed research will include open-sourced code that could serve as a potential model for a U.S. CBDC and will also focus on the system’s ability to handle a high volume of transactions, said Jim Cunha, a senior vice president with the Boston Fed, during a virtual panel focused on payments.
(Reporting by Jonnelle Marte; Editing by Chizu Nomiyama)
