In March 2022, the Biden administration released a sweeping executive order that directed numerous federal agencies to crack down on digital assets, including on popular cryptocurrencies, as well as to study the potential development of a central bank digital currency (CBDC).
A CBDC would not be a digital version of the existing paper-based dollar, but rather an entirely new currency that would exist exclusively in a digital (meaning an electronic, non-physical) form.
Unlike with decentralized cryptocurrencies, such as Bitcoin, every transaction made using a CBDC could be easily traced to individual users by financial institutions, government agents and/or the Federal Reserve (depending on the details of the final design).
Additionally, because a CBDC would be digital and programmable, rules could be imposed that limit spending on approved activities. So, if the federal government or Federal Reserve were to determine that Americans are buying too much gasoline, for example, it could stop people from using CBDCs at gas stations with a few clicks on a computer.
Perhaps most disturbing of all, however, is that under most of the CBDC designs discussed by the Biden administration and Federal Reserve, nearly all forms of ownership of CBDC money would also be strictly limited. Only large institutions such as banks, the federal government, and/or the Federal Reserve would actually have ownership of CBDCs.
Everyone else would be prevented from having absolute control over their digital money.
If they get this control, how long till we’re all shut down like the Canadian truckers? Any excuse will do - climate change, a pandemic, insurrection, etc, etc…
It is the worst of all THEIR threats to the citizens of America!
Actually, transaction data for bitcoin is entirely public information and one can see the whole history of a bitcoin’s movements.
I think the point about bitcoin is that the supply is limited and the control is decentralised. The danger with a government digital currency is that they will, as they always do, inflate the money supply and debase the currency. If they abolish cash, then they know every transaction you make whether by digital currency or conventional currency digitally transferred.
This will be the end of freedom. Your money is worth more now than it will be later, which is why if you need anything replaced or need to add anything to your stores or homes, take your money and get it now. In other words, buy actual goods while you can access actual cash.
Oven old, need a new one? Use your money to get one now. Pay off credit cards and loans, as you are able with the money you have now, before you have to lose control of it to a CBDC.
There will be only one digital currency that will be legal, and that will be the Federal CBDC that replaces American dollars. No other tender will be legal.
Texas gathered all their state’s gold from Fort Knox some years ago, and they have put forth a bill allowing Texas citizens to use gold and silver as currency within the state.
If you really fear the Government will use digital currency to entrench their power, don’t pay off any debts. Get as many as you can. They will be inflated away.
Am still laughing. Brilliant plan!
Nope. Things can get real bad for a long, long time before the SHTF. I would rather be free and clear, so there is nothing to hold over us or our property or businesses. No debt that is.
But, you do what you think is best for you.