Posted on 10/01/2022 7:20:22 PM PDT by RomanSoldier19
The U.S. central bank digital currency (CBDC) will be the digital or electronic form of the U.S. dollar issued by the Federal Reserve. This form of digital fiat money will be similar to cryptocurrencies, but the fundamental difference will be that a CBDC will be backed and regulated by the Federal Reserve and act as a legal tender.
With a future U.S. CBDC, the public could use another form of central bank money besides physical cash and digital balances held in individual or corporate bank accounts. 1 The United States doesn’t currently have a CBDC, but with this option under discussion, it is important to understand what will be a U.S. CBDC, the benefits and risks attached, and the current steps toward implementation.
KEY TAKEAWAYS A U.S. CBDC will be the digital or electronic form of the dollar that acts as legal tender and is regulated by the government. A U.S. CBDC will act as a supplement to existing forms of payment. Identity verification, intermediaries, and privacy protection are required parts of launching a CBDC. The Biden administration’s position on a U.S. CBDC gives insight into the policy and technical design implications of the launch. Eleven countries have implemented a CBDC option among their payment services.
(Excerpt) Read more at investopedia.com ...
This will be the end of Personal Liberty.
You got it.
666
Like tyranny? Like the Mark Of The Beast?
How is it any different than what we have today? My bank account is not a pile of physical money, and is usually just electrons flipping back and forth.
This will expire over time to encourage spending. It can also be cancelled, like in Canada.
You can still buy stuff with hard currencies.
that won’t be an option with an entire digital currency.
They are doing this so they can tax whatever the hell they want.
Right now, I got buy a used car or a rifle for 2 grand cash, they don’t know I did it. I go register the car, it’s all of a sudden I paid 1k.
I go to buy ammo, I use cash. Digital will allow a record somewhere of where I bought it and what I got exactly.
Agree with that - cash would go away (at least officially - I’m sure a black market barter system would develop). Of course, adding the social score and such would be the real goal. They also will eventually be able to track what you should own based on purchases, and be able to identify black market obtained items. Totally the dream of authoritarians. What a mess.
Expiring and cancelled isn’t too far different than their inflation practice. The money I have in the bank certainly isn’t worth as much as it used to be.
Digital will prevent you from hiding cash under your mattress.
Do not pass GO!
This will increase crime by banks and government agencies. Remember the ‘haircut’ that all Greek citizens got when a percentage of their deposits was stolen by the government?
Another way of stealing money will be negative interest rates on savings deposits.
We can not allow this to happen.
This would require a constitutional amendment. Other wise it’s unconstitutional.
Would it though ? Our current system would also appear to be unconstitutional.
“What Will a U.S. Central Bank Digital Currency Look Like?”
it’ll look EXACTLY like “the dollar” ...
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