Central Bank Digital Currency
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By The Sharp Edge While dysfunctional D.C. battles it out over the debt ceiling to reign in uncontrolled federal spending, ‘Quid Pro Joe’ (who is under Congressional investigation for laundering bribes by foreign nationals) recently pledged hundreds of millions more in aid to corrupt Ukraine, which has been exposed for embezzling funds. If that wasn’t enough, ‘The Big Guy’ committed another $250 million through USAID to the World Bank, which has the power to launder with immunity. Meanwhile, the 2023 banking collapse is turning out to be worse than the 2008 crisis, and the Treasury Secretary is warning that more bank mergers may be around the corner, as wealth consolidates into a handful of woke megabanks, like JPMorgan Chase and Bank of America, which continue to target the regime’s political enemies. According to 19 state attorneys general, JPMorgan Chase has repeatedly de-banked Christian and conservative organizations. Furthermore, a House Weaponization Subcommittee report detailing FBI whistleblower testimony, disclosed how Bank of America colluded with the FBI to hand over confidential data of customers in the D.C. area on January 6th, highlighting individuals who had ever purchased a firearm using B of A products. Adding insult to injury, the weaponized IRS, which recently beefed up its workforce and arsenal to target Americans, received a green light from the Supreme Court to obtain bank records of individuals who aren’t even under investigation. If you think all of this is bad, just imagine what our absolutely corrupt federal government could do with a central bank digital currency. Of course, the Fed is looking to CBDCs as the solution to the financial crisis they’ve created. Problem – Reaction – Solution, as the old Hegelian Dialectic goes. Central banks around the world are working feverishly on implementing a CBDC system, and globalists are salivating over the “absolute control” it would give them. Now, onto the good news. Red states are leading the charge in the financial rebellion. Several Republican states have recently introduced or passed legislation to establish a parallel economy by protecting the use of cash, affirming gold and silver as legal tender, establishing precious metal depositories, and blocking central bank digital currencies. This report highlights a collection of 10 red states which are designing a blueprint for the rest of the country to follow. This is by no means a comprehensive list. There are solid pieces of legislation designed to secure financial freedom working through other states as well. A comprehensive list of legislation in each state can be found here. Alabama Alabama’s state legislatures are taking a stand against central bank digital currencies. A recently proposed bill in the Senate, SB330, “would prohibit any state or local governmental agency from accepting CBDC as a form of payment and would prohibit any governmental agency from participating in testing the use of CBDC by any Federal Reserve branch.” Another bill introduced this month in the House, HB408, seeks to amend the Uniform Commercial Code to exclude CBDCs from the definition of “money” stating, “The term does not include a central bank digital currency.” Meanwhile, there are two other bills pending in the Alabama legislature, HB348 and SB231, that seek to amend the UCC, but don’t have any language to exclude CBDCs from the definition of money. The UCC is a set of standards designed to create uniformity among states to facilitate interstate commerce. Recent changes to the UCC, promoted by the Uniform Law Commission, have embedded language to block crypto and enable CBDCs. The recommended UCC changes aim to revise the definition of “money” to state that, “the term does not include an electronic record that is a medium of exchange recorded and transferable in a system that existed and operated for the medium of exchange before the medium of exchange was authorized or adopted by the government.” While the language blocks crypto because it is a “medium of exchange” that existed “before” the medium was adopted by the government, it also paves the way for a CBDC as the implied “medium of exchange” to be “adopted by the government.” Some states have already passed UCC amendments with embedded language to facilitate CBDCs, as legislation remains pending in several others. More information on the status of UCC amendments sliding through other states can be found here. Arkansas Arkansas is making moves to affirm gold and silver as legal tender, remove taxes on gold and silver, and block the tracking of individuals through a central bank digital currency. In April, Arkansas passed HB1718, which establishes The Arkansas Legal Tender Act to affirm gold and silver as legal tender and remove tax liability by stating, “the exchange of one type or form of legal tender for another type or form of legal tender shall not give rise to any tax liability,” and “the purchase, sale, or exchange of any type or form of specie shall not give rise to any tax liability.” Also, Arkansas signed HB1720 into law in April. HB1720 explicitly refers to a “central bank digital currency,” and prohibits “the tracking of an individual through the use of digital currency except for limited circumstances,” stating that “A digital currency tracker shall not be used in this state to track an individual’s purchases or location through the use by an individual of digital currency unless: (1) A warrant has been issued in a criminal or civil court case that expressly authorizes the tracking of the individual’s purchases; or (2) The individual knows and consents to the digital currency tracker.” Florida & Indiana This month, both Florida and Indiana passed amendments to the Uniform Commercial Code to block central bank digital currencies. Florida’s SB7054, which passed on May 15, 2023, amends the UCC’s definition of money to state, “The term does not include a central bank digital currency.” Likewise, Indiana’s SB0468, which passed on May 4, 2023, amends the UCC’s definition of money to state, “The term does not include a central bank digital currency that is currently adopted, or that may be adopted, by the United States government, a foreign government, a foreign reserve, or a foreign sanctioned central bank.” While a handful of states have proposed amendments to the UCC to exclude CBDCs from the definition of money, Florida and Indiana are the first to successfully pass such amendments. Louisiana Louisiana’s state legislature is taking steps to block central bank digital currencies in the state. HCR71, which passed in the House this month and is now pending in the Senate, “urges the United States Congress to not support any legislation or efforts to adopt a central bank digital currency in the United States,” adding that “a United States CBDC raises significant concerns over privacy for individuals and businesses in Louisiana.” Another bill that passed in the House this month, HB415, relates to banking in the state, amending the definition of “deposit account” to state “The term does not include… a central bank digital currency.” Missouri A few Missouri bills working through the state legislature would protect the use of cash, affirm gold and silver as legal tender, establish a gold and silver depository, and block public entities from requiring payments by a central bank digital currency. SB100 passed in the Senate last February and is working its way through the House. A similar piece of legislation, HB1375, is also pending in the House. The bills state “No public entity shall require payment in the form of any digital currency. Payment by means of cash, debit card, or credit card shall be considered legal tender and shall be accepted by all public entities. Payment in gold and silver coinage shall also be considered legal tender and shall be accepted by all public entities.” Furthermore, SB100 and HB1375 provide exemptions for “all tax years beginning on or after January 1, 2024, the portion of capital gain on the sale or exchange of gold and silver that are otherwise included in the taxpayer’s federal adjusted gross income.” Lastly, these bills direct the State Treasurer to “keep in the custody of the state treasury an amount of gold and silver greater than or equal to one percent of all state funds.” A separate bill, HB718, which is pending in the House, would establish a Missouri Bullion Depository. Oklahoma Meanwhile, Oklahoma is working towards protecting cash, blocking public and private entities from requiring payments using a CBDC, and establishing a bullion depository. A promising bill, HB1633, which passed in Oklahoma’s House last March and is pending in the Senate, states “an agency shall not require any citizen of this state in conducting transactions with the agency to pay using credit cards nor a central bank digital currency and shall not prohibit cash, cashier’s checks, or money orders as payment” and “businesses providing basic needs selling or offering for sale goods or services during regular business hours shall not require a buyer to pay using credit cards nor a central bank digital currency nor prohibit the use of cash, cashier’s checks, or money orders as payment in order to purchase the goods or services.” Another bill pending in the Senate, SB816, would establish the Oklahoma Bullion Depository “as a division of the Office of the State Treasurer.” South Carolina South Carolina is taking steps to secure financial freedom in the state by affirming gold and silver as legal tender, removing taxes on gold and silver, and blocking CBDCs. H3080, which is pending in the House, provides “that gold and silver coins minted foreign or domestic shall be legal tender in this state.” Another bill pending in the House, H3081, amends capital gains tax to provide exceptions for “the portion of the capital gain that was recognized from the sale of gold, silver, platinum bullion, or any combination of this bullion, for which the deduction equals one hundred percent of such capital gain.” A pair of bills also pending in the House, H4373 and H4442, aim to amend the Uniform Commercial Code to block CBDCs under the definition of money. The UCC amendments state that “The term does not include a central bank digital currency.” Furthermore, H4373 states the bill is designed to “prohibit a banking corporation from offering any service or approving of or conducting any transaction that involves central bank digital currency.” Tennessee Tennessee is making headway on affirming gold and silver as legal tender, establishing a bullion depository, and shielding Tennesseans from a central bank digital currency. A pair of Tennessee bills, SB0519 and HB1479, passed in March to allow “the state treasurer to purchase and sell physical gold and precious metal.” The bills say that “The physical gold and precious metal purchased… must be custodied by the state treasurer in a state depository.” Another set of bills working through the Tennessee legislature, HB1481 and SB0311, would make “gold and silver coinage legal tender” and authorize “payment of taxes with gold and silver coinage.” Furthermore, the bills would require that “any gold and silver coinage received by this state… must be stored in a depository institution and the value of the gold and silver coinage must be attributed to the balance of the reserve for revenue fluctuations. The gold and silver coinage must not be liquidated until all other funds in the reserve for revenue fluctuations have been expended.” Also, SB0150, a bill that is pending in the Senate, would enact the Tennessee Bullion Depository Act. In an interview by Catherine Austin Fitts of the Solari Report, Tennessee Senator Frank Niceley remarked on how proposed legislation could work to create a sovereign state bank and bullion depository to support local banks and shield them against a central bank digital currency. Texas Texas is taking action on legislation to protect cash, recognize gold and silver as legal tender, maintain the nation’s first state bullion depository, and oppose a central bank digital currency. A couple of bills pending in Texas’ Senate, HJR146 and SJR67, propose a constitutional amendment to state that “The right of the people to own, hold, and use a mutually agreed upon medium of exchange, including cash, coin, bullion, digital currency, or privately issued scrip, when trading and contracting…The post A Look at 10 Red States Leading the Charge Against Financial Tyranny appeared first on coreysdigs.com.
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By The Sharp Edge As the national debt approaches 32 trillion, and the Biden regime commits billions to Ukraine despite reports of embezzled funds, the American financial system is failing. Already, the 2023 banking collapse is bigger than 2008, with the combined assets of three big banks that failed in 2023 dwarfing the assets of 25 banks that failed in 2008. Meanwhile, the public is strapped with historic levels of consumer debt and inflation, driven by federal spending, as Americans struggle to make ends meet. Congress has, so far, failed to restrain the out-of-control federal budget, by passing trillion-dollar packages, continuing the money flow to weaponized agencies riddled with fraud, waste and abuse. Though this financial debacle may appear on the surface to be a destructive combination of incompetence and circumstance, in reality, the controlled demolition of the financial system as we know it is all part of the World Economic Forum’s Great Financial Reset. While we watch this trainwreck in disbelief, central banks are preparing behind the scenes for the next phase of their financial reset – central bank digital currencies. A programmable CBDC system would enable “absolute control” over how, when, where, and by whom every single transaction is made. The implementation of a CBDC system is, without a doubt, the greatest threat to our financial freedom. As part of this plan to roll out CBDCs, a stealth piece of legislation known as the Uniform Commercial Code, has been sliding through states unnoticed. The UCC is a set of standards designed to create uniformity among states to facilitate interstate commerce. However, recent changes to the UCC, overseen by the Uniform Law Commission, have embedded language to block cryptocurrencies while enabling CBDCs, hidden among hundreds of pages. The devil is always in the details. Tucked into the UCC amendments, the definition of “money” is amended to state “the term does not include an electronic record that is a medium of exchange recorded and transferable in a system that existed and operated for the medium of exchange before the medium of exchange was authorized or adopted by the government.” This is a sly way to block crypto because it is a “medium of exchange” that existed “before” the medium was adopted by the government. The language of course clearly paves the way for a CBDC as the implied “medium of exchange” to be “adopted by the government.” This sinister language embedded in the UCC amendments has gone largely overlooked by state legislatures, and has already passed in 5 states, while there is legislation to amend the UCC still pending in more than 15 states. Some states have gotten wise to the sneaky tactic and changed the language to explicitly exclude central bank digital currency from the definition of money in the UCC. Florida and Indiana have both passed UCC amendments to exclude CBDCs from the definition of money, while the governor of South Dakota outright vetoed a bill containing the shifty language. These devious UCC amendments are a perfect example of why state legislation to protect the population from financial tyranny is so important. Needless to say, we must act with the utmost urgency to protect our financial freedom and security at the state level, by urging state legislatures to pass meaningful legislation in each state to protect the use of cash, affirm gold and silver as legal tender, establish bullion depositories, and halt the implementation of central bank digital currencies. Do you know where your state stands on these important financial freedom issues? Check the list of legislation working through your state below, and then contact your state representatives to insist they take immediate and decisive action to secure your state’s financial freedom. If your state is lacking in proposed legislation in these key areas of financial freedom, check out what other states are doing, and then urge your representatives to propose similar legislation. Here are some additional tools to track state legislation related to precious metals, cryptocurrencies, and by using a “Full Text Search” of bills in each state. Alabama Protecting the Use of Cash: No recent legislation found. Recognizing Gold & Silver as Legal Tender: No recent legislation found. Removing Taxes on Gold & Silver Transactions: SB13 Passed on April 7, 2022. SB13 is designed “To extend the exemption from sales and use tax for the gross proceeds from the sales of gold, silver, platinum, and palladium bullion, and money.” Establishing a Gold Depository: No recent legislation found. Digital Currency: No recent legislation found. Protecting Against CBDCs: HB408 Introduced and referred to the House Financial Services Committee on May 2, 2023. HB408 would amend the Uniform Commercial Code to define a central bank digital currency “and to specify that the definition of ‘money’ does not include central bank digital currency.” Other states have introduced or passed legislation to amend the UCC by changing the definition of money to exclude crypto such as Bitcoin while enabling a CBDC. Enabling CBDCs: HB348 Passed in the House on May 9, 2023, referred to Senate Judiciary Committee on May 11, 2023, and SB231 introduced and referred to Senate Committee on April 20, 2023. HB348 and SB231 seek to amend the Uniform Commercial Code. Changes to HB348 proposed on May 3, 2023, define a central bank digital currency and a deposit account, stating that the term “deposit account” does not include a CBDC. However, these changes do not appear in the latest version of HB348. Other states have introduced or passed legislation to amend the UCC by changing the definition of money to exclude crypto such as Bitcoin while enabling a CBDC. The definition of “money” in HB348 and SB231 does not contain such language. However, the definitions of a “controllable electronic record” (CER) in both HB348 and SB231 do contain similar language to exclude crypto such as Bitcoin while enabling a CBDC. Contact your Alabama state representatives here and here and urge them to take immediate action on key pieces of legislation to secure your financial freedom. Alaska Protecting the Use of Cash: No recent legislation found. Recognizing Gold & Silver as Legal Tender: HB3 Passed in the House on May 11, 2023, referred to Senate State Affairs Committee on May 12, 2023. HB3 affirms “gold and silver specie as legal tender.” Removing Taxes on Gold & Silver Transactions: HB3 Passed in the House on May 11, 2023, referred to Senate State Affairs Committee on May 12, 2023. HB3 states that a city or borough “may not levy or collect a sales or use tax on the sale or exchange of specie,” in reference to gold and silver. Under current Alaska Department of Revenue Tax Division, “The State of Alaska currently does not have a sales and use tax; however, some local jurisdictions impose local sales taxes.” Establishing a Gold Depository: No recent legislation found. Digital Currency: HB86 Referred to the House Finance Committee on April 14, 2023, and SB84 referred to the Senate Finance Committee on May 9, 2023. The “Uniform Money Transmission Act” seeks to regulate “virtual currency” or cryptocurrency “for money transmission” and to “cooperate with other states in the regulation of money transmission.” Protecting Against CBDCs: No recent legislation found. Enabling CBDCs: No recent legislation found. Contact your Alaska state representatives here and here and urge them to take immediate action on key pieces of legislation to secure your financial freedom. Arizona Protecting the Use of Cash: No recent legislation found. Recognizing Gold & Silver as Legal Tender: S1235 Passed Senate Finance Committee on February 6, 2023. S1235 seeks to affirm “specie” and Bitcoin as legal tender. “Specie” is defined as “coins having precious metal content.” HB2014 Signed into law on May 22, 2017. HB2014 states “’Legal tender’ means a medium of exchange, including specie, that is authorized by the United States Constitution or Congress for the payment of debts, public charges, taxes and dues. ‘Specie’ means coins having precious metal content.” Removing Taxes on Gold & Silver Transactions: HB2014 Signed into law on May 22, 2017. HB2014 removes capital gains taxation on gold and silver if exchanged for Federal Reserve notes or used in barter transactions. Arizona law 42-5061 states “the sale of precious metal bullion and monetized bullion to the ultimate consumer” is exempt from sales tax. Establishing a Gold Depository: No recent legislation found. Digital Currency: SB1236 Vetoed by Governor on April 12, 2023. SB1236 would have prohibited a city or town from imposing “a tax or fee on any person or entity for running a node on blockchain technology in a residence.” S1191 Passed in the House on May 15, 2023. S1191 relates to Escrow Agents and forms in which deposits may be made to add “distributed ledger technology transfers” defined as “a decentralized, shared and immutable ledger, which may be public or private, permissioned or permissionless, or driven by tokenized crypto economics or tokenless,” and explicitly excluding CBDCs by stating, “except that transfers may not be settled or backed by a central bank digital currency.” S1235 Passed Senate Finance Committee on February 6, 2023. S1235 seeks to affirm “specie” and Bitcoin as legal tender. “Specie” is defined as “coins having precious metal content.” S1239 Passed in the Senate on March 6, 2023, failed to pass House Ways & Means Committee on March 29, 2023. S1239 would have allowed state agencies to “enter into an agreement with a cryptocurrency service provider to provide a method to accept cryptocurrency as a payment method of fines, civil penalties or other penalties, rent, rates, taxes, fees, charges, revenue, financial obligations and special assessments to pay any amount due to that agency or this state.” S1240 Passed in the Senate on March 1, 2023, transmitted to the House on March 2, 2023. S1240 exempts “virtual currency” from taxation. Virtual currency is defined as “a digital representation of value that functions as a medium of exchange, a unit of account and a store of value other than a representation of the United States dollar or a foreign currency.” SCR1007 Read 2nd time in Senate on January 23, 2023. SCR1007 seeks to exempt “virtual currency” from property taxes. Virtual currency is defined as “a digital representation of value that functions as a medium of exchange, a unit of account and a store of value other than a representation of the United States dollar or a foreign currency.” Protecting Against CBDCs: SB1144 Failed in the House on May 15, 2023. SB1144 “Prohibits the use of central bank digital currency (CBDC) involving any contract, security or similar interest in this state, including commercial contracts.” SB1191 Passed in the Senate on March 6, 2023, passed in the House on May 15, 2023. SB1191 relates to Escrow Agents, stating, “transfers may not be settled or backed by a central bank digital currency.” Enabling CBDCs: HB2770 Blocked by AZ Freedom Caucus in March 2023. HB2770 amended the Uniform Commercial Code by defining money as “a medium of exchange that is currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more countries. The term does not include an electronic record that is a medium of exchange recorded and transferable in a system that existed and operated for the medium of exchange before the medium of exchange was authorized or adopted by the government.” HB2770 amended the UCC by changing the definition of money to exclude crypto such as Bitcoin, while enabling a CBDC. Furthermore, HB2770 contained “electronic money” language in reference to CBDCs. Contact your Arizona state representatives here and here and urge them to take immediate action on key pieces of legislation to secure your financial freedom. Arkansas Protecting the Use of Cash: No recent legislation found. Recognizing Gold & Silver as Legal Tender: HB1718 Passed on April 11, 2023. HB1718 creates “The Arkansas Legal Tender Act” which reaffirms gold and silver as legal tender. Removing Taxes on Gold & Silver Transactions: HB1718 Passed on April 11, 2023. HB1718 removes tax liability from gold and silver by stating,…The post Is Your State Protecting Financial Freedom? Get The Full Breakdown Here appeared first on coreysdigs.com.
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By The Sharp Edge When asked if a United States CBDC would be used to control how, when and where the population spends their money, a senior vice president for the St. Louis Fed’s Research Division responded, “in life, one can’t give absolute assurance of anything…The best we can hope for, is for Congress to respond to the electorate’s concerns about privacy.” However, signals by the Biden regime and the Federal Reserve indicate they intend to move forward on a CBDC, regardless of any approval from Congress, industry leaders or the public. In fact, there are a growing number of research and pilot programs in various phases of development in America and around the world, despite public concerns of an impending digital currency enslavement system tied to a digital ID and social credit system. The Biden Regime Presses Forward On March 9, 2022, the Biden regime issued an Executive Order on ‘Ensuring Responsible Development of Digital Assets,’ which placed “the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC.” The EO commanded Attorney General Garland, Treasury Secretary Yellen, and Federal Reserve Chair Powell to determine if a legal path to bypass Congress is possible, stating, “within 180 days of the date of this order [by September 5, 2022], provide the President…an assessment of whether legislative changes would be necessary to issue a United States CBDC, should it be deemed appropriate and in the national interest.” The EO further directed them to provide the President with a legislative proposal within 210 days, by October 5, 2022. A former Fed vice chair, Randal Quarles, remarked that any bill in Congress authorizing a CBDC would be unlikely to pass, noting a lack of support from the public. In July of 2021, lawmakers introduced legislation that has yet to pass, known as the ‘Digital Asset Market Structure and Investor Protection Act,’ which appears to authorize the Fed to issue digital versions of Federal Reserve notes and to use distributed ledger technology for the “creation, distribution and recordation of all transactions involving digital Federal reserve notes.” On the other hand, legislation was introduced in January of 2022 to prohibit the Federal Reserve from issuing a CBDC directly to individuals. In March of 2022, legislatures proposed an alternative to CBDC in a bill known as the ‘ECASH Act‘, which proposes to develop an electronic version of the US dollar issued by the US Treasury instead of the Federal Reserve, and purports to imitate the privacy and anonymity features of cash. While there is no current federal statute mandating businesses to accept cash, lawmakers introduced the ‘Payment Choice Act of 2021‘, designed to require retail businesses to accept cash as a form of payment. In all, Congress has introduced 50 bills on digital assets, blockchain, and CBDCs. During a May 26, 2022, House Committee hearing, some lawmakers took issue with the Biden regime’s Executive Order and the ambiguity of the Federal Reserve’s comment in their January 2022 discussion paper, which states, “The Federal Reserve does not intend to proceed with issuance of a CBDC without clear support from the executive branch and from Congress, ideally in the form of a specific authorizing law.” Representative Andy Barr commented, “This to me suggests that the administration is not yet convinced that Congress has a role here.” Lawmakers were unable to seek clarity from the vice chair of the Federal Reserve during the hearing on whether the Fed would in fact proceed with the issuance of a CBDC without official Congressional authorization. Other issues raised in the House Committee hearing on CBDCs included risks to the public of mass surveillance and targeting of citizens who are critical of the regime. Representative Warren Davidson remarked to the Fed vice chair, “The concern is the surveillance state… If you turn the Central Bank Digital Currency into this creepy surveillance tool…it literally is what China is developing and we shouldn’t imitate them. We should protect America’s way of life.” The threat of adopting China’s model for surveillance and control has become even more apparent in recent days, as China thwarted attempts by protesters to access their frozen funds by turning their QR codes red. Representative John Rose addressed his concerns to the vice chair, adding, “We saw how dangerous it can be when the government weaponizes the financial system for political purposes under the Obama Administration’s Operation Choke Point. More recently, the Canadian government instructed banks to freeze accounts linked to the trucker protests over vaccine mandates…Without appropriate safeguards, would a CBDC make it easier for the federal government to block individuals it disagrees with from accessing the financial system?” Vice Chair Brainard did not deny that CBDCs could be used to block access of individuals, stating that the use of CBDCs would essentially be no different from the current banking systems, from which accounts of political dissidents have been frozen. Legislatures aren’t the only ones concerned about the rise of the CBDC surveillance system. Both the public and shareholders were invited to submit comments on the Federal Reserve’s plans to issue a CBDC, many of whom were resolutely opposed to the idea. One citizen wrote, “You don’t want privacy. You want to control every aspect of our lives.” Another individual replied, “I do not want government in charge of access to the kill switch to my account/money if I do not ‘tow the line.’” Yet another responded, “Stop playing games with our lives. And ignore Klaus Schwab. I fear the system completely breaking down if CBDC is enacted. Because Americans want privacy, freedom, and their work rewarded with sound money.” In response to the Fed paper on CBDCs, the American Bankers Association warned how the disbursement of a CBDC would devastate local banks, stating, “The issuance of a CBDC would fundamentally rewire our banking and financial system by changing the relationship between citizens and the Federal Reserve,” adding, “The risks associated with issuing a CBDC are often downplayed but are real and likely to undermine any possible benefit that a CBDC would have. Most importantly, every construction of CBDC requires moving funds from banks to the Federal Reserve.” The ABA concluded, “As we have evaluated the likely impacts of issuing a CBDC it has become clear that the purported benefits of a CBDC are uncertain and unlikely to be realized, while the costs are real and acute. Based on this analysis, we do not see a compelling case for a CBDC in the United States today.” Despite numerous dissenting voices among Congress, industry leaders and the public, the Biden regime and the Federal Reserve are pressing forward with plans to develop a United States CBDC. The Fed released yet another paper on the issuance of a retail CBDC in April of 2022. On June 17,2022, Fed Chair Powell lamented the decline of the US dollar as the world’s reserve currency (driven by reckless federal spending and intentional mismanagement) and looked to a United States CBDC as a solution to the problems they’ve created, stating, “Looking forward, rapid changes are taking place in the global monetary system that may affect the international role of the dollar in the future. Most major economies already have or are in the process of developing instant, 24/7 payments. Our own FedNow Service will be coming online in 2023. And in light of the tremendous growth in crypto-assets and stablecoins, we are examining whether a US central bank digital currency would improve upon what is an already safe and efficient domestic payments system. As our white paper on this topic notes, a U.S. CBDC could also potentially help maintain the dollar’s international standing.” Research & Development Projects Underway There are a multitude of research and development programs for CBDCs underway. Currently, 105 countries, which represent more than 95% of the global GDP, are in various phases of CBDC exploration. Approximately 50 countries are in the advanced phases of research and development, while 28 retail CBDC pilots and 3 live retail CBDCs have been implemented. A study of 81 central banks determined that 90% are currently researching CBDCs, and over half are in the developmental or experimental phases. Several key areas of CBDC exploration are highlighted below. China & e-CNY Project China’s CBDC pilot program continues to expand since the announcement of its launch in 2020, gaining 261 million digital wallets opened in 2021. The Chinese government has extended the program to include more regions and applications. As China’s CBDC pilot program expands, so do their surveillance capabilities of Chinese citizens, multinational corporations, and other consumers around the world. On May 25, 2022, Senators introduced a bill known as the ‘Defending Americans from Authoritarian Digital Currencies Act,’ to prohibit app platforms, such as Apple and Google, from hosting apps that accept China’s digital currency. Senator Tom Cotton commented that the digital currency will provide the Chinese government with “real-time visibility into all transactions on the network, posing privacy and security concerns for American persons who join this network,” adding, “The Chinese Communist Party will use its digital currency to control and spy on anyone who uses it. We can’t give China that chance.” On June 7, 2022, lawmakers introduced a bill in the Senate known as the ‘Responsible Financial Innovation Act,’ to regulate crypto and to direct several agencies including: CISA, ODNI, and the DoD to investigate the national security implications of the use of China’s CBDC. United States & Project Hamilton The Federal Reserve Bank of Boston and MIT Digital Currency Initiative are collaborating on a CBDC exploratory project known as ‘Project Hamilton.’ The first phase of the operation was completed, demonstrating the feasibility of a CBDC payment system similar to the scale of the US economy and the US dollar’s utilization globally. Phase 2 of the project will focus on security, programmability, “how to balance privacy with compliance,” and safeguards against cyber-attacks. Critics argue that a United States CBDC does not address the issues of cybersecurity, government abuse, privacy, and centralized control. Congressman Tom Emmer commented, “Not only would this CBDC model centralize Americans’ financial information, leaving it vulnerable to attack, but it could also be used as a surveillance tool that Americans should never tolerate from their own government,” adding that, “Requiring users to open up an account at the Fed to access a US CBDC would put the Fed on an insidious path akin to China’s digital authoritarianism.” Laying the foundation for their CBDC program, the Fed has developed “a new instant payment infrastructure” known as FedNow. The new digital interbank instant payment system is expected to launch in 2023. European Union & Digital Euro Project The investigation phase of the Digital Euro Project began in October of 2021 and will be completed by October of 2023. As part of the investigation phase, the European Central Bank has solicited public feedback. The ECB received 8,200 public responses, a record number of participants in the survey that ended in January of 2021. The feedback from this consultation provided a clear mandate, with the majority of respondents confirming that the public wants “payments to remain a private matter.” The ECB again solicited public feedback in a survey that ended in June of 2022, which received well more than double the number of responses as the previous survey. Once again, the public survey determined an overwhelming rejection of “digital slavery,” from a CBDC “slavecoin.” One respondent wrote, “No to the digital Euro! Living in the EU is becoming a nightmare, with forced vaccinations on the horizon, and now a digital Euro. It is clear that you want to have a population with no rights and no privacy – as wanted by your overlords of the WEF.” Despite the crushing negative public responses to a CBDC over privacy concerns, the European Central Bank is moving forward with their plans. European Commissioner Paolo Gentiloni remarked to the press that, “A completely anonymous digital euro is not desirable.” A digital euro prototype is expected to launch in late 2023. International CBDC…The post The Rise & Risks of Central Bank Digital Currencies appeared first on coreysdigs.com.