President Joe Biden is expected to sign an executive order on Thursday that would look into the possibility of creating a digital currency issued by the US Central Bank (CBDC).
Unlike cryptocurrencies like bitcoin, which are not controlled by a single body, this is a digital currency that would be issued by a central bank like the Federal Reserve.
The executive order also calls for more research to be conducted in the coming months, as well as policy suggestions from the Treasury Department and other government agencies on how to manage the rapidly growing digital currency sector.
According to a White House statement, “the United States must continue technological leadership in this fast emerging field, promoting innovation while minimizing risks for consumers, businesses, the broader financial system, and the climate.”
In November, the market capitalization of cryptocurrencies surpassed $3 trillion. According to survey data given by the White House, about 16 percent of adult Americans—roughly 40 million people—have invested in, traded, or utilized cryptocurrencies.
Following the president’s declaration, bitcoin and other cryptocurrencies were trading higher on Wednesday.
According to CoinDesk data, Bitcoin was trading up more than 10% at $42,359.57 at 11:30 a.m. ET.
The president’s directive, according to Treasury Secretary Janet Yellen, will “promote prudent innovation that could result in enormous advantages for the nation, consumers, and companies.” It will also address risks associated with illegal money, as well as safeguarding consumers and investors and averting threats to the financial system and wider economy.”
Senior administration officials said the government has worked with financial and technological innovators in cryptocurrencies “to fully grasp the diverse parts of cryptocurrencies” over a series of “crypto Sundays” in a teleconference with reporters ahead of the announcement.
According to the Atlantic Council’s online CBDC tracker, 91 nations throughout the world are in the process of establishing a national CBDC, with nine having already done so. Nigeria, the Bahamas, and seven Eastern Caribbean countries are among them.
Foreign countries producing digital money, according to the administration, pose no danger to the dollar’s primacy.
“The dollar’s function in the international monetary system as a whole has been and will continue to be critical.” “The launch of foreign central bank digital currencies by itself does not threaten this dominance,” a senior administration official stated.
However, the administration refused to say what regulatory actions it plans to take once the executive order’s investigation and analysis are completed.
“We don’t want to prejudge what we’re going to do until we’ve—before the agencies have had time to do their work and produce the reports and analyses that we’re asking them to do,” a senior administration official said.
The looming threats to democracy are now backing us into a corner. The Biden administration spent 6.8 Trillion dollars in 2021. Our currency cannot afford to be inflated in such a manner, but what if there is something over the horizon? The perfect solution, maybe something like artificial intelligence. Take a look at how China is governed, and think about the timely manner of the Pandemic. We can’t utilize this innovative technology in America because it dismantles our freedom. Technological innovation is satans chariot, if you can’t step back and see that, I pray that you find the wisdom to do so.
I’m not saying all technology is bad, i’m simply saying that once it goes far enough we wont be able to stop it. There are people facilitating the rapid growth of AI integration into all kinds of systems. Think about the fundamental idea of computing. In the context of biblical times, this is very advanced technology. One might dabble into programming and notice that there is a peculiar feeling about a clean slate without having anything visualized or no boundaries set. The power of raw creation in a technological space is put on full display when you see how it intertwined with the Chinese regime. This AI has all the data pertaining to Chinese citizens and it uses a complex algorithm to determine how useful of a citizen you are.
So are we supposed to alienate the broken people of society? Thats what we’ve already done in America, we’ve encouraged them to indulge carefree into sin and take pride in your individuality. No man has the strength to find the wisdom they truly seek without going through The Father. He will administer the knowledge you seek in an orderly fashion and perhaps with a couple of humorous twists. Undivided attention on the spirit is the attainment of self awareness. Separating all things unholy from your mind, body, and soul are a part of the process when putting trust in God. The beautiful difference it makes in ones life cannot be simply explained, it must be experienced. For this is the essence of Christs salvation. Stay inquisitive in the word, and the world around you.
