CBDCs Is a Major Red Flag, Compulsory Use of a CBDC, Like a Digital Dollar for Example, Would Give Central Planners Complete Oversight and Control Over Your Finances, Tribulation Coming

HNewsWire-Warns That CBDCs, “If Not Consciously and Faithfully Constrained in Advance by Law, … Have the Potential to Become Even More Than a Technocratic Central Planner’s Fantasy — They Will Represent the Single Greatest Expansion of Oppressive Power in History — Tribulation on Steroids.

According to an executive order issued on March 9 by the Biden administration, multiple federal agencies must conduct studies on digital currencies and suggest regulatory measures. Blockchain-based cryptocurrencies like bitcoin and ethereum make up a large portion of the EO.

A CBDC (possibly a digital dollar) might be the basis for a new U.S. currency that Biden urges the federal government and the Federal Reserve to put down the groundwork for.

To put it more simply, the EO requires the US Treasury and other government agencies to conduct a 180-day review of the possible dangers and advantages of a digital dollar and report back within that time frame. According to the directive, the Federal Reserve, Treasury Department, and Office of the Attorney General must come up with "legislative proposals" to establish a digital currency within 210 days.

In the near future, there will be a digital dollar.
As Western sanctions have wreaked havoc on Russia's economy, some are speculating on new ways to avoid more economic sanctions from the United States. Digital networks for central bank digital currency (CBDC) are one potential option for reducing future fines, according to Lewis McLellan, the digital editor of the OMFIF (Official Monetary and Financial Institutions Forum).

Asian central banks are creating networks of cross-border digital currencies (like the mCBDC Bridge, which involves Thailand, Hong Kong, China and the United Arab Emirates). Elvira Nabiullina, the governor of Russia's central bank, has shown interest in the currency's capacity to enable cross-border transactions, notably with China. Russia's digital rouble is now under development.

Thousands of people's lives might be drastically altered overnight by a significant and unexpected event, putting the majority of them in a worse position than they were before. A Little More Detail

Additionally, the digital yuan may be used. Anyone in China who has to deal with charges or tariffs will likely accept it since it is well recognized. One of the advantages of using dollar stablecoins is that they can't be shut down by restricting Swift or the Federal Reserve's clearing mechanism. There is no proof that China wants to help Russian enterprises in evading sanctions—and if they do, they will almost certainly face their own—but if the dollar payments network becomes an instrument of foreign policy, it creates a fresh feeling of urgency for some to develop an alternative. Beijing expands the pool of potential Yuan testers.

This is the first central bank-issued CBDC, and it has been tested in the open since April 2021. There have been eleven cities and sites in China where CBDC testing has been carried out so far (Shenzhen, Suzhou, Chengdu, Xiongan, Shanghai), as well as Hainan, Changsha, Xian, Qingdao, and Dalian (all provinces in China). Xiamen, Guangzhou, Chongqing, Fujian, and Heilongjiang are all expected to be among the third wave of cities and provinces to use the digital yuan, according to the Chinese state-owned financial news site Securities Times.

Digital money has been a topic of interest to China's central bank since 2014. Fan Yifei, a former deputy governor of the People's Bank of China (PBOC), says that "a broad variety of imaginative uses" and lower operating expenses are among the possibilities. A year later, the State Council of the People's Republic of China approved the creation of the digital RMB. The likes of Tencent, Alibaba, Huawei, JD.com, and UnionPay were invited to participate at the conference.

An ex-IMF official who now works for the Atlantic Council, a prominent US think tank, has characterized the digital currency as a "national security risk" that is threatening the US dollar. However, the People's Bank of China is not an exception when it comes to experimenting with or testing a digital currency upgrade.

Central banks in countries that account for 90% of global GDP include the Federal Reserve, European Central Bank, Bank of Japan, and Bank of England. This fiscal year, the Reserve Bank of India has said that it would begin using a digital rupee (April 2022 to March 2023). In the last two years, three CBDCs have made their official debuts, according to the technology news website Tech Monitor: in the Eastern Caribbean, the so-called DCash, in the Bahamas, the Sand Dollar, and Nigeria's eNaira. However, all three have had a very limited influence so far.
According to a recent survey, almost 90 central banks are either experimenting with or in various phases of CBDC implementation at the time. All G20 economies are represented among the central banks that support CBDC. These two countries, taken combined, account for almost 90% of world GDP.

It's critical to realize that if a CBDC is implemented in your nation of residency, it will also mean the end of physical currency. Of course, this would be in your best interest. To stop shady trades and illicit marketplaces from taking place.

CBDCs are a significant warning flag if you value financial privacy and the freedom to spend your money as you see fit. Mandating the usage of a CBDC, such as a digital dollar, would give central planners unlimited control and monitoring over your financial affairs.

You see, all of your transactions would be monitored by the government if we had a CBDC system instead of one that relied on cash. The last vestiges of financial liberty, confidentiality, and secrecy would be gone forever. But wait, there's more...

More than only snoop and monitor your financial activities, CBDCs would empower control-freak, power-mad central planners to do much more with their new powers. In the event of CBDCs, they would be able to dictate when and where you spend your money.

 

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