By SRH,
Update: Government oversight, management, and regulation are applied to digital currencies called CBDCs. There are concerns that these measures could pave the way for a dictatorship through the implementation of digital IDs, immunization passports, social credit ratings, and other policies.
This article details the workshop’s schedule and emphasizes the importance of paying attention to CBDCs.
Delving into the Political Landscape in America for CBDCs
It is possible that the US could introduce a CBDC before the 2024 presidential election. Congress and President Biden seem to be on the same page regarding the approval of the investigation into a CBDC.
President Biden signed Executive Order 14067 on March 9, 2022. An executive order has prioritized the design and deployment options for the US CBDC, emphasizing the critical importance of research and development. It is essential for the government to establish a thorough plan before regulating digital assets. Technology is currently in place for a US CBDC, as explained in more detail later on.
Individuals I am acquainted with have been personally affected by the continuous attack on digital assets, and I applaud their dedication to promoting freedom. Radio personality Ian Freeman, a lifetime liberty activist and founder of the Free State Project, has been sentenced to eight years in federal prison for trading Bitcoins.
Aside from managing several ATMs, he helped customers convert their money into cryptocurrencies. In a recent development, the federal government aimed to set an example by using Ian to deter others from utilizing personalized methods to invest in cryptocurrencies. Additional services, like LocalBitcoins, have been compelled to shut down due to government influence.
Jeremy Kaufmann, a member of the Free State Project and a liberty activist, established a company called LBRY, also known as Odyssey. Similar to Bitcoin and other cryptocurrencies, Jeremy’s proposal introduces a decentralized, censorship-resistant YouTube alternative utilizing blockchain technology. He faced a lawsuit from the SEC after they aggressively went after him. Jeremy was specifically targeted despite violating numerous other SEC regulations because his product was seen as a challenge to the US government’s efforts to regulate social media. In October 2023, he was forced to shut down his business.
Out of the 127 businesses flagged by the SEC for potential enforcement action, 24 were added after 2023. Recent developments have made it more challenging for users to engage in cryptocurrency transactions with platforms such as Binance, Bittrex, Coinbase, Kraken, and FTX.
HNewsWire-An American digital currency is on the horizon and will launch soon
The Biden administration is funding research and development of a “United States Central Bank Digital Currency,” or CBDC.
The action is part of a broad executive order announced Wednesday by President Joe Biden, which directs the federal government to investigate potential applications and restrictions for digital assets such as cryptocurrencies.
“My Administration prioritizes research and development efforts into the possible design and deployment options for a US CBDC,” the presidential order states.
The directive directs a broad range of authorities to conduct study and provide findings on a range of topics relating to digital currencies, ranging from design and security to financial and social implications.A detailed explanation of cryptocurrency’s rising popularity Jan. 31, 2023
“We are well aware of the magnitude of the repercussions of creating a digital dollar. They’re incredibly broad in scope,” a senior administration official told reporters Tuesday on a conference call.
Although a digital currency in the United States would likely have little impact on daily activities such as purchasing goods and services, economists believe it might have a significant impact on central and commercial banking, as well as government sanctions, banking accessibility, and taxation.
“The potential is immense, and it’s quite exciting,” said David Yermack, a professor and head of New York University’s finance department.
According to a fact sheet provided by the White House, the executive order would direct the administration to explore the technological requirements for a digital currency and push for the Federal Reserve to continue its research and development.
In January, the Fed released a white paper discussing the possibility of establishing a CBDC to supplement current payment systems. It concluded that although a CBDC may make payments more affordable and convenient for consumers, it could also jeopardize the integrity of the US financial system.
The government also said in its fact sheet that it will take efforts to “mitigate the illicit financing and national security concerns presented by the criminal use of digital assets” by “directing an unprecedented emphasis of coordinated action across all relevant United States Government departments.”
The United States of America would not be the first nation to adopt a digital currency. China launched its own CBDC, with over 140 million users opening digital “wallets,” and a number of other nations have either launched or are developing their own digital currencies. The Bahamas’ Sand Dollar is widely regarded as one of the most successful digital currencies in the world.
Yermack said that the Biden administration’s decision demonstrated what he thinks is the inevitability of a larger shift toward digital currency.
“The issue is not whether, but when,” he said. “Once central banks get control of the technology, the game is finished.” Yoke
While the administration fact sheet provided no details on how a digital currency in the United States might work, Yermack suggested that the functionality could be relatively straightforward, with transactions flowing directly to and from the Fed, bypassing banks and payment systems and enabling near-seamless cash flows.
It is a simple notion with the potential for far-reaching consequences. According to Yermack, a widely used digital currency would raise existential concerns for banks and a slew of other financial institutions centered on payment facilitation.
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SRH: Bidumb is doing havoc on our nation. NWO HELL ON EARTH
The Land of the Free couldn’t care less how they are viewed. The technocracy’s leaders must destroy brains and intellectuals in order to convince the steeple to support the planned “epidemic.”
MOST Watchmen makes no attempt to conflate truth and agreement. Most Watchmen draw NO distinction between God’s message and the word of all those in authority…
Source: HNewsWire HNewsWire HNewsWire HNewsWire HNewsWire HNewsWire
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