In light of recent events, it is quite clear that the government of Joe Biden is moving through with plans to do away with traditional cash and replace it with a digital currency that is controlled by the central bank.
The Federal Reserve has been creating the basis for a digital dollar that would be readily programmable, trackable, and manipulable, which would make real money obsolete.
The idea of a central bank issuing its own digital currency may sound like something out of a dystopian science-fiction book, but it is really a genuine option that has the potential to significantly alter life in the United States. An executive order was issued by the Biden administration in March 2022 that authorized government agencies to crack down on digital assets, including popular cryptocurrencies, and asked the Fed to investigate the possibility of the creation of a CBDC. The order was issued as part of the Biden administration’s first 100 days in office.
It is essential to keep in mind that a CBDC would not be a digital version of the traditional paper-based dollar; rather, it would be a totally new form of money that would only exist in an electronic, non-physical form. This is a key distinction to make. A CBDC, in contrast to existing currencies, would not have a physical equivalent. It would also be programmable and traceable, and it would be meant to serve a variety of left-leaning social goals, such as increasing financial inclusion and equity.
The CBDC system would also be designed to advance the green agenda by encouraging public participation in the transition to an economy with net-zero emissions and achieving environmental justice. This would be accomplished by encouraging public participation. Every transaction that was performed using a CBDC could be readily tracked back to individual users by financial institutions, government agencies, and/or the Federal Reserve. This is in contrast to decentralized cryptocurrencies, such as Bitcoin, which prevent such tracking. In addition, because a CBDC would be digital and programmable, regulations might be implemented to limit the amount of money spent on activities that have been authorized.
The majority of the CBDC designs that have been explored by the Biden administration and the Federal Reserve called for practically all kinds of ownership of CBDC money to be severely restricted. The real ownership of CBDCs would only be held by huge organizations like banks, the federal government, and/or the Federal Reserve, among other possible entities. Everyone else, even themselves, would be precluded from having complete control over their digital currency. This indicates that in the future envisioned by Biden, individuals would not be able to hold CBDC money, and they also will not have any privacy.
It is crucial to have a fundamental understanding of the financial system that is now in place in order to comprehend the manner in which the Biden administration would prohibit the majority of private forms of ownership of digital money. At the present time, the moment a person makes a deposit of money into a checking or savings account, that person instantly loses ownership of the money. When a customer deposits cash into their account, the cash is considered to be the property of the bank. However, in most circumstances, the bank is compelled to refund the money to the customer upon request. However, there is a way to regain control of one’s money under the current system, and that is by withdrawing cash from a deposit account. Privacy laws prevent banks from disclosing information about customers’ financial accounts to third parties, including the government.
It would be difficult for individuals to reclaim control of their money if CBDCs could only exist in digital form in a bank account and were programmed to feed data to the government. This would make it more difficult for CBDCs to exist at all. It is very important to keep in mind that the plans that the Biden administration has in place to make certain that the general public no longer owns money may have far-reaching effects that have the potential to drastically alter the financial landscape in the United States.
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