April 29, 2023
Baxter Dmitry
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Joe Biden is rapidly advancing plans to eliminate physical cash and establish the groundwork to ensure that Americans cannot own their own money.
The White House and the Federal Reserve, under Biden’s orders, have started developing a central bank-controlled digital currency. This programmable, trackable, easily manipulated digital dollar would render physical money obsolete. While this might sound like something from a dystopian science-fiction novel, it is all too real and could soon change life in America forever.
In March 2022, the Biden administration released a sweeping executive order that directed numerous federal agencies to crack down on digital assets, including popular cryptocurrencies. The order also ordered the Fed to study the potential development of a central bank digital currency (CBDC).
Although a CBDC is often termed a “digital dollar,” it would not be a digital version of the existing paper-based dollar. Rather, a CBDC would be an entirely new currency that would exist exclusively in an electronic, non-physical form.
The administration announced the completion of the CBDC reports in September 2022. Although it did not officially propose a CBDC following the release of the reports, it did announce that it had developed “policy objectives” for a U.S. CBDC system.
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