URGENT ACTION ALERT – The Fed seeks public comment on plan to convert to CBDB Central Bank Digital Currency
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“the Fed states that a CBDC would allow “governments” to “use a CBDC to collect taxes or make benefit payments directly to citizens,” suggesting that governments would have full access to the funds of private citizens.” Link
Federal Reserve considers launching digital currency for US, raising privacy concerns
(LifeSiteNews) — In lockstep with the “Great Reset,” the Federal Reserve has announced it will be opening up a debate over whether the United States should adopt a central bank digital currency.
The Federal Reserve announced Thursday a “public comment” debate forum as the “first step” in seriously considering the introduction of a “Central Bank Digital Currency” (CBDC). The “discussion” will involve looking at the “pros and cons” of implementing a digital currency to “improve the safe and effective domestic payments system.”
“We look forward to engaging with the public, elected representatives, and a broad range of stakeholders as we examine the positives and negatives of a central bank digital currency in the United States,” Federal Reserve Chair Jerome H. Powell said in the release.
“Consumers and businesses have long held and transferred money in digital forms, via bank accounts, online transactions, or payment apps. The forms of money used in those transactions are liabilities of private entities, such as commercial banks. Conversely, a CBDC would be a liability of a central bank, like the Federal Reserve,” the Fed explained.
According to the Fed, there exists an importance to investigate adopting a digital currency, because if other countries start their own central bank digital currency and much of the world hops on board with its use, “global use of the [US] dollar could decrease” and harm the American economy.
However, some of the potential implications are worrisome, as the Fed states that a CBDC would allow “governments” to “use a CBDC to collect taxes or make benefit payments directly to citizens,” suggesting that governments would have full access to the funds of private citizens.”