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(Dixie Drudge) People have been warning for a while about Digital Currencies. And just as long they have been called conspiracy nuts.
Never mind that digital currency issued by the Federal Reserve would be constitutionally challenging. Since when has that ever slowed or hindered Washington and New York bankers in getting their way.
People are rather skeptical of money that can go away with the flash of an EMP or that might be restricted by a governing body as to what you might purchase. AKA Firearms, ammunition, or any other politically incorrect item. After all, numerous news stories appeared in the last year about banks and credit cards that restricted customers LEGAL use of thier funds. Call me old-fashioned or call me an alarmist but I really don;t want any bank to control my spending with an arbitrary mouse click.
An article by Cristopher Mims in the Wall Street Journal lays it all out:
“One hundred and fourteen countries are exploring digital currencies, and their collective economies represent more than 95% of the world’s GDP, according to the Atlantic Council’s Central Bank Digital Currency tracker. Some countries, including China, India, Nigeria and the Bahamas, have already rolled out digital currencies. Others, like Sweden and Japan, are preparing for possible rollouts. The U.S. is studying the issue and has run trials of various technologies to enable a digital currency…”
“…Many who study digital currencies argue that at the most basic level, a digital currency is all about control. The rise of cryptocurrencies—which are another form of digital money, but one that isn’t controlled by a government or other central authority—and the potential of one nation’s digital currency to eat away at the dominance of others’ has driven interest in official digital currencies.
“There’s a worry that if we don’t launch a digital currency in the U.S. or Europe, China will set all the standards for them, and then we’ll be at a disadvantage,” says Megan Greene, global chief economist at the risk and financial advisory firm Kroll. “Also, digital currencies like crypto really scared the bejeezus out of central bankers.”…
There you have it a nutshell. CONTROL.
Do you want hillary or biden or even Donald Trump controlling your monetary behavior?Central-Bank Digital Currencies Are Coming—Whether Countries Are Ready or Not – WSJ