The Digital Dollar and the Rise of Global CBDCs

Contact Your Elected Officials
The Epoch Times Header

The development of central bank digital currencies (CBDCs) has accelerated in 2022 and is heading into 2023. Critics are worried, however, that the increasing adoption of CBDCs might trigger liberty and privacy concerns, as thereโ€™s no limit to the extent of control the government could have over its citizens. Despite these concerns, central banks intend to digitize their currencies within the next decade.

The Federal Reserve Bank of New York recently launched a 12-week pilot program with nine major financial institutions, including Citigroup, Mastercard, and Wells Fargo, to experiment with a CBDC and a proof-of-concept digital money platform called the Regulated Liability Network.

The project aims to determine how banks use digital currencies in a public ledger and if this system would speed up payments.

Although the New York Fed noted that it wouldnโ€™t use the results to form policy or decide about establishing a CBDC, the central bank has come under pressure from Washington to keep up with nations that have digitized their currencies, particularly China.

The White House claimed a CBDC โ€œhas the potential to offer significant benefits.โ€

In September, Secretary of the Treasury Janet Yellen endorsed national efforts to โ€œadvance policy and technical workโ€ on a CBDC since โ€œsome aspects of our current payment system are too slow or too expensive.โ€

This past summer, Rep. Jim Himes (D-Conn.) submitted a proposal for the issuance of a CBDC by the Federal Reserve, arguing that it would help ensure that the U.S. dollar maintains its global reserve currency status.

โ€œOver the last few years, we have seen other governments make real progress in establishing a central bank digital currency,โ€ Himes said in a statement. โ€œThe longer the United States government waits to embrace this innovation, the further we fall behind both foreign governments and the private sector.โ€

A growing number of Fed officials agree that the United States needs to start exploring the adoption of a virtual currency.

By Andrew Moran

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

AI is Now an Existential Threat

We now see evidence that artificial intelligence is an existential threat to our future. It is coming to take American jobs!

With or without

The mullahs of Iran have been at war with the West, particularly the US, for half a century and Iran is also the worldโ€™s foremost champion of terrorism.

Artificial Intelligence Equals Awful Iniquities

WSJ article โ€œAI is Learning to Escape Human Controlโ€ said in 79 of 100 trials, the o3 AI code systems edited their own code to prevent human shutdown!

VIDEO: Deranged Feminist vs. Mating Ducks in Epic Public Meltdown

A middle-aged white lady lib harasses mating ducks to โ€œstop it!โ€ because the rough sex they enjoy appears non-consensual on the part of the female.

RFK Jr. Slashes ALL U.S. Funding For Bill Gatesโ€™ Global โ€˜Vaccine Allianceโ€™

Robert F. Kennedy, Jr. recently pulled all U.S. government funding from Bill Gatesโ€™ Global โ€˜Vaccine Allianceโ€™ GAVI.

Musk Again Wades Into Politics, Calls GOP Bill โ€˜Insane and Destructiveโ€™

โ€œThe latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country!โ€ Musk wrote in a Saturday post on X.

Nevada Seen as Case Study in Rapid Urban Sprawl Amid a Water Crisis

Nevadaโ€™s rapidly growing population has reached a critical intersection with the regionโ€™s worsening water crisis, according to experts.

US Streamlines Rule for Fining Illegal Immigrants, Will Issue Nearly $1,000 Daily Fines for Noncompliance

DHS and DOJ announced a new joint federal rule that streamlines the process of issuing fines for illegal immigrants, making it easier and more efficient.

Man Indicted on 12 Hate Crime Charges in Attack on Boulder Demonstration for Israeli Hostages

Boulder, CO man accused of hurling Molotov cocktails at demonstrators supporting Israeli hostages indicted by grand jury on 12 hate crime counts.

Canada-US Trade Talks Will End Until โ€˜Certain Taxesโ€™ Are Dropped, Trump Stresses

Trade discussions between Canada and the United States will end โ€œuntil such time as they drop certain taxes,โ€ U.S. President Trump said in an interview.

Trump Says US to Send Tariff Letters to Trade Partners Before July 9 Deadline

President Donald Trump said Sunday he will soon send letters to trading partners detailing the tariffs to be imposed on their exports to the United States.

Trump Says He Found a Buyer for TikTok

President Trump said he found a buyer for the Chinese-owned short video application TikTok, and that he will reveal the group in roughly two weeks.

Termination of โ€˜Wasteful Contractsโ€™ Saves US Government $470 Million Last Week: DOGE

Over the past seven days, various government agencies have terminated 312 โ€œwasteful contractsโ€ with a ceiling value of $2.8 billion, the DOGE said.
spot_img

Related Articles