Digital currency is already here in the form of Bitcoin. Governments don’t like that cryptocurrency’s transactions are virtually untraceable — potentially aiding criminal activities — and they see an opportunity to expand their control far beyond what is possible with cash via the establishment of a Central Bank Digital Currency (CBDC).
President Joe Biden’s March 9, 2022, executive order on digital currency gives away the left’s objective. The order says that digital currency has “profound implications for … the ability to exercise human rights; financial inclusion and equity; and energy demand and climate change.” That’s a lot to expect from a medium of exchange, and we can expect that the left’s plans for a CBDC would be even more ambitious.
Fear of a meddlesome CBDC is why Florida Gov. Ron DeSantis signed two bills in May that prevent CBDCs from being used in the Sunshine State.
But there are advantages to CBDCs, including increasing the efficiency of the financial system. This is why China and its BRICS friends are moving ahead on creating CBDCs.
But in China’s case, not only is it seeking first-mover’s advantage, but it is also attracted by the potential for absolute control that a centrally run digital currency could bring, with China’s nascent social credit system, now run by regional governments, potentially able to go national, then international.
A Possible Work-Around
The challenge in meeting the CBDC threat is that you can’t beat something with nothing.
That’s where best-selling author Kevin Freeman comes in with his
