by Arjun Walia, The Pulse:
- The Facts:
- Federal Reserve Chairman Jerome Powell explained Tuesday during a panel discussion on digital finance hosted by The Bank of France that they are looking a CBDC very carefully.
- China has already begun a large trial with millions of people already using their CBDC.
- Opponents of CBDC, like Snowden, say it takes away more of our rights and freedoms, and puts more power and control over our lives in the hands of the elite in several different ways.
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- Reflect On:
- Will CBDCs be ushered in to increase the power and control the financial elite already have over the people?
- Are ethics, morality and service to others guiding or technological development, or is greed and the lust for power and control the guiding factor?
Although no decisions have been made, Federal Reserve Chairman Jerome Powell explained Tuesday during a panel discussion on digital finance hosted by The Bank of France that they are “looking at it very carefully.” He’s of course talking about a Central Bank Digital Currency (CBDC).
He expressed that the Federal Reserve is currently evaluating both “the policy issues and the technology issues, and we are doing that with a very broad scope.”
Earlier this year, The Federal Reserve Board issued a discussion paper that examines the pros and cons of a U.S. CBDC.
“CBDC is generally defined as a digital liability of a central bank that is widely available to the general public. Today in the United States, Federal Reserve notes (i.e., physical currency) are the only type of central bank money available to the general public. Like existing forms of money, a CBDC would enable the general public to make digital payments. As a liability of the Federal Reserve, however, a CBDC would be the safest digital asset available to the general public, with no associated credit or liquidity risk.”
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In September, the White House Released its First-Ever Comprehensive Framework for Responsible Development of Digital Assets. Banking elites atop the World Bank and the Bank of International Settlements have also been quite outspoken about the potential move to CBDCs.
It’s most likely on its way, despite the fact that these institutions still only claim to be considering it. It may take a few years, but the groundwork seems to be paving the path to a cashless future, and it’s already making an appearance in some regions in China.
Although there still has been no full-scale launch of China’s digital renminbi (also known as the digital yuan, or e-CNY), a trial launch of the currency has been underway since for a few years, and will continue in to 2023. More than 20 million people have been regularly using the digital dollar there.
