by Michael Snyder, The Economic Collapse Blog:
Central bank digital currencies are feverishly being developed all over the globe, and this is something that should deeply alarm all of us. For a moment, I would like for you to imagine a world where the government instantly knows whenever you buy or sell something. No transaction would ever be truly private, not even your most personal or embarrassing ones. In addition, your money would not be truly your own under such a system. Your access to the digital currency system would be a privilege which could potentially be suspended or revoked with the click of a mouse. All of a sudden you would not be able to buy or sell anything and you would become an outcast from society. Under no circumstances should any government ever be given such power.
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Unfortunately, the CBDCs are coming, and they are going to radically change how commerce gets done.
Here in the United States, the Federal Reserve Bank of San Francisco has posted a job listing for a “Senior Crypto Architect” to work on the development of a digital dollar.
U.S. Representative Warren Davidson is very upset about this, because he believes that a CBDC issued by the Federal Reserve would be the “financial equivalent of the Death Star”…
The job description specified that the Federal Reserve seeks a technologist to “perform central bank digital currency (CBDC) research and development.”
The expert will work to “ensure the Federal Reserve is well-positioned to design, develop, and implement technology to support a CBDC as may be required by the Board of Governors.”
Although the job listing shows that the Federal Reserve is only working on CBDC research, Rep Davidson believes it is a sign of what is to come and described it as the “financial equivalent of the Death Star.”
Davidson added that CBDC would turn money into a tool of coercion and control.
Sadly, he is right on target.
Once “digital dollars” issued by the Federal Reserve become the dominant form of currency in our nation, whoever has power over that system would truly have an unprecedented “tool of coercion and control”.
So we must not allow this to happen.
Sadly, CBDCs are now in development all around the world.
For example, the UK has been moving toward the development of their own CBDC…
The de facto head of His Majesty’s Treasury announced this week that the Bank of England has begun consultations on implementing a Central Bank Digital Currency (CBDC) that could usher in the globalist vision of a cashless society in which all transactions are traceable by the government.
Chancellor of the Exchequer Jeremy Hunt revealed that, as a part of his ‘Edinburgh Reforms’ of Britain’s financial services, the Bank of England will begin consultations on the design of a Central Bank Digital Currency (CBDC) which would act as a digital version of the pound sterling.
Meanwhile, the EU is looking at creating a digital version of the euro. The following comes from the official website of the European Central Bank…
We are working with the national central banks of the euro area to investigate whether to introduce a digital euro. It would be a central bank digital currency, an electronic equivalent to cash. And it would complement banknotes and coins, giving people an additional choice about how to pay.
A CBDC is currently being tested in Brazil, and it turns out that it has hidden backdoor features that would actually allow the government “to freeze people’s funds and adjust their balances at will”…
Brazil, like most other masters, seeks to control the population with a central bank digital currency, or CBDC. Its pilot program made it possible for the ruling class to have complete control over the money of the slaves.
The new system contains hidden backdoor features allowing the Brazilian government to freeze people’s funds and adjust their balances at will. Even though these features are “hidden”, there is no secret as to why these sociopaths all so desperately need people to accept their enslavement through a CBDC scheme.
According to a blockchain developer by the name of Pedro Magalhaes, founder of the Web3 consulting firm Iora Labs, the ruling class will have access to every single slave’s bank account once they roll out the CBDC system.
Magalhaes claimed that he reverse-engineered the code behind Brazil’s CBDC program, which led him to this shocking discovery.
And in Russia, the “digital ruble” is already here.
Just a few days ago, Vladimir Putin signed “the digital ruble bill” into law…
Russia’s president Vladimir Putin signed the digital ruble bill into law today, allowing the country’s central bank to issue its own digital currency.
The digital ruble, which the Bank of Russia has long been mulling over, will be used for payments along with other methods, according to the new amendments to Russia’s Civil Code. The digital ruble accounts will be managed by the central bank, the law says. The bill passed its third, final hearing on July 11 and had been waiting for the president to be signed.
Digital ruble is a CBDC project the Bank of Russia has been working on since 2020, when the Bank of Russia published its first analytical report on the topic. Later, the regulator updated the report including the feedback from Russian banks and other financial market participants. The regulator announced it stared piloting the system with a number of Russian banks in February 2022, shortly before the country started a war in Ukraine.
This was a historic development.
So why did we barely hear anything about it in the news?
Overall, it is being reported that 130 different countries are now interested in potentially developing their own CBDCs…
Out of 195 countries in the world, 130 nations are moving towards building their Central Bank Digital Currency (CBDC).
Wow.
Our world is changing so rapidly now.
Once a “digital currency” is introduced where you live, how will you keep your “digital wallet” safe?
After all, someone could just steal your “digital wallet” and spend all of the “digital currency” that you have saved up.
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