(PatriotWise.com)- According to FED President Jerome Powell, the Federal Reserve is implementing plans to create a “Digital Dollar.”
According to news reports, there has been conjecture that such a thing may emerge in response to the rise of cryptocurrencies and the US dollar’s declining value. According to opponents of the Digital Dollar, also known as a Central Bank Digital Currency (CBDC), the FED will have the authority to arbitrarily freeze accounts,
The effort is intended to retain the US Dollar’s status as a worldwide reserve currency. This means that it is one of the most commonly used currencies in the world, along with the Chinese Yuan, the Euro, and other currencies, according to Powell, who unveiled the endeavor on Friday. The United States dollar has been challenged by China and Russia.
Some analysts predict that a cryptocurrency like Bitcoin may one day become the dominant reserve currency in the world. Bitcoin’s supply is limited to 21 million units, making it impossible to manipulate its value by creating more money. Additionally, it is decentralized. The FED, a theoretically private organization (a bank) that has demonstrated to be a quasi-governmental organization by creating money and altering interest rates in reaction to different policies, would be in charge of controlling a digital dollar. Despite this, voters have no recourse against the FED.
It is understandable why some individuals worry about centralized money. Numerous opposition individuals have already been targeted by major banking institutions. Accounts and funds have been deleted and confiscated from many right-wing activists and politicians.
Reports show that former GOP Senate candidate Lauren Witzke’s Wells Fargo account was closed. Political analyst Nick Fuentes had almost $500,000 taken out of his account at the DOJ’s request for his involvement in the election integrity rally in Washington on January 6, 2021.
According to critics of the digital dollar, a de facto social credit system would become a reality if the FED and, thus, the federal government were given unrestricted authority over the money of American residents.