No CBDC
Authoritarian countries like China have heavily regulated fintech and crypto, attempting to replace the decentralized currencies with an invasive, all-seeing central bank digital currency (CBDC) controlled
by the government. Once China formally launches its CBDC, the digital yuan, it will likely track and control all the digital yuan in circulation. In early trials of the digital yuan, China cancelled its citizens’ money after a set period, forcing Chinese citizens to spend their savings at the compulsion of the government.
Presently, the Federal Reserve is in the process of researching and developing its own CBDC that would, like China’s, centralize the government’s control over the economy, while strangling our
fundamental liberties.3 An American CBDC would offer U.S. citizens nothing that they cannot already obtain through private financial innovation. Instead it could make their every transaction known to the Federal Reserve, while converting banks and credit unions into merely wallets rather than private lending institutions.
The Constitution does not permit the central bank to operate independent of congressional authority, and Congress has not authorized the creation of a CBDC. Additionally, the Federal Reserve’s initiative to create a CBDC threatens the financial privacy of Americans and the important free market role of lending institutions in the economy.
Go back to the Gold standard, NO CBDC
by the government. Once China formally launches its CBDC, the digital yuan, it will likely track and control all the digital yuan in circulation. In early trials of the digital yuan, China cancelled its citizens’ money after a set period, forcing Chinese citizens to spend their savings at the compulsion of the government.
Presently, the Federal Reserve is in the process of researching and developing its own CBDC that would, like China’s, centralize the government’s control over the economy, while strangling our
fundamental liberties.3 An American CBDC would offer U.S. citizens nothing that they cannot already obtain through private financial innovation. Instead it could make their every transaction known to the Federal Reserve, while converting banks and credit unions into merely wallets rather than private lending institutions.
The Constitution does not permit the central bank to operate independent of congressional authority, and Congress has not authorized the creation of a CBDC. Additionally, the Federal Reserve’s initiative to create a CBDC threatens the financial privacy of Americans and the important free market role of lending institutions in the economy.
Go back to the Gold standard, NO CBDC
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