We are in essence already (sort of) on a digital dollar. Direct Deposit / Paychecks. Credit Cards. Debit Cards. PayPal. Venmo. Apple Pay. Etc..
So, why would we need a Digital Dollar?
What we experience today are dollars that move digitally. Not a “digital dollar”. Not a dollar that has been issued digitally. Yet… However it is an inevitability that we will see the Fed bring out Fedcoin (or whatever they call it). When? I’ll bet it will be sooner than many think…
A Dollar That Has Been Issued Digitally
Why inevitable? The issuance of currency in electronic form is their “Holy Grail”. Invoking monetary / fiscal policy, being able to do it from core software rather than physical money and its management thereof.
Tax collection? Gamechanger. A centralized system that will monitor / track all transactions.
A political tool. Instant access to “wallets” and money supply of nations, businesses, individuals. The ability to “incentivize” or, shut it off in an instant.
To monitor every, single, dollar, transaction, period. By doing that they can instantly invoke fiscal monetary policy (and whatever other incentivized policies).
Sound terrifying? Well, it does sound that way to me. Digital currency means Total Control.
This particularly appeals to the Peoples Bank of China, which is why they are leading the way right now with the digital yuan. It’s perfect for the CCP. However this does not really align with American values of liberty and freedom (or what we would like them to be).
Digital Dollar Privacy Protection Laws
The government will potentially know everything about you. To protect us, laws will need to be carefully crafted in this regard. But how will that turn out? We’ll see I guess…
The money supply has matured throughout the timeframe of technology. Over the last 10,000 years, the material form that money has taken has changed considerably—from barter, cattle and cowrie shells to coins, paper money, and today’s electronic currency. Is this just the next evolutionary step?
Here’s Michelle Makori, editor-in-chief of KITCO News, interviewing Cameron Chell, executive chairman of CurrencyWorks.
Digital, state-issued currency is the “inevitable” next step of our economic evolution, says Chell, who concedes it can be a “scary proposition.”
He said that digital dollars, which fundamentally function differently a dollar that is digital, will eventually be adopted by governments.
“Ultimately, it is much more convenient for people to use it as well, so I think adoption is going to become inevitable as well, but if we are not careful with our policies and our laws, we are in for a controlled society,”.
Why post this? I said I wouldn’t post about politically-charged articles. Well, yes, a digital dollar will certainly go through an implementation phase which includes political issues surrounding our American ideals.
I post this because I run and administer a preparedness site. And the digital dollar appears to be coming. How can we prepare for a Fed digital currency? A time when there is no longer any physical federal currency.
Well, that’s the question isn’t it… I suppose one will either have to accept its implementation, or (somehow) survive outside of the system (seemingly nearly impossible).
Food for thought.