OPINION: JustinTHaskins shares how the Biden administration is quietly planning for a future where you don’t own money.
Since the flurry of action in September, the administration has worked tirelessly – and quietly – to advance the creation of a CBDC, through various working groups, speeches and coordinated efforts with non-government groups.
Federal Reserve Chair Jerome Powell testifies during a U.S. House Oversight and Reform Select Subcommittee hearing on Capitol Hill, June 22, 2021. Additionally, because a CBDC would be digital and programmable, rules could be imposed that limit spending on approved activities. So, if the federal government or Federal Reserve were to determine that Americans are buying too much gasoline, for example, it could stop people from using CBDCs at gas stations with a few clicks on a computer.
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