Biden’s proposal for a new digital currency is an attack on freedom


As the world remains focused on the tragic situation in Ukraine, the Biden administration is preparing to launch the first US government-backed digital currency. If a new digital dollar is rolled out, it could significantly reduce individual rights and give the Federal Reserve and the national government much more power over the US economy.

On March 9, the White House issued an executive order covering digital assets, including cryptocurrencies like Bitcoin. Under the far-reaching executive order, a long list of government agencies would develop plans to regulate, research, and/or monitor cryptocurrencies and the various exchanges where consumers buy, sell, and trade them.


U.S. President Joe Biden speaks during a meeting with business leaders and governors at the Eisenhower Executive Office Building in Washington, DC, U.S., Wednesday, March 9, 2022. Executive Order long awaited from the Biden administration for the government (Ting Shen/Bloomberg via Getty Images/Getty Images)

The White House’s intrusion into the use of blockchain technology should be enough to worry free markets proponents, but there’s an even more troubling part of Biden’s executive order: the potential development of an all-new digital currency. .

The EO says the White House has given “highest urgency to research and development efforts into potential design and deployment options” for a new central bank digital currency (CBDC). It further instructs numerous federal departments, including the Treasury Department, to work on developing a “report on the future of currency and payment systems, including conditions that lead to broad adoption of digital assets”.

The Treasury Department must submit the report within 180 days, or about six months.

The White House also directs the Chairman of the Federal Reserve to “develop a strategic plan for the Federal Reserve and broader United States government action, as appropriate, that assesses the steps and requirements necessary to implement potential implementation and launch of a CBDC in the United States.” And within 210 days of the executive order, a CBDC “legislative proposal” must be presented to the President.

This is a truly remarkable and deeply disturbing development. If a CBDC were to be created, it would greatly expand the power and influence of the Federal Government and the Federal Reserve, in ways that most Americans will not understand until it is too late to roll back the CBDC. .

Unlike blockchain-based digital currencies such as Bitcoin, which are decentralized by design, a central bank digital currency would likely be programmable, meaning it could be designed in a way that Americans couldn’t use it. only for specific purposes. And it would be easy for banks and government agencies to track digital dollars and the people using them, unlike the printed US dollars available today.
Although some might be tempted to dismiss these fears as too outlandish to be a serious concern for a country like the United States, there is strong evidence that the White House and Federal Reserve have already considered making a new digital dollar programmable. , in accordance with their various social and economic objectives.

A representation of the virtual cryptocurrency Bitcoin is seen in this illustration taken October 19, 2021. REUTERS/Edgar Su (REUTERS/Edgar Su/Reuters Photos)

For example, Biden’s executive order states that a CBDC should be designed to advance “financial inclusion and equity” and with “climate change and pollution” in mind.

A “fact sheet” released by the White House on the executive order also said its EO would “promote equitable access to safe and affordable financial services” and that the government’s report on the development of a digital dollar must “include implications for economic growth”. and “Financial Growth and Inclusion.”

A senior administrative official also told reporters that the White House has and will continue to “join with all stakeholders – including industry, labor, consumer and environmental groups, international allies and partners” during the developing plans for a central bank digital currency.

Why would unions, environmental groups and business lobbyists be involved in creating a new currency, unless that currency is programmable?

A central bank digital currency could also transform the US monetary system in significant ways. Rather than using interest rates and complex monetary tools to help improve employment rates and keep inflation at target levels, a central bank digital currency could be created at will, simply by pressing on a button, and maybe even distributed directly to Americans. giving the Fed more control over the economy than ever before.


Perhaps most disconcerting of all is that a programmable central bank digital currency could be modified at any time in the future, giving it the potential to be politicized or subject to even greater restrictions. .


The United States has become the most successful society in the world by empowering individuals and businesses, especially small businesses. A central bank digital currency would do the exact opposite, putting even more authority in the hands of a small number of banks, government officials, and bureaucrats. Biden’s plan for a central bank digital currency must be stopped.


Justin Haskin is the director of the Stopping Socialism Center at the Heartland Institute and the co-author, with Glenn Beck, of the forthcoming book, “The Great Reset: Joe Biden and the Rise of Fascism in the 21st Century.”


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