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The following content is sponsored by Monetary Gold, the official gold sponsor of Breitbart News.
Earlier this year, U.S. House of Representatives Majority Whip Tom Emmer introduced the CBDC Anti-Surveillance Act in order to suspend President Joe Biden’s rapid rollout of a central bank digital currency (CBDC) dubbed Fedcoin.
The concept of a U.S. digital dollar is by no means new and has been in development for over 10 years. So, why is Biden injecting Fedcoin into the U.S. financial system now? Why has the Federal Reserve obscured a decade-long operation of research and development? The timing seems nefarious and not coincidental: The hasty rollout deliberately offers Americans little chance to react and invest in physical assets in order to protect their savings.
Fedcoin is an all-powerful surveillance tool that will be regulated under the purview of a single government entity: the Federal Reserve.
The monopolized nature of CBDC is a stark departure from cryptocurrency, which is decentralized, anonymous, and secure and leaves control in the hands of its users. In contrast, digital currency issued by the Central Bank will allow the Federal Reserve to exercise complete financial control over its users. Through Fedcoin, all financial activity—from purchases, to withdrawals, to transfers—will be logged on the permanent record-keeping system called the “blockchain.”
Biden peddles Fedcoin’s surveillance powers as a way to “deter criminal activity.” More accurately, however, this form of spying can also control the rights of its citizens—which eerily mirrors what we see in China. The government will have the jurisdiction to block any purchase arbitrarily regarded as “illegal.
