On Friday, the Federal Reserve released a report on the digital dollar
They propose their own rules and regulations for the use of CBDC
The experts carefully studied the document and found moments that cause great concern
Now we know for sure: the US will issue a digital dollar. This was stated by the Fed in its Friday report. Will the American CBDC be a step towards freedom and modern technology? Angela Radmilak isn’t sure about that. A well-known financial expert studied the document and found several disturbing statements there.
The devil is in the details
In its report, the Fed declares the digital dollar (CBDC) as a step towards independence from private banks. But several points cause alarm.
- First. CBDC will completely change the structure of the US financial system. They want to reduce the dominance of private banks, and this will only increase the panic among financial companies.
- Third. The Fed is also proposing to limit the amount of CBDC a user can accumulate in short periods of time.
- Fourth. Owners will have to pass a strict identity check – that is, there will be no confidentiality here.
- Fifth. Voluntary-compulsory introduction of the digital dollar. At first glance, the American himself decides whether to use such a currency. But the Fed plans to use the CBDC to pay benefits and collect taxes directly from citizens (bypassing banks). That is, in fact, every citizen one way or another will have to connect to the digital dollar.
Second. The Fed wants to get the right to put a limit on the number of digital dollars that one user can own.
If the Fed implements such rules, it will put an end to the privacy of US citizens. The expert believes that in this case, the digital dollar will turn into a powerful weapon for total control. But there is still hope that the Federal Reserve will review and soften the CBDC rules. Let us recall that Ukraine is almost ready for a full-scale launch of a digital currency. E-hryvnia is already being tested by DIA service employees – when it is fully tested, CBDC will be launched for all users.