In the realm of survival and preparedness, concerns about financial tyranny are intensifying with the rise of central bank digital currencies (CBDCs). The topic, once confined to financial circles, has now taken a political turn, echoing the sentiments of survivalists and preppers. Former U.S. President Donald Trump recently declared his staunch opposition to a digital dollar, labeling it a “dangerous threat to freedom” during a speech in New Hampshire.
To absolutely no one’s surprise, the polarization breaks along party lines, with Florida’s Republican Governor Ron DeSantis preemptively banning CBDCs in his state, while the Democratic Biden Administration explores the possibility of a government-issued digital dollar. This unexpected politicization of digital currency in the U.S. has raised concerns, especially regarding privacy, making CBDCs a hotly debated issue.
Eswar Prasad, a trade policy expert, notes that in the partisan U.S. atmosphere, it’s not surprising for the digital dollar debate to take on political overtones. The fear of financial surveillance and the potential misuse of “smart” money for citizen monitoring is a central point of contention. Critics, including Trump, have framed CBDCs as a form of “tyranny,” adding fuel to the already heated debate.
The debate’s intensity in the U.S., compared to other nations, is attributed to the political framing of the issue. Some argue that the U.S. might withdraw from CBDC exploration, causing a significant global impact. The globalists, it seems, are afraid that the United States can put the brakes on this whole project all by themselves.
Opponents correctly fear CBDCs could lead to a surveillance state, with China as an example. CBDC would not only be tracked, but it would be much easier to cut people out of the financial system entirely, raising the specter of the “mark of the beast.”
Privacy advocates worry that CBDCs could be the pinnacle of decades-long financial surveillance, emphasizing the need for public understanding and involvement in the discussion.
In this backdrop, the role of cryptocurrencies, especially decentralized ones like Bitcoin, has gained prominence. Some argue that if CBDCs face rejection, cryptocurrencies may gain traction. The relationship between crypto and CBDCs is complex, with various digital assets serving as complementary players in the evolving global financial ecosystem.
As the debate unfolds, experts suggest that cryptographic tools and regulations can address privacy concerns associated with CBDCs. Technologies like zero-knowledge proofs and cryptographic techniques could preserve anonymity, providing solutions to potential privacy issues.
If CBDC gets rolled out it would be a disaster for privacy in the United States. Thus, it’s essential for you and your family to have assets that cannot be tracked, traced, and controlled by the federal government.
How are you and your family preparing for the deployment of CBDC? Leave your thoughts in the comments below.