USA - Here’s why you should be very worried. Whenever the White House says it is working on a plan that would transform a vital part of the US economy, and that the administration is doing so with the “highest urgency,” it should go without saying that the press should pay close attention to what’s going on. Even more importantly, the press should eagerly and comprehensively inform the public of the potential risks associated with such a proposal. Unfortunately, that’s not happening today, and the effects of the media’s negligence could reverberate for decades to come.
It is important to understand that the digital dollar would not be similar to cryptocurrencies like bitcoin. Cryptocurrencies operate on blockchain technology, which is decentralized by design. No group or individual can truly control cryptocurrencies once they are launched. For example, a digital dollar could be crafted to restrict fossil-fuel use, to give bonuses to people for spending at particular businesses, to enact de facto price controls by disallowing users from spending too much on particular products, or even to redistribute wealth.
The order further directs the Treasury Department, Office of the Attorney General and Federal Reserve to work together to produce a “legislative proposal” to create a digital currency within 210 days, about seven months. It’s clear that the Biden administration and Fed are working together to create a controllable, traceable, programmable digital currency. And if they are successful, life in America might never be the same.