McWilliams: Call to criminalize central bank digital currencies
A U.S. representative has called for Congress to ban and “criminalize” central bank digital currencies (CBDCs), condemning them as a “tool for coercion and control.” Ohio Republican Warren Davidson recently tweeted the “criminalization” comment while posting a screenshot of an advertised “Sr. Crypto Architect” position to design CBDC technology with the Federal Reserve Bank of San Francisco. “The Federal Reserve is building the financial equivalent of the Death Star,” he stated.
“Central Bank Digital Currency corrupts money into a tool for coercion & control,” he continued. “Congress must swiftly ban then criminalize any effort to design, build, develop, test or establish a CBDC.”
The U.S. representative went on to quote from the job description, which suggested that the Federal Reserve’s Board of Governors, (which oversees all 12 Federal Reserve banks in the U.S. and helps carry out U.S. monetary policy), is setting up to require the implementation of a CBDC.
“You will engage directly with management … and vendors to ensure the Federal Reserve is well-positioned to design, develop and implement technology to support a CBDC as may be required by the Board of Governors,” reads the job listing posted by the Federal Reserve.
That said, I have some questions for Democrat Adam Frisch and GOP Rep. Lauren Boebert: What if one chooses not to “opt in” to a new Federal Reserve CBDC? Then, if every legal financial transaction from the point the Federal Reserve introduces the new CBDC must be made via the new digital currency, how will one be able to pay their taxes and property tax?
Will such a person lose their house and their other assets be confiscated for not paying their taxes if they choose not to take part in the Federal Reserve’s CBDC?