Three key reports will soon come together with the potential for launching the U.S. on the path toward cryptocurrency, reports BNN Bloomberg. First will come the Federal Reserve’s review of the potential benefits and risks of issuing a U.S. digital currency, even as central banks in other nations experiment with the new form of money. The Bank of Boston also intends to publish research and open-source computer code to underpin a potential digital dollar, and the President’s Working Group on Financial Markets will issue policy recommendations on the regulation of stablecoins (digital dollars created by private companies).
All of this combines to create a potential roadmap on “how the Fed and Biden administration see the dollar’s crypto future playing out, the extent to which they embrace adoption of a digital currency and the guardrails they may see as necessary to protect individuals and investors in what’s now a largely unregulated corner of the market. What was once seen as a distant project has taken on an increased sense of urgency as the value of digital assets has exploded to about US$2 trillion and other countries, such as China, move forward rapidly with plans for their own sovereign digital currencies,” per BNN Bloomberg.
Fed officials are divided on the matter, according to an article in The Wall Street Journal, which notes, “Unlike private cryptocurrencies like bitcoin, a Fed version would be issued by and backed by the U.S. central bank, a government entity, as are U.S. paper dollar bills and coins.” But Josh Lipsky, director of the Atlantic Council’s GeoEconomics Center, says of a potential official U.S. digital dollar, “This has gone from, ‘It’s an interesting idea,’ a few years ago to, ‘We need to have a pilot project.””
As previously reported on Charisma News, China’s move toward a cashless society represents only part of the government restrictions that have continued to rise in that country. A federally sponsored digital currency allows for the possibility of similar control, essentially giving the government the power to turn off or turn on individuals’ access to their money based on expected behavioral norms such as the COVID-19 vaccine or other recommended activities.
“He causes all, both small and great, both rich and poor, both free and slave, to receive a mark on their right hand or on their forehead, so that no one may buy or sell, except he who has the mark or the name of the beast or the number of his name” (Rev. 13:16-17).
Are we moving closer to the words of Revelation 13? Let us know what you think! {eoa}
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