Digital Currency

The U.S. is rolling out a digital currency in July 2023, sounds convenient but it's another way of controlling the population. You don't do what we say, we'll freeze your bank account, so to speak. Any word if the Philippines are thinking of doing the same thing?
-@Dave & Ruby

We don't like CBDC but are not concerned that it is coming that soon! Chill...it is not. What you are referring to is FedNow which is a payment system, not a currency. Conspiracy theorists may think that fednow is a first step to CBDC but frankly I do not see the connection. In the words of the fed: "...the service will provide interbank clearing and settlement that enables funds to be transferred from the account of a sender to the account of a receiver in near real-time and at any time, any day of the year."

The U.S. is rolling out a digital currency in July 2023, sounds convenient but it's another way of controlling the population. You don't do what we say, we'll freeze your bank account, so to speak. Any word if the Philippines are thinking of doing the same thing?
-@Dave & Ruby

Please provide some sort of evidence that such a massive undertaking and thusly an overwhelming feat would happen with hardly a word of press to the people. As danfinn states,  it is a 24/7 digital payments system for the fed and banks. NOT DIGITAL CURRENCY.

It pays to do 3 secs of research and 2 secs of critical thinking to see and therefore deny a conspiracy theory.

"The system will allow bill payments, money transfers such as paychecks and disbursements from the government, as well as a host of other consumer activities to move more rapidly and at lower cost, according to the program’s goals.

Program advocates say it will get money out to people much more quickly. For instance, they said, government payments like those issued in the early days of the Covid pandemic would have been credited to accounts immediately rather than the days it took to reach most people.

Some Fed officials say the program even could supplant the need for a central bank digital currency."

Quote from CNBC

The Fed on CBDC....https://www.federalreserve.gov/central-bank-digital-currency.htm

The Fed on CBDC....

[link under review]
-@srvonn

It will not be a currency, only a payment system.

"The latest fad in monetary policy circles worldwide is CBDC or Central Bank Digital Currency, a government-created cryptocurrency exchanged on a blockchain.

Many fear that it would give governments complete control over individuals by allowing them to track, and even block, individual transactions and to impose taxes at will.

In the United States, though, "money" has a constitutional basis so firm that, despite its name, a US government CBDC would not be "money" or even "currency."

It could exist as one payment system among many, but without violating the US Constitution it could not be forced on Americans as the sole final means of payment…

Article I, Section 8 gives Congress the power "to borrow Money on the credit of the United States" and "to coin Money, regulate the Value thereof, and of foreign Coin."

It also gives Congress the power "to provide for the Punishment of counterfeiting the Securities and CURRENT Coin of the United States" and "to raise and support Armies, but no Appropriation of Money to that Use shall be for a longer Term than two Years."

Article I, Section 9 stipulates that "No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Laws; a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time."

Article I, Section 10 says that "no state shall... coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts."

The reasons for those policies are well understood and uncontroversial. Americans wanted their new nation to be a common currency area, so only the national government could have any monetary policy discretion.

The stickier question was always the extent of that discretion, particularly the federal government's ability to issue bills of credit.

I believe, after much study, that the Founders and Framers would have tolerated temporary periods of fiat money issuance during wartime or other major emergencies, but that they would not consider a permanent fiat system constitutional.

That position is obviously not the prevailing one, but it is also not necessary to establish the fact that a CBDC is not an electronic form of fiat money or any other type of "currency" under the Constitution."

@danfinn well stated 👏

i will never use digital curency for the simple reason that i consider them all as air bubbles that sooner or later will colapse and then all clients will loose the investments in it (except those who controle it ,they will get very rich on it) .

my opinion on the subject based on the fact that there is little ot no controle on wath is going on behind the curten of anonimity

i will never use digital curency for the simple reason that i consider them all as air bubbles that sooner or later will colapse and then all clients will loose the investments in it (except those who controle it ,they will get very rich on it) .
my opinion on the subject based on the fact that there is little ot no controle on wath is going on behind the curten of anonimity
-@dirk.c.

That implies that you would have a choice to use something else. I suspect if they can get over the Constitutional hurdle there will be no choice. But that will be very difficult without a Constitutional amendment. Gold may be an alternative but how can i buy bread with a bar of gold? I wouldn't worry about it.

The Fed on CBDC....

[link under review]
-@srvonn
It will not be a currency, only a payment system.
"The latest fad in monetary policy circles worldwide is CBDC or Central Bank Digital Currency, a government-created cryptocurrency exchanged on a blockchain.

-@danfinn

Yeah, that's pretty much what the Fed said in that link. The first of my posts was talking about the Fed Now program. I guess I didn't state that well enough. This is the payment system you speak of. It has the potential to preclude a CBCD here.