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Posted on 04/11/2023 5:10:44 AM PDT by george76
While much of the financial transactions in the U.S. and globally are digital, a CBDC would be digital only and not available in a tangible form..
Florida could become one of the first states to reject via legislation plans by the Federal Reserve to implement a central bank digital currency.
House Bill 7049 and related bill Senate Bill 7054 both define the terms of central bank digital currency and money for the purpose of the U.S Uniform Commercial Code, which is a uniformly adopted state law for the transaction of interstate commerce. Both bills would prohibit the use of both federal and foreign-owned CBDC as money while still allowing virtual currencies like Bitcoin.
The push via the House and Senate bills to reject a central bank digital currency is a key plank in Republican Gov. Ron DeSantis' legislative priorities this session.
While much of the financial transactions in the U.S. and globally are digital, a CBDC would be digital only and not available in a tangible form.
In the bills, a central bank digital currency is defined as a digital currency, a digital medium of exchange, or a digital monetary unit of account issued by the United States Federal Reserve System, a federal agency, a foreign government, a foreign central bank or a foreign reserve system that is made directly available to a consumer and processed or validated directly by such entities.
Money is defined as a medium of exchange that is currently authorized or adopted by a domestic or foreign government and is further defined as a monetary unit of account which is established by an intergovernmental organization or by agreement between two or more countries, but explicitly excludes the use of a CBDC.
According to the SB 7054 analysis, 11 countries have now fully implemented a CBDC and 18 others are currently operating pilot programs for CBDC, including China, Russia, Iran and Australia. The U.S CBDC is currently in the developmental phase.
Brian Popelka, CEO of Bitt, a digital currency development company, told The Center Square that concerns over privacy and control of assets are not unfounded.
“The fervor over digital currencies lies in a reasonable concern over the control of assets. At Bitt, we believe privacy and sovereignty of personal assets should be carefully considered when designing a digital currency. Compliance and other standards should be firmly established before we judge prematurely via legislation.” Popelka said.
The UCC has had amendments drafted by the Uniform Law Commission and the American Law Institute to provide updated rules for commercial transactions involving virtual currencies and have made amendments to the definition of money.
In the U.S UCC model amendments, a digital currency that is recorded and transferable before it was authorized by the federal government has been excluded for use as money. Bitcoin, for example, was transferrable before it was recognized as a currency by the federal government.
These amendments will only allow the use of a federally controlled CBDC if one is ever fully implemented.
DeSantis said on March 23 that legislation is needed to prevent the financial sector from being weaponized for political agendas and further stated that President Joe Biden’s push towards a digital currency was to use it as a tool to surveil and control Americans.
Excluding the use of a CBDC has been part of a larger push to expel environmental, social and corporate governance agendas from the Sunshine State and to separate from President Joe Biden’s progressive policies, according to DeSantis.
In late March, the Florida House passed a bill that bans ESG policies and removing ESG considerations in state and local pension funds, bonding decisions, lending decisions and state contracting.
Federal legislation that would restrict the imposition of a CBDC is already in the U.S. House
Unfortunately, money is the reserve of the Federal Government. To the best of my knowledge, no state can refuse the form of currency the Federal government chooses to use.
Unless 37 other states ban the use of it, it’s a foregone deal.
A LOT of financial transactions that happen now are digital (or virtual, non tangible) including for everyday people, such as direct deposit paychecks, or automatic bill pay. Probably most of it.
But that doesn’t change the fact that the system is based on physical ownership of the medium of exchange.
Once physical ownership is outlawed, then the floodgates open to ultimate corruption.
What happens if they decide to pass a new tax that is not a payroll tax? Perhaps during some sort of emergency or ‘crisis’ (most likely, at least the first time they do it) and they automatically tax everyone, digitally, immediately?
Forget about how alluring bank accounts would be... how much juicier would your pensions, 401ks, IRAs, and perhaps even trusts be, if it was all demarked in digital records somewhere, controlled by the central bank, and accessible to the government?
How easy is it to get warrants these days, for just about anything, on anyone, when some rogue, corrupt, or $0r0$ prosecutor is after someone? All accounts frozen instantly, simply out of risk of flight, or pending investigation.
How does asset forfeiture take on a new paradigm?
What are the greater risks to a top level hack, or perhaps worse, systematic crash?
“Once physical ownership is outlawed, then the floodgates open to ultimate corruption.”
Absolutely. But more importantly Slavery...
A central bank digital currency (CBDC) would be one of the most dangerous developments in history. When government can simply flip a switch to alter specific units or block all your transactions, it controls your entire life. We need a wall of separation between money and state.
https://twitter.com/justinamash/status/1645459137747140613
A CBDC tied to digital ID and social credit score will allow the government to freeze your assets .. slippery slope to financial slavery and political tyranny.
https://twitter.com/RobertKennedyJr/status/1643658603885101073
If the founders of the USA had ever even considered money could be controlled in this way, they would have included a prohibition against it.
If you cannot hold legal currency in your hands for private transactions, you have no liberty.
Silence from Trump. Not surprising as this has passed in many red states.
I have done bookkeeping/accounting for over 65 years.
I cannot understand HOW ANY Company-—or even the state & Federal governments can operate without written paper trails.
Currently, the IRS demands that all taxpayers keep their financial transactions as PROOF for a minimum of 7 years.
If NOTHING is going to be written on paper-—HOW can such functions be kept for ANY length of time? “Bank will keep those records? For 7 years? For every depositor? What happens when banks fail?
IF everything is electronic-—it all gets tangled up or even disappears when there is a POWER OUTAGE....THEN WHAT???
ANY TIME there is a disagreement about a contract-—the parties involved MUST have written proof of their position.
NO WRITTEN PROOF that your rent got paid? Your goods for your business were paid for? Your bank account can get reconciled every month? Your payroll was paid & you paid the appropriate payroll taxes to the state & Federal governments???
This is a total morass of stupid moves-—and it WILL backfire.
Article 1, Section 10: No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law …
How does CBDC not violte the Constitution. Even now the fiat FRN are violation as they are not backed by anything other than a promise.
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