Get Ready to Lose Your Privacy Because Central Bank Digital Currency (CBDC) Is Going to Make Life Easier

Few know the complexity that will come with CBDC. Of course, it can be a matter of opinion, but are we ready to lose our privacy and allow our money to be controlled? In 2023, Mr. Jerome Powell, the Federal Reserve Chairmen, reported that they are experimenting with Digital Currency, which is said to make it convenient, safe, and fast for all once it is implemented. BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Trust, U.S. Bank, and Wells Fargo are eager to roll out the new Digi currency experiment. Some banks have already notified their customers of the change, and the Federal Digi has coined the term “FedNow.”

We, as customers, are not allowed to decide whether or not it is good for us, and collectively, we need to demand transparency and laws that protect us further from government corruption.

Consider the intrusion that could be the rock that will stop the wheel of privacy. The idea of digital money will be sold to us as a secure and convenient method of moving funds around. I can see their commercials now, with flashes of lights and people smiling because someone got their funds in a millisecond so that they can spend it that much faster. Once the ad ends, they hope those two reasons will be good enough, and you will not question why. What more can you tell me about Digi Currency? Accepting CBDC is tossing our freedom to buy as we like and giving our privacy away for convenience.

The switch will feel like an LP record that leaps and changes to BluRay. When we were forced to switch by the electronic manufacturers, we had little to no choice but to go with the flow. We were told, “This way of listening to music is the next big thing, so we should switch out our old stuff for new,” and we listened, and we did. CBDC will impact our daily lives and is not the same type of switch. It is a coin we can not place in our piggy bank; it is an invisible digital gem you cannot touch.

Once the Federal Reserve releases its digital currency and we use it, they will know every item you purchase, and your purchasing habits will be monitored. Ads will designed to entice you to spend more. You might think you have nothing to hide and do not mind if they see everything you buy. In that case, since you are okay with that, know that you are allowing them to enter your bedroom, too. Let us think about that for a moment.

CBDC is not and will not be like a Visa or a Master card. Visa and Master cards do not keep an exact detailed record or lengthy data sheet of your purchases; CBDC will.

Another concern many still need to consider is the rise of interest rates; it helps slow down the economy when the demand for goods exceeds the supply. Interest rates rise so that people will buy less. The cause of prices going up is inflation. Now, let us say digital currency is in place. Can we question: When they (the Federal Reserve) want to slow the economy again, will they raise interest rates, seize your purchasing power, or both? We will only know when the time comes. It is a concerning fact since you will be receiving funds through the bank but directly from the Fed.

Should we not be afraid that if we buy too much of something we like or love, we will be stopped in our tracks, and it is because someone with a happy computer trigger finger wants other people to be able to buy, too? What business is it of theirs as to how much we purchase?

Also, China, N. Korea, and Russia have the world’s best hackers, and the new currency system would require massive encryption. If it goes down, the money flow will stop, and for how long? If we are hacked, no one knows when the system will be back online since it has not happened yet, and it can crash one day unless someone can tell me when a computer system has entirely worked endlessly and without fail.

The supposed concern of the Federal Reserve is money laundering, counterfeiting, and other illegal activities in and outside the US. If that is what concerns the Fed? Then, the best plan of action they can take for the public’s interest is to create a US Digital Currency that can be used only by countries worldwide.

The US Digital funds represent the US dollar, and it will prevent paper money from ever leaving the US. Having such a plan in place will protect US Citizens’ privacy, and we can continue using the physical US dollars, which would make more sense. Then, the Feds will accomplish two things: looking out for our best interest by protecting our privacy and removing the veil of those wanting to hide their lawless behavior.

There is also the fear of other charges that can be placed on us by the Federal Reserve that we will be unable to control, for example, a hidden service charge on top of our digital taxed dollars. How will that extra money taken from help us? How far will they go? Because once CBDC is activated, it is nonreversible.

If we are to change our currency to digital, we will not be able to save as we would like. There is fear that we can be charged for having a savings account. Months ago, I wrote about FinTech and how your funds will be connected, and the system will never allow you to run out of money. It will grab funds from any account linked to your digital bank.

The implications of this are far and wide, leading us into further debt; for example, once CBDC is in place, and if you have a credit card that you can not meet the payment in one particular month, the Federal digital banking system, with its cooperation with the credit card company, can easily acquire whatever funds you have available to assure your monthly bills are paid, because the system feels you have the funds to cover it, whether you like it or not. Even your Federal and State Tax refunds can be affected. There is no guarantee this will not happen.

There will not be a person who will not remain in debt because the system will ensure that you use what you have to pay your debts; it will go as far as asking if you would need a loan since you do not have enough to meet all your monthly obligations. So, loans on top of loans with compound interest. Ultimately, the system will not be one of security and convince but one of debt in enslavement.

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• The article you have read is for educational information only and should not be considered Financial or Legal Advice. Since everyone’s financial and Legal circumstances differ, I recommend you always Consult a Financial Professional before making life-changing financial decisions.

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