U.S. Digital Dollar Project Gains Steam, Seeks To Launch Five Pilots Programs

If you thought the Federal Reserve’s “FedNow” project was going away, think again.

The U.S. nonprofit Digital Dollar Project said on Monday it will launch five pilot programs over the next 12 months to test the potential uses of a U.S. central bank digital currency, the first effort of its kind in the United States.

Reuters

To be clear, this project was not launched by the Federal Reserve. Yet, the point of the project is to provide data to our government and the Federal Reserve.

The private-sector pilots initially will be funded by Accenture Plc and involve financial firms, retailers and NGOs, among others. The aim is to generate data that could help U.S. policymakers develop a digital dollar.

So there you have it, this data will be used by U.S. policymakers to develop a digital dollar which will be stored in a digital wallet at the Federal Reserve bank.

In case this is news to you, please read these two articles:

Three of the new pilot programs we are discussing,

Will launch in the next two months, will complement the Fed’s MIT project by generating data on the functional, sociological, business uses, benefits and other facets, of a digital dollar.

So the process is in the works and continues to mature.

In my opinion, central bank digital currencies are already a foregone conclusion. They will become a reality in the not too distant future, and China’s digital currency already has.

David Treat, a senior managing director at Accenture, said CBDCs would exist alongside other forms of physical and electronic money, rather than replace them.

They may sell it that way, but the goal is to remove physical cash from existence. They tell us that all the time. They explain how cash is not trackable, and how it’s used to launder money by criminals.

Therefore, we need a trackable currency. This is such a bad idea and will remove freedom from the people. With digital currency, we can be forced to use in. In China, they are already talking about expiration dates on their digital currency.

Imagine how digital currency could evaporate from your possession at the whim of government. Didn’t get the COVID-19 vaccine, we need to deduct a percentage from your account. You can easily envision where this could go.

Look how Reuters continues to sell the concept to you.

While debit cards or payment apps are a form of digital cash, those transactions are created by commercial banks based on money central banks credit to those banks’ accounts. They are not fully government-backed, can take days to settle, and often incur fees. Cryptocurrencies, meanwhile, are controlled by private actors.

Your money is fully backed by the government up to $250,000. Now they are acting like your money is not backed by the government. I love the way information changes depending on whose agenda is being put forward.

As this continues to roll out, they will tell you cash is bad and digital is good. I beg to differ.

/* *** Print tooltip */ #printfriendly .underline.web-tooltip.web-tooltip-top:after { content: ' (' attr(data-tooltip)')'; font-size: 70%; font-style: italic; color: #777; } /* *** Font body of document */ #printfriendly #pf-body, ol, ul, dl, li { font-family: Georgia, Arial, Tahoma; font-size: 14pt; } #printfriendly #pf-title { font-size: 18pt; font-family: Georgia, Arial, Tahoma; text-align: center; } /*dev*/ #printfriendly #pf-author { font-size: 9pt; font-family: Georgia, Arial, Tahoma; font-weight: bold; color: #888; text-align: center; } /* *** Style Table of Contents */ #printfriendly .elementor-toc__header, .elementor-toc__body { background-color:#f1f1f1; border-radius: 5px; padding: 15px; width: 75%; margin:auto; margin-bottom: 10px; display:none; } #printfriendly .elementor-toc__header-title { font-weight: bold; text-align: center; } #printfriendly h2 { font-size: 16pt; font-family: Georgia, Arial, Tahoma; text-align: center; } #printfriendly h3, h4, h5, h6 { font-size: 14pt; font-family: Georgia, Arial, Tahoma; text-align: center; } /*print link color, does not affect pdf*/ #printfriendly a, #printfriendly a:visited { color: blue; } /*remove reftagger link attributes, does not affect pdf*/ #printfriendly a.rtBibleRef, #printfriendly a.rtBibleRef a:visited { font-family: Georgia, Arial, Tahoma; color:#333; text-decoration: underline; text-decoration-color: transparent; } #printfriendly p, ul { font-size: 14pt; font-family: Georgia, Arial, Tahoma; } /*style blockquote font size*/ #printfriendly blockquote { font-size: 14pt; } #printfriendly img { border-radius: 3px; } /*favicon*/ #printfriendly #pf-src-url img { border-radius: 0px; } /*print in footer*/ #printfriendly #pf-print-area:after { content: 'Visit: worldeventsandthebible.com, © World Events and the Bible'; font-size: 10pt; color: #777; display: block; text-align: center; }