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IPFS News Link • Economy - Economics USA

US government's new Central Bank Digital Currency is a fast track to digital concentration camps

•, by: Ethan Huff

At the same time attacking decentralized cryptocurrencies, the Biden White House says that before the end of the year, all Americans need to be herded into a new digital paradigm of money that is controlled from the top down just like the current system – except with much more control.

"CBDCs are digital currency issued directly from a nation-state's central bank and serve as legal tender," writes Kanekoa the Great of the Kanekoa Newsletter.

"Critically, CBDCs are controlled by governments and therefore represent the polar opposite of the ideas – decentralization, open-source software, permissionless, peer-to-peer transactions – that made Bitcoin and other cryptocurrencies such a revolutionary technology."

Much like how communist China runs its infamous social credit scoring system, Biden's proposed CBDC would be tied to people's identities. As long as a person obeys everything the government says, he would be permitted to spend money and do things.

Those who disobey the government would have their CBDC accounts shut down and their funds seized.

"According to the Atlantic Council's Central Bank Digital Currency Tracker, 112 countries, representing over 95 percent of global GDP, are exploring a CBDC," adds Kanekoah the Great.

"11 countries have already launched a digital currency including Nigeria and numerous Caribbean nations. 14 countries are testing pilot programs including South Korea, Thailand, Saudi Arabia, Sweden, and China which is set to expand its use of the Digital Yuan in 2023."