Digital currency is already here in the form of Bitcoin. Governments don’t like that cryptocurrency’s transactions are virtually untraceable — potentially aiding criminal activities — and they see an opportunity to expand their control far beyond what is possible with cash via the establishment of a Central Bank Digital Currency (CBDC).
President Joe Biden’s March 9, 2022, executive order on digital currency gives away the left’s objective. The order says that digital currency has “profound implications for … the ability to exercise human rights; financial inclusion and equity; and energy demand and climate change.” That’s a lot to expect from a medium of exchange, and we can expect that the left’s plans for a CBDC would be even more ambitious.
Fear of a meddlesome CBDC