Update: The “digital dollar” provision of the Democrats’ version of the coronavirus stimulus bill has been scrubbed. However, the “digital dollar” is now mentioned in a separate bill introduced by Rep. Maxine Waters (D-Calif.), titled the “Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act.”
In the latest step toward a cashless society, House Democrats have proposed a “digital dollar” currency controlled by the Federal Reserve that’s meant to make payments to people and businesses forced to shut down amid the coronavirus pandemic.
What could possibly go wrong?
House Democrats included a provision for a digital dollar in their $2.6 trillion draft stimulus bill they introduced Monday that would provide monthly economic relief to “qualified individuals.”
According to the draft, a digital dollar is defined as “a balance expressed as a dollar value consisting of digital ledger entries that are recorded as liabilities in the accounts of any Federal Reserve bank; or an electronic unit of value, redeemable by an eligible financial institution (as determined by the Board of Governors of the Federal Reserve System).”
The digital dollar would also be managed and controlled solely by the Federal Reserve Bank.
The digital dollars would be stored in “a digital wallet or account, maintained by a Federal Reserve bank on behalf of any person, that represents holdings in an electronic device or service that is used to store digital dollars that may be tied to a digital or physical identity.”
Federal Reserve Chairman Jerome Powell had told lawmakers last year that he was looking into the “the costs and benefits of pursuing” a central bank digital currency, proving this cashless system was already in the pipeline well before the coronavirus outbreak.
In fact, a cashless digital currency system is one of the main hallmarks of the New World Order agenda because such systems would allow governments and banks to closely monitor and track the behavior of citizens.
“Over the course of a decade, the masses have been acclimated to the idea of a digital currency system,” Alt-Market’s Brandon Smith wrote. “They are now being acclimated to the idea that physical currencies should be done away with and replaced with the ‘more efficient’ blockchain tech – Death to the dollar, death to the Fed and death to the globalists say activists as they cheer for the new digital landscape! But this is not what is really happening. The death of the dollar and physical cash is only the primer for a new and even more invasive world order.”
The coronavirus outbreak serves as the perfect pretext to introduce a cashless system.
Government institutions have already been claiming that physical paper money could uncontrollably spread the virus.
“We know that money changes hands frequently and can pick up all sorts of bacteria and viruses and things like that,” a World Health Organization representative said earlier this month. “We would advise people to wash their hands after handling banknotes and avoid touching their face.”
Fortunately the House is not scheduled to vote on these Democrat measures as of this writing.
Read the digital dollar provision of the draft below (start on Page 314):
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