The latest fad in monetary policy circles worldwide is CBDC or Central Bank Digital Currency, a government-created cryptocurrency exchanged on a blockchain.
Many fear that it would give governments complete control over individuals by allowing them to track, and even block, individual transactions and to impose taxes at will.
In the United States, though, “money” has a constitutional basis so firm that, despite its name, a US government CBDC would not be “money” or even “currency.”
It could exist as one payment system among many, but without violating the US Constitution it could not be forced on Americans as the sole final means of payment…Article I, Section 8 gives Congress the power “to borrow Money on the credit of the United States” and “to coin Money, regulate the Value thereof, and of foreign Coin.” It also gives Congress the power “to provide for the Punishment of counterfeiting the Securities and CURRENT Coin […]
Excerpt Sourced From: redwave.press