Against CBDCs and the Politicization of Money
Against #CBDCs and the Politicization of #Money. Tensions broke out between Rep. Rashida Talib (D-Mich.) and JPMorgan Chase CEO Jamie Dimonat a Capitol Hill hearing over whether the U.S. financial sector should continue funding profitable new oil and gas projects. But the question of government involvement in financial decisions won’t go soon. In fact, the stakes are about to increase as political interest in central bank digital currencies (CBDC) rises. Sustainable finance and Environmental, Social, Governance (ESG) investment standards aim to mold corporate decisions towards elite, consensus on issues like environmental policy, proponents already push shareholder votes on their preferred issues and looking for more. A CBDC would go beyond politicization of finance, imposing government orders on financial transactions to the individual level and financial authorities closely monitor and control the money and such control appeals to authoritarians. Also Read - White House Publishes First Framework for Crypto Regulation Meanwhile, the global central banking authority, the Bank for International Settlements, is running its own test of CBDCs’ international compatibility. While there are many forms a CBDC can take, it's likely all CBDC transactions will be monitored by some agency and as always the reason would be given to stop money laundering and terrorism. A government with the power to monitor everyone’s transactions is powerful enough to impose its own restrictions, banning and denying the ability for a company or individual to send or receive funds for unfavorable causes and once governments gain this control, then there is no going back for them. It’s not too late to stop the CBDCs. The Federal Reserve has publicly stated it will not go forward without congressional approval and slow pace of government may cause CBDCs obsolete before they hit the market, but not to underestimate the threat CBDCs to individual sovereignty as that could be the final step toward the politicization of money. Read the full article
