Several states take a step to block Central Bank Digital Currency

[NeoMetallix]

This is good news! If this ever becomes a thing, I will move OUT of my state which will likely be all for taking away our rights with draconian CBDC's. We can only hope more states reinstate sound money laws and bar any "fedcoin" they might be cooking up.

Several States Take Steps to Block a Central Bank Digital Currency

Several states have taken action over the last two years in an effort to block the implementation of a central bank digital currency (CBDC) in the United States.

www.moneymetals.com

 

[Webster]

This is good news! If this ever becomes a thing, I will move OUT of my state which will likely be all for taking away our rights with draconian CBDC's. We can only hope more states reinstate sound money laws and bar any "fedcoin" they might be cooking up.

Someone should remind these states of three specific clauses in the U.S. Constitution....
-Article 1, Clause 8, Section 5: The Congress shall have Power To...coin Money, regulate the Value thereof, and of foreign Coin....
-Article 1, Clause 10, Section 2: No State shall...coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts....
-Article 1, Clause 10, Section 4: No State shall, without the Consent of the Congress, lay any Imposts or Duties on Imports or Exports, except what may be absolutely necessary for executing its inspection Laws: and the net Produce of all Duties and Imposts, laid by any State on Imports or Exports, shall be for the Use of the Treasury of the United States; and all such Laws shall be subject to the Revision and Control of the Congress.

In other words, Neo, you seeming reincarnation of Who is Serafin, only the federal government can coin a digital currency as a supplement to paper currency and the states are essentially wasting taxpayer dollars on a lawsuit that, in a sane world, would go right in the circular file.

 

[NeoMetallix]

, only the federal government can coin a digital currency as a supplement to paper currency and the states are essentially wasting taxpayer dollars on a lawsuit that, in a sane world, would go right in the circular file.

A central bank isn't the Federal Government. Our Federal Reserve is as federal as Federal Express.

Also it wouldn't be a supplement(as seen in countries who have already adopted it), it would be a scheme to rid society of paper and coins. The ultimate tool of authoritarianism and the states have a right to fight that for their citizens as it will never be for the people but for the bankers and the government who mutually benefits by allowing their monopoly.

You will see that many have also declared gold and silver legal tender again to circumvent said nonsense.

 

[MrDawn]

it would be a scheme to rid society of paper and coins.

Haven't they wanted to make currency digital for a while now?

While this sounds convenient and everything, It would put a lot of people at a disadvantage. Like with what happened with Greece when the banks closed their doors. Millions of people were left broke and desperate.

 

[NeoMetallix]

Haven't they wanted to make currency digital for a while now?

While this sounds convenient and everything, It would put a lot of people at a disadvantage. Like with what happened with Greece when the banks closed their doors. Millions of people were left broke and desperate.

Technically most of it already is. Cash and coins only make up 5% or less of total dollars in existence.

The problem without cash is it does make things worse in several ways for people and centralizes everything under one entity, an entity that has no oversight by any government agency.