Make of this what you will – but the White House now officially hates decentralized cryptocurrencies, and loves centralized digital money (CBDCs).
Not the most shocking of news, but this is a point at which this information has been formalized in a US Council of Economic Advisers Economic Report, issued for the current year.
Related: Janet Yellen says CBDCs are “certainly worth getting involved in developing”
First, let’s see why cryptocurrencies enthusiasts are so enthusiastic – they believe Bitcoin and others might finally be the way to “set the people free” – as autonomous, at least where their finances are concerned.
This would, historically, be a long process – but people caught up in Canada’s bank account-freezing response to a civil liberties protest last year, “The Freedom Convoy” – could perhaps explain why the effort might be worth pursuing, here and now.
But here, we have the Council of Economic Advisers releasing the 2023 Economic Report of the US President – to tell you, why that’s not the case.
If a cryptocurrency were a person, the report would qualify for a “character assassination.”
Regarding Bitcoin, and other currencies of the same provenance, the White House report reads like this:
“(…) Cryptocurrencies lack fundamental value, and also do not act as effective alternatives to money.”
But says who? The same entity behind the report – working hard to undermine and undervalue them.
(And let’s keep in mind, this is happening in the biggest of global economic pictures – including, why there’s this high of inflation to begin with).
Anybody talking about backed (by nothing real) fiat currencies somehow having “fundamental value” better than anything else out there – seem to be trying to pull a magic trick over an educated audience.
So, the Biden Administration is no fan of crypto – we get it. But that’s not all. The report reveals that basically it also doesn’t like cash. And, would also like a less “harmful” (to the surveillance state) alternative to ALL that.
Here comes the proposed US CBDC (Central Bank Digital Currency). A digital currency, like cash – but completely controlled by the government thanks to its digital, centralized nature. An example perhaps of what’s historically known as “mirrors for gold.”
The White House stated that a CBDC, if implemented, would rely “on a trusted central authority — a country’s central bank — to operate key aspects of the CBDC system.”
“A U.S. CBDC—a digital form of the U.S. dollar—would have the potential to offer significant benefits. It could enable a payment system that is more efficient, provide a foundation for further technological innovation,
facilitate faster cross-border transactions, and be environmentally sustainable,” the report states.
So – exactly more of the same, just branded differently?
We see you.