#statelegislation

[unpluggedfinancial]

Why People Oppose CBDCs and the Laws Enacted to Fight Them

Central Bank Digital Currencies (CBDCs) have become a hot topic in the world of finance. These digital currencies, issued by central banks, promise to revolutionize the way we transact. However, they also face significant opposition. This article explores the reasons behind the opposition to CBDCs and the legislative actions taken against them.

What are CBDCs?

CBDCs are digital versions of a country’s fiat currency, issued and regulated by the central bank. Unlike decentralized cryptocurrencies such as Bitcoin, CBDCs are controlled by the government. Countries like China and the Bahamas have already launched their versions of CBDCs, while many others, including the United States, are exploring their potential.

Reasons for Opposition

Privacy Concerns

One of the primary concerns about CBDCs is the potential for government surveillance. Unlike cash transactions, which are anonymous, digital transactions can be tracked. This could allow governments to monitor individuals’ spending habits and financial activities closely. For instance, a government could potentially know what you buy, when you buy it, and where you buy it. This level of surveillance is unsettling for many who value their financial privacy.

Control and Censorship

CBDCs could also give governments unprecedented control over personal finances. They could, for example, freeze accounts or limit what individuals can spend their money on. This level of control raises concerns about potential misuse of power. Imagine a scenario where political dissenters find their access to funds restricted because of their opposition to the government.

Economic Freedom

Opponents of CBDCs argue that they could erode financial autonomy. Decentralized cryptocurrencies like Bitcoin offer an alternative to the traditional financial system, promoting financial freedom and independence. In contrast, CBDCs are seen as a tool for reinforcing governmental control over the economy.

Security Risks

Digital currencies are susceptible to cyber-attacks and fraud. The infrastructure supporting CBDCs would need to be highly secure to prevent hacking and protect users’ funds. Any vulnerabilities in the system could have severe consequences, including financial losses and disruptions in the economy.

Laws and Regulations Against CBDCs

Opposition to CBDCs has led to the introduction of various laws aimed at restricting or prohibiting their use. Several states in the US have taken significant steps in this direction.

State-Level Legislation

South Dakota: Recently passed a law prohibiting the state from accepting CBDCs as payment and blocking participation in CBDC trials.

Indiana, Florida, and Alabama: Between April and June 2023, these states passed laws excluding CBDCs from the definition of money under the Uniform Commercial Code, potentially discouraging business usage.

Oklahoma: Passed a law preventing the state from participating in CBDC trials or using CBDCs.

Federal-Level Legislation

CBDC Anti-Surveillance State Act: In September 2023, the House Financial Services Committee voted in favor of this act, which would prohibit the Federal Reserve from issuing a CBDC directly to individuals or using it for monetary policy. This bill still needs to pass the full House and Senate.

Political Stances: Former President Donald Trump has vowed to block a CBDC if he becomes President again.

Impact of Opposition

The opposition to CBDCs has significant implications for their adoption and implementation. State-level laws and proposed federal bills create substantial hurdles, signaling strong resistance to their rollout. Concerns about financial privacy and government overreach play a crucial role in shaping public opinion and legislative action. If the opposition successfully limits or prevents the rollout of CBDCs, it could influence global approaches to digital currencies.

Conclusion

The debate over CBDCs is far from over. While they promise to modernize the financial system, the concerns about privacy, control, economic freedom, and security cannot be ignored. The laws and regulations against CBDCs reflect a broader political and societal debate about the future of money and financial autonomy. As this debate continues, it is essential to stay informed and engaged with developments in digital currencies.

Call to Action

What are your thoughts on CBDCs? Do you support their implementation, or do you have concerns about their impact? Share your opinions in the comments section below.

For more insights on financial freedom and digital currencies, subscribe to our blog and join the conversation. Don't forget to check out our YouTube channel, Unplugged Financial, where we dive deeper into these topics with in-depth analyses, expert interviews, and practical advice. Join us as we explore the future of money and the potential for a financial revolution!

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#Repost @judithmayercreative ・・・ Artwork I created for a new podcast about Illinois politics! #Repost @statematters ・・・ 🎧 Are you listening to your new fav podcast yet?? 😉 @innerg_is_me and @daniel.biss talk Illinois politics and how it works (or doesn’t) in Springfield. Find it at anchor.fm/il-informed✌️ . . . . . . #statematters #statemattersil #statemattersillinois #illinois #illinoisstate #statelegislature #statelegislation #stategovernment #government #springfield #springfieldil #knowyourgovernment #videoproduction #civics #statepolitics #localpolitics #localelections #politicsafterdark #illinoisprimary #politicsafterdark #politcaleducation #beavoter #vectorillustration https://ift.tt/2TS7DgM

[terrybankert]

Did you know #Medicaid is the largest source of funding for medical and health-related services for people with low income in the United States? Did you know it is a means-tested program that is jointly funded by the state here #Michigan and federal governments and managed by the states with program delivery at the county level Here #Genesee County Board of Commissioners thru #GHS.Did you know that Medicaid funding of critical services is under attack by the #Trump right wing with #Snyder privateers and their friends at all levels. Ask your #congressman, #statelegislator or #countycommissioner what issues concerning Medicaid funding are on their plates and what is their plan?Time to organize, educate, Show up, stand up, Speak up and act up( political action)! @terrybankert (at Terry R. Bankert P.C. Family Law and Bankruptcy Discussions)

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Visiting StateLegislators to discuss the importance of Home Ownership and how important of housing to a strong economy #OKRealtors . #realtorparty (at Oklahoma House of Representatives)

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Islamist held state in Malaysia approves public canning – Video inside

Islamist held state in Malaysia approves public canning – Video inside

In a move to garner support, the Party Islam SeMalaysia or PAS managed to get the Kelantan StateLegislative Assembly to pass an amended Syariah Bill which would provide for public caning. The Bill was part of the preparations to implement the controversial Syariah Courts (Criminal Jurisdiction) Act 1965 (popularly known as RUU355) if it is passed in Parliament. […] http://bit.ly/2sQ8SM0

[shihtzuman]

New York's State Assembly just passed a single-payer bill

"The fact that this single-payer bill got as far as it did is strong testimony to the evolving health care policy landscape in the United States. Progressive leaders know that the Affordable Care Act is a highly-problematic health care "starter home" and we must continue pushing for true universal health care.

The success of this single-payer bill is also a reminder that Democratic Presidential Candidate Bernie Sanders' pledge to implement a Medicare-for-all single-payer system is hardly a radical proposition. Indeed, it is a very serious one worthy of our attention, as this exciting news from New York's State Assembly so clearly demonstrates."

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[terrybankert]

Ask the people you elected what they are doing to protect Medicaid.

Did you know #Medicaid is the largest source of funding for medical and health-related services for people with low income in the United States? Did you know it is a means-tested program that is jointly funded by the state here #Michigan and federal governments and managed by the states with program delivery at the county level Here #Genesee County Board of Commissioners thru #GHS.Did you know that Medicaid funding of critical services is under attack by the #Trump right wing with #Snyder privateers and their friends at all levels. Ask your #congressman, #statelegislator or #countycommissioner what issues concerning Medicaid funding are on their plates and what is their plan?Time to organize, educate, Show up, stand up, Speak up and act up( political action)! @terrybankert