As nations around the world prepare their populations for the adoption of a centrally-controlled digital currency, a few Texas politicians seem to be pushing back.
Experts warn that recent bank failures and the stabilization measures taken by the Federal Reserve and Wall Street are creating even greater bank consolidation – which could further pave the way for a central bank digital currency.
A financial expert has warned that FedNow lays out the foundation for a central bank digital currency by centralizing all participating banks under the Federal Reserve.
The Federal Reserve can continue to print money indefinitely to service government debt – and to bail out people who make bad decisions – but it cannot expect other nations to continue to guarantee its value.
While the ‘digital dollar’ pilot project is said not to signal an immediate decision on a U.S. central bank digital currency (CBDC), some see it as a dangerous leap toward a CBDC.