{"id":1998126,"date":"2023-08-11T16:46:01","date_gmt":"2023-08-11T20:46:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/it-takes-a-china-like-government-to-force-central-bank-digital-currency-on-people-former-senate-economist\/"},"modified":"2023-08-11T16:48:04","modified_gmt":"2023-08-11T20:48:04","slug":"it-takes-a-china-like-government-to-force-central-bank-digital-currency-on-people-former-senate-economist","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/it-takes-a-china-like-government-to-force-central-bank-digital-currency-on-people-former-senate-economist\/","title":{"rendered":"Former Senate Economist: Central Bank Digital Currency Requires Authoritarian Government Like China&#8217;s"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fit-takes-a-china-like-government-to-force-central-bank-digital-currency-on-people-former-senate-economist%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1998126&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<h2>The\u200b Potential Dangers \u2064of \u200cCentral Bank Digital Currency<\/h2>\n<p>The widespread implementation of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fed-inches-closer-to-developing-central-bank-digital-currency\/\" title=\"Fed Inches Closer to Developing Central Bank Digital Currency\">central bank digital currency<\/a> (CBDC) would require a degree of government control similar to what the Chinese communist regime \u200bhas over its citizens, said Thomas Hogan, a senior fellow at <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/donald-trump-has-to-build-and-protect-truth-social-with-both-hands-tied-behind-his-back\/\" title=\"Donald Trump Has To Build And Protect Truth Social With Both Hands Tied Behind His Back\">pro-free market<\/a> think tank American Institute for Economic \u200dResearch\u200d and former \u2062chief economist for the Senate Banking Committee.<\/p>\n<blockquote>\n<p>&#8220;If a government is going to introduce this new electronic \u200ccurrency system, there are only two \u2062ways that it would \u200bbe widely used,&#8221; Mr. \u200dHogan said in an interview on EpochTV&#8217;s &#8220;Crossroads.&#8221;<\/p>\n<p>&#8220;One is, if it&#8217;s \u2062a really good system and people want to use it. We haven&#8217;t seen that anywhere,&#8221; the economist told host Joshua Philipp. &#8220;The other way is that, if they [the governments] are so forceful and so powerful, like in the case\u200c of China, they can\u2062 essentially force \u2063the citizens to use it.&#8221;<\/p>\n<\/blockquote>\n<div class=\"shortcode\">\n<div class=\"mb-4 mr-4 w-full max-w-[500px] border border-[#D3D3D3] px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\">\n<div class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/div>\n<ul>\n<li>\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/world\/report-finds-significant-barriers-to-adoption-of-central-bank-digital-currency-in-canada-5459221\">Report Finds &#8216;Significant&#8217; Barriers to Adoption of Central Bank Digital Currency in Canada<\/a><\/div>\n<div class=\"text-[14px] leading-[18px] text-[#737373]\">8\/11\/2023<\/div>\n<\/li>\n<li>\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/article\/joe-rogan-says-no-way-to-cbdcs-checkmate-thats-game-over-5458265\">Joe Rogan Says &#8216;No Way&#8217; to CBDCs: &#8216;Checkmate. That&#8217;s Game Over&#8217;<\/a><\/div>\n<div class=\"text-[14px] leading-[18px] text-[#737373]\">8\/11\/2023<\/div>\n<\/li>\n<li>\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/epochtv\/while-pushing-centralized-digital-currency-heres-what-global-elites-are-really-doing-facts-matter-5449767\">While Pushing \u2018Centralized Digital Currency\u2019 Here\u2019s What Global Elites Are Really Doing \uff5c Facts Matter<\/a><\/div>\n<div class=\"text-[14px] leading-[18px] text-[#737373]\">8\/7\/2023<\/div>\n<\/li>\n<li>\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/opinion\/interest-rates-are-high-try-again-5429377\">Think \u2063Interest Rates Are High? Try Again<\/a><\/div>\n<div class=\"text-[14px] leading-[18px] text-[#737373]\">7\/28\/2023<\/div>\n<\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<p>According to a recent report by Washington-based think tank Atlantic Council, \u200ba total of 130 countries representing 98 percent of \u2062the\u2064 global economy are taking\u2062 steps to convert their central bank money\u200c into digital \u2062form. That&#8217;s a dramatic increase from two years ago, when there were just 35 countries exploring a CBDC.<\/p>\n<p>Some 11 of\u2062 those 130 countries have already launched their CBDCs. All of them, except Nigeria, are Caribbean island nations.<\/p>\n<p>All G-20 countries, with the exception of Argentina, are now in the advanced stage\u200d of CBDC development. In China, a pilot digital renminbi\u2063 program is being\u2063 tested in more than 200 scenarios, from public transit to government \u2064stimulus payments to e-commerce.<\/p>\n<p>Russia, amid what it calls a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/uae-blames-houthi-drones-for-abu-dhabi-tanker-explosions\/\" title=\"UAE Blames Houthi Drones for Abu Dhabi Tanker Explosions\">special military operation<\/a> against\u2064 Ukraine, announced that it would \u2063launch a CBDC pilot in April. After a series of\u2064 delays due\u2063 to legislative changes, the\u2063 Bank of \u200cRussia said it will <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/it-takes-a-china-like-government-to-force-central-bank-digital-currency-on-people-former-senate-economist\/\" title=\"Former Senate Economist: Central Bank Digital Currency Requires Authoritarian Government Like China's\">finally begin real-world\u200b tests<\/a> of the digital ruble with 13 banks\u200d and \u200climited clients on\u200d Aug. 15, with\u2064 a goal to open it to \u200dall citizens and businesses in 2025.<\/p>\n<p>&#8220;Once they are offering \u2063the public these digital currencies, the central bank has some information about\u200b what the public is doing, \u200bwhat they&#8217;re \u200dspending their money \u2062on, and has some control \u200cabout what people are and aren&#8217;t able to spend their money\u2062 on,&#8221; Mr. Hogan said.<\/p>\n<p>&#8220;That seems pretty dangerous. We&#8217;re not \u200bsure whether we want that\u2063 power in the government&#8217;s hands.&#8221;<\/p>\n<h3>An Outlook of the Fed&#8217;s Digital Dollar<\/h3>\n<p>In the United \u2064States, the Federal \u200bReserve&#8217;s work on a retail CBDC has largely stalled, although it is still moving forward with a wholesale \u2062CBDC, which can only be used by financial institutions for\u2062 bank-to-bank transfers.<\/p>\n<p>&#8220;Traditional transfers between banks take a long time. You have to wait several\u200c days,&#8221;Mr. Hogan explained. With a\u200d CBDC, &#8220;this is now a system where you can transfer money 24 hours\u2063 a day, seven days a week, and you don&#8217;t have to wait a long time.&#8221;<\/p>\n<p>&#8220;Of course, part of the reason that they have\u200d to wait is legal \u2064issues that have nothing to do with actual technology itself,&#8221; he continued. &#8220;So even \u2063though this technology is a little bit more efficient, it&#8217;s not clear that there&#8217;s a big benefit there.&#8221;<\/p>\n<p>When asked why the Fed is interested in\u2062 replacing physical paper banknotes with digital dollars, Mr. Hogan said this would, first of all, give the central bank much\u2063 greater flexibility in controlling the amount of money in circulation.<\/p>\n<p>&#8220;Typically, the Federal Reserve\u2063 manages the\u2064 money supply\u200c by \u2064buying and selling bonds and \u200craising and \u2064lowering interest rates,&#8221; Mr. Hogan \u200cexplained. &#8220;Rather than buying and selling bonds and putting money\u2062 into financial markets, they could just directly inject\u2064 that money into people&#8217;s bank accounts with the central bank\u200d digital currency.&#8221;<\/p>\n<p>&#8220;However, that would also mean they would have the ability to take money\u200b out of people&#8217;s bank accounts,&#8221; he added. &#8220;It \u200dalso, as we said, gives them more control to\u2064 monitor\u200b what\u200c people\u2064 are doing with their money.&#8221;<\/p>\n<p>As this point, according to the former senate economist, a digital U.S. dollar \u200cremains more of\u2063 an idea, since the federal government doesn&#8217;t have as much top-down control as China does.<\/p>\n<p>&#8220;[China&#8217;s CBDC] \u200dis the only one that&#8217;s really been widely used, and \u200dthat&#8217;s just\u2063 because China has so much power over citizens,&#8221; he told Mr. Philipp. &#8220;It&#8217;s\u2062 already controlling all of their financial companies and their internet companies.&#8221;<\/p>\n<h3>Fed Chair&#8217;s CBDC Testimony<\/h3>\n<p>In March, during a hearing before \u200bthe House Committee on Financial Services, Federal Reserve chair Jerome\u2062 Powell said it would &#8220;absolutely be the case&#8221; that \u2062a retail CBDC needs congressional approval before it could be offered to\u2062 Americans. He also said the central bank wasn&#8217;t &#8220;at the stage of making any real decisions&#8221; about things like \u2063the potential\u200d architecture of a digital dollar.<\/p>\n<p>While that may sound assuring, it doesn&#8217;t\u200b mean people&#8217;s concerns over \u2064the government-driven push for \u2063a\u2063 cashless society aren&#8217;t valid, Mr. Hogan said.<\/p>\n<p>&#8220;This push has been going on for \u200cdecades \u2063already to\u2063 get people away from cash\u2062 and to take away their ability to use cash, so that the \u2064government can have more control over their transactions,&#8221; the economist said, noting that\u2062 idea of \u200cditching cash for digital money is based on two false assumptions.<\/p>\n<p>&#8220;One is that people who only use cash are criminals, which is definitely not true,&#8221; he explained. &#8220;It also assumes that the government is trustworthy in managing \u200ball those payments and\u2062 managing \u2063your transactions.&#8221;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>implementing a central bank digital currency, it would necessitate a level of government control akin to the Chinese communist regime,&#8221; stated Thomas Hogan, a senior fellow at the American Institute for Economic Research. Hogan, who previously served as the chief economist for the Senate Banking Committee, emphasized the potential implications of such a move.<\/p>\n","protected":false},"author":2283,"featured_media":1998127,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-1998126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1998126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2283"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1998126"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1998126\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1998127"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1998126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1998126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1998126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}