Will Republicans Stand Up to the Global Digital Currency Agenda Announced at the G20? (pj)

News & Politics

To paraphrase the DJ Khaled song, all the domestic terrorist “conspiracy theorists” do is win. And, as other analysts have noted over time, the difference between “conspiracy theory” and recognized reality is about six months to a year.

Via Financial Times (emphasis added):

At a conference in April, Florida’s governor Ron DeSantis veered from familiar swipes at diversity, inclusion and “corporate wokeness” to take aim at a more surprising target.

One of the things we’re going to ban in Florida this year is the idea of a central bank digital currency,” he told the audience in Pennsylvania, to whoops and cheers. “Guess what’ll happen? They’re going to try and impose an ESG agenda through that.”

A few years ago, CBDCs were the domain of policy wonks. Today, they are a topic of growing political importance and, among fringe groups, creeping paranoia…

 A growing throng of culture warriors echo DeSantis’s view, or go further, decrying CBDCs as a tool designed by global elites and the World Economic Forum to destroy freedom, part of the same conspiracy milieu as vaccines and climate policy.

That’s all well and good “fact checking,” aside from the inconvenient fact that the G20 — the consortium of the largest 20 economies on Earth — is actively and openly plotting to institute a global central bank digital currency (CBDC) regime. (PJ Media´s Catherine Salgado covered this recently as well.)

Via Bitcoin.com:

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G20 leaders released their declaration on Sunday following a two-day summit in New Delhi. India holds the G20 Presidency this year. The 37-page declaration includes a section on the policy and regulation of crypto assets and central bank digital currency (CBDC)…

The G20 leaders welcomed several reports on crypto assets, namely “the shared FSB and SSBs [Standard-Setting Bodies] workplan,” “the IMF-FSB Synthesis Paper,” and “the BIS Report on The Crypto Ecosystem: Key Elements and Risks.

Via the aforementioned G20 Declaration:

We welcome discussions on the potential macro-financial implications arising from the introduction and adoption of Central Bank Digital Currencies (CBDCs), notably on cross-border payments as well as on the international monetary and financial system. We welcome the BIS Innovation Hub (BISIH) Report on Lessons Learnt on CBDCs and look forward to the IMF Report on Potential macro-financial implications of widespread adoption of CBDCs to advance the discussion on this issue.

The declaration also calls for “regulation, supervision and oversight of crypto-assets activities and markets and of global stablecoin arrangements.”

In other words, they’re coming for your Bitcoin and other crypto assets because, being based on a public ledger, they are not subject to “oversight” (they don’t require the services of government to function) or manipulation by power-hungry government entities hellbent on totalitarian control.

Related: France Bans iPhone 12 Sales Over High Radiation Worries

Majority Whip Tom Emmer (R-Minn.) recently introduced an anti-CBDC piece of legislation called the “CBDC Anti-Surveillance State Act,” a laudable first step to curbing the institution of CBDCs at the federal level within the United States. Emmer’s bill would amend the Federal Reserve Act to bar the use of CBDCs in monetary policy. I don’t have much faith that it’ll gain traction in the Swamp, but we’ll see.

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