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Biden Administration Leans into One of the 'Most Dangerous Developments in History'

AP Photo/Susan Walsh

Earlier this month, as Coloradans faced a heatwave with temperatures climbing into the 90s, some residents were shocked to see that their thermostats were locked – all in the name of conserving energy. Some were left with homes that were 88 degrees inside. The affected individuals were enrolled in a rewards program with the company, which meant they gave up some control of their thermostats. But never before had they been completely locked out and unable to override the suggested settings.

Conservatives pointed out it's a preview of what's to come when everyone is driving electric vehicles and using digital currency. 

California and other states have already moved on the former—banning the sale of new gas-powered vehicles by 2035—and now the Biden administration is openly discussing its work on the possibility of developing a U.S. Central Bank Digital Currency. 

President Biden often summarizes his vision for America in one word: Possibilities. A “digital dollar” may seem far-fetched, but modern technology could make it a real possibility.

A United States central bank digital currency (CBDC) would be a digital form of the U.S. dollar. While the U.S. has not yet decided whether it will pursue a CBDC, the U.S. has been closely examining the implications of, and options for, issuing a CBDC. If the U.S. pursued a CBDC, there could be many possible benefits, such as facilitating efficient and low-cost transactions, fostering greater access to the financial system, boosting economic growth, and supporting the continued centrality of the U.S. within the international financial system. However, a U.S. CBDC could also introduce a variety of risks, as it might affect everything ranging from the stability of the financial system to the protection of sensitive data.

Notably, these benefits and risks might vary significantly based on how the CBDC system is designed and deployed. That is why Executive Order 14067, Ensuring Responsible Development of Digital Assets, placed the highest urgency on research and development efforts into the potential design and deployment options of a U.S. CBDC. The Executive Order directed the Office of Science and Technology Policy (OSTP), in consultation with other Federal departments and agencies, to submit to the President a technical evaluation for a potential U.S. CBDC system. (White House)

Despite the advantages touted by the administration, Congressman Thomas Massie (R-KY) and others saw more nefarious goals with a centralized digital currency. 

The report comes after President Biden issued an executive order in March that tasked various agencies with exploring how digital assets could be regulated amid a rise in cryptocurrency use. 

Treasury Secretary Janet Yellen said the digital currency option is being explored "so that the United States is prepared if CBDC is determined to be in the national interest." 

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