Digital Dollars and Digital Identity Are Coming to the US

The news outlets have been filled with Russia and Ukraine news. Before that, we were inundated with vaccine and lockdown mandates. Inflation has also taken center stage. The Fed explores interest rate hikes as a stop-gap measure. Oil is near seven-year highs and gas at the pump is headed higher with some economists predicting 1970s style gas rationing is on the horizon. Wheat futures took a big jump last week on fears of war-driven shortages. High-quality loaves of bread will be approaching $7 and $8 in the near future. The news cycle can be overwhelming and even numbing. Many investors might freeze up when it comes to navigating an uncertain financial future. It’s easy to lose sight of just how fast our financial freedoms are being ripped away and eliminated. This will get even worse when the financial system introduces digital dollars. Keep everyone distracted, and sinister plots carry be secretly put together behind the scenes. Let’s look at a few that are headed right towards our privacy rights. These Senate Bills and other programs mean the end of financial privacy and financial freedom as we have known it. In times of turmoil, fortunes are quickly made and lost. It’s important to remain focused and make sound monetary decisions.

Senate Bill 3571, March 23, 2020

This proposed house bill would have the ultimate effect of digitizing currency and all financial transactions. This would effectively give the government the ability to see everything you buy including where you are when you buy it. Law-abiding citizens should be concerned when the government feels the need to monitor your transaction.

Senator Sherrod Brown introduced Senate Bill 3571 towards the beginning of 2020. This bill was introduced and was read twice and referred to the Committee on Banking, Housing, and Urban Affairs. If passed S. 3571 would require member banks to maintain pass-through digital dollar wallets for certain persons, and other purposes. In this Act, it defines Digital Dollars as dollar balances consisting of digital ledger entries recorded as liabilities in the accounts of any Federal reserve bank. It defines Digital Dollar Wallets as a digital wallet or account, maintained by a Federal reserve bank on behalf of any person, to hold digital dollar balances. It states any member bank to be any national bank, state bank, or bank or trust company that has become a member of one of the reserve banks created by the Federal Reserve Act (12 U.S.C. 221 et seq.). It also discusses Pass-Through Digital Dollar Wallets as a digital wallet or account, maintained by a member bank on behalf of any person, entitling that person to a pro-rata share of a pooled reserve balance that the member bank maintains at any Federal reserve bank. Member banks shall open and maintain pass-through digital dollar wallets for all persons, including persons eligible to receive payments from the United States according to a Federal law relating to the coronavirus disease 2019 (COVID–19), who elect to deposit funds into pass-through digital dollar wallets. Each member bank shall establish and maintain a separate legal entity for the exclusive purpose of holding all assets and maintaining all liabilities associated with pass-through digital wallets.

The assets of any entity described in subparagraph (A) shall consist exclusively of a balance maintained in a master account at a Federal reserve bank, and the liabilities or obligations of the entity shall consist exclusively of an equal quantity of balances maintained by holders of pass-through digital wallets. The Federal Reserve banks shall permit state nonmember banks and credit unions to open master accounts for the exclusive purpose of offering pass-through digital dollar wallets in compliance with the separate entity structure described in section 3(a). SEC. 5 talks about giving authority for state nonmember banks and credit unions to offer pass-through digital dollar wallets for the general public. Who knows if Senate Bill 3571 will pass? What we do know is that these Bills are being actively discussed behind the scenes in Congress. Money and banking are changing which means we need to protect our financial privacy and financial freedom now.

H.R. 4741, July 28, 2021, 117th Congress defines the Digital Dollar

Representative Donald S. Beyer Jr. introduced H.R. 4741 to the 117th Congress on July 28, 2021. Mr. Beyer introduced this bill; which was referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. This bill provides for the regulation of digital assets and other purposes. This Act may be cited as the Digital Asset Market Structure and Investor Protection Act. In summary, this Act defines digital asset security, delayed registration for digital asset securities, desecuritization of digital asset securities, and Joint SEC and CFTC rulemaking on major digital asset classification. Subtitle A discusses the Digital Federal Reserve Notes.

“Federal Reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal Reserve banks through the Federal Reserve agents as hereinafter set forth and for no other purpose, are authorized. Notwithstanding any other provision of law, the Board of Governors of the Federal Reserve System is authorized to issue digital versions of Federal Reserve notes in addition to current physical Federal Reserve notes. Further, the Board of Governors of the Federal Reserve System, after consultation with the Secretary of the Treasury, is authorized to use distributed ledger technology for the creation, distribution, and recordation of all transactions involving digital Federal Reserve notes. The said notes shall be obligations of the United States and shall be considered legal tender and shall be receivable by all national and member banks and Federal Reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.”

The Act then discusses Digital Asset Fiat-Based Stable coins. The Secretary of the Treasury may approve or disapprove an application by an issuer of a digital asset fiat-based stable coin or may withdraw approval or modify the terms and conditions of approval previously issued under paragraph. This certainly seems like monetary control in every way to me. Our debit cards can be controlled digitally of where and when we can use them. Our personal accounts are monitored constantly and can be shut off at any time. Digital Dollars means we need to protect our financial privacy and financial freedom now. Digital Assets and virtual assets controlled by the government are bad news for private and freedom-loving citizens. Visa International applied for a patent in 2020 for digital money. Looks like the whole financial system as we know it is dramatically changing.

Microsoft in 2018 filed for a Cryptocurrency system using body activity data

Application 16138518 in 2018 was filed by Microsoft. This application discusses using a Cryptocurrency system using body activity data. It states,

“Human body activity associated with a task provided to a user may be used in a mining process of a cryptocurrency system. A server may provide a task to a device of a user which is communicatively coupled to the server. A sensor communicatively coupled to or comprised in the device of the user may sense body activity of the user. Body activity data may be generated based on the sensed body activity of the user. The cryptocurrency system communicatively coupled to the device of the user may verify if the body activity data satisfies one or more conditions set by the cryptocurrency system, and award cryptocurrency to the user whose body activity data is verified.”

At its annual summit in New York in 2019, the ID2020 Alliance announced the rollout of a digital identity program with the Government of Bangladesh; Gavi, the Vaccine Alliance; and new partners in academia, government, and humanitarian relief.

Since 2016, ID2020 has advocated for ethical, privacy-protecting approaches to digital ID. Our driver’s license, passport, work badge, building access cards, debit and credit cards, transit passes, and more would all be tied together. This is directly from the ID2020 website. A digital world means absolutely no more financial freedom and privacy in any way. These programs are all in motion. It’s only a matter of time before our every financial move and transaction is monitored and watched.

If people are kept distracted, divided, and controlled, sinister financial and political plans are allowed to fester secretly. Senate Bill 3571, H.R. 4741, Application 16138518 by Microsoft, and ID2020 are all a direct invasion of our financial freedom and privacy. How many other plots are going on to make our money and lives digital? This is digital data that can be controlled in every way but it can also be hacked and stolen. Our God-given rights are being thrown by the wayside. Our financial freedoms and privacy are going to be completely gone. It is in the works as we discussed a few things above. Physical gold and silver have always been private wealth and private money. Citizens are supposed to control and monitor their own money. We don’t need bankers and politicians to inflate it away and spend it into oblivion. We certainly should protect whatever we can and diversify into physical gold for diversification while we still can. Get some of your money out of the banking system today. By the looks of it, it will be the government banking system soon.

Perhaps it’s time to get a portion of your assets out of that financial system.

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