Based on news accounts, the US Federal Reserve is working on a scheme to replace the US dollar with a central bank digital coin known as a CBDC. If the US Federal Reserve follows through on its plans to introduce a central bank digital coin, it would be a game changer for financial services and payments.
The Fed says the currency could offer a means for instant and seamless cross-border transactions, but it will also require biometric identity verification. A Fed-backed CBDC would be programmable, meaning that it would be a smart coin that could be turned on or off by the Fed. However, opposition to the Fed’s CBDC scheme is growing. Florida Governor Ron DeSantis and Texas Senator Ted Cruz are two Republican leaders who have publicly declared their opposition. Gov. DeSantis wants to ban it in Florida. Sen. Cruz wants to ban it in all 50 states.
- Host Rick Wiles will cover these stories and much more in today’s edition of TruNews.
- Rick Wiles, Doc Burkhart. Airdate 3/15/23
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