A Digital Currency Is on the Horizon
(by Bryan Lynch | The Organic Prepper) – When I was younger, I never received a regular allowance like some of the kids I knew, but if I kept up with my chores and did well in school, my parents would give me a few bucks here and there. I could earn a little extra by doing odd jobs for neighbors, and there were always a few bills in birthday cards, Christmas cards, and that arrived of course, from the tooth fairy.
I remember how good it felt to not only earn money but to physically have it. It was empowering to be able to go to my “super secret” hiding spot (that my parents knew of but never said anything about) and see a small wad of ones or fives that probably added up to thirty dollars.
Fast forward a few decades, and checks, debit cards, and credit cards became available. To some people, these are technically a form of digital currency. A person isn’t physically transferring cash from one hand to another, and yes, they are convenient. But the option of having cash is still available at the moment.
With the rise of alternative digital currency (such as Bitcoin) even Facebook has been wanting to develop its own form of currency, and now, the federal government and Reserve seem to be inching closer to a mandated digital currency.
According to a CNBC report issued in May of 2021, the Federal Reserve has issued a report to investigate the moves needed for a central bank to issue digital currency. The chairman of the central bank, Jerome Powell, didn’t give any specifics to the plans or the implementation of a U.S. digital currency other than the Feds have been “carefully monitoring and adapting” to the progression of payments through technology.
Powell went on to say, “the effective functioning of our economy requires that people have faith and confidence not only in the dollar but also in the payment networks, banks, and other payment service providers that allow money to flow daily.” He also said, “Our focus is on ensuring a safe and efficient payment system that provides broad benefits to American households and businesses while also embracing innovation.”
What’s wrong with progress?
It would seem that a digital currency would be the next logical step in currency technology. After all, our technology is progressing faster and faster every day. Who wants to be standing under flying cars (that promise was never delivered) exchanging slips of paper for goods and services?
As stated earlier, a lot of people already use debit and credit cards – digital ways in which to move cash from one place to another – although many people may not see the difference or the problem of switching over to a mandated digital currency. After all, they can still carry cash, if they want to. And I think that this knowledge that you can carry cash keeps people from realizing that they’re rapidly losing their ability to.
As convenient as a digital currency may be, the problem, as a lot of preppers see it, is the complete loss of personal financial control and decision-making.
But can something like that happen?
Remarks from non-preppers or those who have the utmost confidence in the system tend to make remarks like,
“You mainly use debit cards anyway, so what’s the big deal?” or “They can’t just take your money or put restrictions on your account.”
However, just recently, the participants of the Freedom Convoy in Canada saw this very tactic used. A GoFundMe page was established for the convoy into which millions of dollars we donated. At the request of a Canadian judge, the funds were cut off from the convoy.
“Well, that was a GoFundMe page and not a personal account,” some would say. But Chrystia Freeland, the Canadian Minister of Finance, posted the following on her Twitter account:
“This is about following the money. This is about stopping the financing of these illegal blockades. We are today serving notice: if your truck is being used in these protests, your corporate accounts will be frozen.”
Could anyone’s finances be frozen under the umbrella terms of emergency powers, domestic terrorism, national security, or what may be deemed illegal in the future?
(Do you know how to keep your family fed during these times? Check out our free QUICKSTART Guide on building a 3-layer food storage plan to do so.)
I think so.
Is it too far out of the realm of possibility to think:
- That one day, you can’t purchase any more food because someone thinks you reached your allotment for the week?
- That you aren’t allowed to purchase a book or movie because it’s deemed “anti- fill-in-the-blank?”
- That someone could say you don’t need X, Y, or Z, or that they would question purchases you’ve made because literally everything would be tracked?
- That your accounts could be completely frozen until further review due to suspicious activity or simply not following suggested guidelines?
One final thought…
Will we see a cashless society in my lifetime? I don’t know, but it seems likely. I am not a financial guru by any means (I’m actually a pretty simple guy) but although the idea of digital currency may have some benefits, they won’t be in your hands.
The little stash of cash I had as a kid wasn’t much, but it was mine. Nobody knew where it was, I could spend it as I saw fit, and nobody could take it away with the click of a button. But American kids of the future may never get to experience that.
Do you think we are going to an all-digital currency? Will the results of it be good or bad? Let us know your thoughts by leaving a comment below. Thanks for reading!
About Bryan Lynch
Bryan Lynch is the author of two books, Swiss Army Knife Camping And Outdoor Survival Guide, and Paracord Projects For Camping And Outdoor Survival. He has also written hundreds of articles about prepping, emergency preparedness, self-reliance, and gear reviews. Through his writing, his hope to help educate people and get them interested in these topics so that they are better prepared for an emergency.