Central Bank Digital Currency (CBDC) proponents often argue that an American CBDC is necessary to keep up with China’s rapid economic advances. But a closer look reveals that China, not America, may be behind the attempt to convert the world into digital programmable dollars that can be monitored and controlled by central governments and their banks. — Mat

In 2013, the Communist Party of China (CCP) severely restricted Chinese banks, financial institutions, and payment processors from using Bitcoin — a decentralized, permissionless, and privacy-centric cryptocurrency that cannot be controlled or manipulated by governments or central bankers. Despite the restriction, Chinese citizens seeking financial privacy from the prying eyes of the CCP were among the top Bitcoin holders and traders in the world.

One year later, after the CCP-imposed restriction, China began developing its own CBDC to operate alongside the CCP’s social credit system. According to a CCP document published at the time, the social credit system seeks to reinforce the idea that “keeping trust is glorious and breaking trust is disgraceful.”

In 2017, the CCP approved the development of a CBDC. At the same time, China cracked down on cryptocurrency use, banning initial coin offerings and preventing virtual currency exchanges from operating in the communist country. In other words, the CCP made it much harder, if not impossible, for Chinese citizens to use Bitcoin and other cryptocurrencies as a way to avoid CCP oversight and control of their finances.

In 2020, the CCP began releasing its CBDC in China’s four largest cities. By April 2021, the CCP began handing out “free” CBDC money to get Chinese citizens to begin using the digital currency.

In 2021, the CCP cracked down again, declaring any use of Bitcoin and cryptocurrencies to be “illegal financial activities.”

With Bitcoin and cryptocurrency sharply curtailed in China, the CCP’s CBDC has been able to permanently ingrain itself into Chinese society. This allows the CCP to monitor each citizen and control every cent China’s citizens own and spend. If someone uses what the CCP believes to be too much gasoline or health care resources, the party simply stops paying for additional services, regardless of how much CBDC “money” there is in their account.

But something else of massive significance happened in 2021. A man named Bo Li became deputy managing director of the International Monetary Fund (IMF). Prior to that, Li served as deputy director of the People’s Bank of China. The IMF is not a central bank, per se. Instead, it’s a bit more like the mother of all central banks. That’s because the IMF is an agency of the United Nations, and as such, it advises the central banks of all U.N. member countries — including the U.S. Federal Reserve.

Speaking at the 2022 IMF/World Bank annual meeting, Li told attendees that a “CBDC can allow government agencies and private sector players to program ... targeted policy functions. By programming a CBDC, money can be precisely targeted for what people can own and what [they can do].”

To be clear, Li was not issuing a warning. Rather, he was extolling this government control of finances as a benefit.

Now this card-carrying member of the Chinese Communist Party is in charge of telling central banks (like America’s Fed) what to do.

And he wants U.N. members to adopt a CBDC, just like Communist China.

As with so many other things from this administration, Joe Biden’s Executive Order 14067 plays right into Communist China’s global domination plans. The order instructed the U.S. Federal Reserve to begin “investigating” a CBDC. The Fed not only investigated but has also developed and tested its first CBDC under “Project Hamilton.” And several Democrat members of Congress have simultaneously introduced legislation seeking to ban Bitcoin — just like China did.

Liberty Counsel is working with members of Congress to counter Biden’s plans to make the USA a subsidiary of the CCP. Please, fax Congress NOW and demand they VOTE YES on S 887.

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