Social media has been rife with claims that the U.S. is instituting a central bank digital currency to replace paper currency and better control U.S. citizens. The claims are overblown. Here’s why.
The Federal Reserve System — the U.S. central bank — has been studying it for a few years now, and President Joe Biden in May 2022 signed an executive order that directed the federal government to analyze f a central bank digital currency’s feasibility.
That has led to a flurry of social media concerns that the government wants to use such a system to eliminate paper currency and control U.S. citizens with a digital currency, neither of which is true., which would allow financial institutions to provide instant payment services to customers. Many social media users have falsely conflated FedNow with the Federal Reserve’s studying of a central bank digital currency system. They are not related.
A central bank digital currency is a digital form of central bank money that is widely available to the general public,. Most Americans already hold money in mostly digital form through bank accounts, apps and online transactions. A central bank digital currency would be a liability of the Federal Reserve, not a commercial bank, the Federal Reserve said.
Although central bank digital currency is being studied, there have been no formal proposals for such a system in the U.S., and it would take congressional action to install one. But that hasn’t stopped people from taking to Twitter, Facebook, Instagram and TikTok to warn others with false claims about the government’s intentions.Florida Gov. Ron DeSantis looks on after announcing a proposal for Digital Bill of Rights, Feb. 15, 2023, in West Palm Beach, Fla.
A TikTok video alleged that a central bank digital currency program called FedNow will be launching in July 2023. The claim
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