By Hassan Mehmood (Saudi Arabia)
North Carolina has joined the list of US states that have passed anti-CBDC legislation recently. The lawmakers in North Carolina have been working on creating a new bill that seeks to block all types of CBDC payments.
The bill is already presented and passed. It means that the administrators are now barred from testing CBDC payment pilots within its jurisdiction.
The report has been noticed and confirmed by Satoshi Action Fund founder named Dennis Porter. He has touted the latest development as a victory marking the development as a new win for the team.
North Carolina has become another state, much like Florida, to implement such restrictions on CBDCs. At present, the excitement around the digital dollar project has started to fade away. Meanwhile, the FedNow instant payment service has gained more traction.
Balaji Srinivasan is the former CTO of Coinbase, who has recently revealed that the FedNow digital payments network has been in the works before the arrival of CBDCs. Experts have noticed that CBDCs have the ability to lower operating costs for a currency-based payments network.
At the same time, some of its other features are better cross-border payment efficiency and counterfeit prevention. Meanwhile, some have raised the alarm about possible threats to privacy and centralization of power.
Also read:Meanwhile, the CBDC network is also vulnerable to possible security breaches. Organized hacking groups can perform a hostile takeover on this network using a single point of attack.
At the same time, this type of payment network may also complement authoritarian control over the health care system. Additionally, this payment network can also work as part of the New World Order plan.
CBDC as a Weapon of Mass Destruction
Catherine Fitts is a US government official who recently appeared on Fox News to bring out negative points regarding the impact of CBDCs. She maintained that the digital dollar project might harm the financial payments control ecosystem.
She issued a warning for the viewers of the channel, claiming that they must not give in to the propaganda about the convenience of the new digital payments network and that they are the natural evolution of the existing financial networks.
She claimed that the shutter could go down at any second and that Central Banks were going to become the original custodians of the whole national financial reserves. She was referring to retail CBDCs rather than their wholesale variants.
Republican presidential candidate Senator Ron Desantos and Senator Ted Cruz have both talked about the potential threats of the CBDCs in granting the government greater control. However, various countries have conducted detailed research before adopting the retail CBCD standard under their jurisdiction, such as China.
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