At FreedomFest 2022, Ohio Congressman Warren Davidson said the future of money is the most critical issue facing humanity. Davidson sits on the House Financial Services Committee and is also the founder of the Sound Money Caucus.
Many of the world’s central banks are likely to soon roll out their own Central Bank Digital Currency (CBDC). This new technology poses significant privacy risks.
“It’s a system of control. It turns money, it corrupts money from being a store of value, a means of exchange, or record of account—good uses of money that are neutral—to a real system of control,” Davidson told NTD’s Paul Greaney.
With a CBDC, authorities would be able to track every transaction in real-time, create and deposit money into people’s accounts instantly, and even put an expiry date on certain issuances.
“The Chinese Communist Party is already working to implement linking social credit—you know, ‘you’re a good citizen’—and in the eyes of the state, with control of the money, it will be a system of coercion. It’ll be the creepiest surveillance state in the world.”
Davidson added there are people in Washington who want to make this a reality in the United States too.