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
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PolitiFact - Here’s why social media panic over digital currency is overblownSocial 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.
Read more »
PolitiFact - Dominion-Fox lawsuit: Looking back at false claims about voting machine companyFox News is scheduled to be in court this week, defending against a Dominion Voting Systems defamation lawsuit. We’ve checked dozens of false claims against the voting equipment company. Here's a look back.
Read more »
PolitiFact - No, Defense Department didn’t award COVID-19 contract in Ukraine before virus emergedA viral TikTok video claims the Defense Department awarded a COVID-19 research contract in Ukraine before the virus emerged. That’s wrong. The description in the contract was modified in June 2020 to address the pandemic, a spokesperson said.
Read more »
PolitiFact - Don’t fault these vaults; mass extinction idea isn’t trueAn old conspiracy came back to life when social media users shared a video claiming that a field of burial vaults in Madison, Georgia, is being prepped for mass extinction. Pants on Fire!
Read more »
PolitiFact - Dominion Voting Systems’ defamation lawsuit against Fox News: What to know before the trialA Delaware jury may soon decide whether Fox News knowingly published defamatory statements about Dominion Voting Systems. Here’s a guide to what’s at issue, who’s involved and what terms you need to know to decipher the legal jargon.
Read more »