"As powerful as the intelligence agencies are, there is another secretive government institution that also has great ability to harm, or help, politicians: the Federal Reserve," writes Dr. Paul.
The tests, which took place over 12 weeks with some of the world's leading banks, including Citigroup Inc. and Wells Fargo & Co., sought to evaluate the potential of digital currencies to enhance both domestic and international payment systems.
"By tracking every financial transaction, they will have access to every detail of our spending, the recipient of our money, and how we allocate our resources. In essence, it replicates George Orwell’s dystopian society depicted in 1984," critics have argued.
Amazon and JPMorgan are part of an effort to push Central Bank Digital Currency (CBDC) in Singapore, according to a paper released by the Monetary Association of Singapore (MAS).
Kristalina Georgieva, the Managing Director of the IMF, recently confirmed at a conference in Rabat, Morocco, that the fund is working diligently on a global infrastructure to ensure interoperability between CBDCs issued by national central banks.
Sanctions imposed on Russia under the Biden administration, following Russia's military action in Ukraine, have shaken the foundation of the U.S. dollar's global dominance.