Be wary of digital currency

The U.S government is working on a digital currency backed by the government, according to a former investment banker, Catherine Fitts, who also was a government official under (former U.S. president) George H.W. Bush.

(She) is warning the system is government encroachment on financial liberties.

Fitts believes the word “currency” is a misleading term. " It is more of a financial transaction control grid. Central bankers can “turn off” money if someone does not follow the rules they create.

Our country is doing the same thing. The Bank of Canada admits it is building the capability to issue a digital currency version of the Canadian dollar. You can be sure the spin will be positive, making it sound very convenient and trustworthy.

It also says the government of Canada will decide if and when to use a digital currency.

According to Fitts people are used to living with financial transaction freedom but they don’t understand the seriousness of the situation.

“When the gates close on us, we will be literally sitting in a system where the central banks believe our assets belong to them and they can dictate where we spend our money and what we can spend it on,” she says.

After the trucker convoy last year, the federal government froze certain Canadians' bank accounts at will and the banks complied. How much more control will it have with digital currency? We need to push back against this system, our current financial system has worked forever, let’s not let (the government) take it away for its own purposes.

Countries around the world have used digital currencies, IDs and vaccine passports to control the movement of their citizens. Let’s not fall into the same trap.

We have always enjoyed financial freedoms. If this digital currency becomes reality, and the government doesn’t like anything you say or do, even your political views, it could turn off the tap to your money until you comply.

The people are the majority and the majority still rules. We need to be aware and push back against these proposed digital ID and currency systems before it’s too late.

Jacinta Jay, Summerland

(Editor’s note: The freezing of bank accounts as a result of the trucker convoy was a temporary measure under provisions of the Emergenies Act. Accounts were unfrozen less than two weeks later.)