Former presidential candidate and political commentator Tulsi Gabbard is taking a stand against the Biden administration’s plans to develop a Central Bank Digital Currency (CBDC) in the United States. 

The ex-congresswoman argued on Sunday that CBDCs will be used as tools of mass financial surveillance that “undermine our autonomy and freedom.” 

In a tweet released over the weekend, Gabbard said that the federal government has already begun to implement its CBDC project, which will “bring about a cashless society where every transaction we make is tracked, monitored, and controlled.”

A CBDC is a new form of digital money issued directly by a central bank to retail customers, rather than through commercial banks. Proponents argue that it could serve as a more secure and efficient means of payment and remittance, providing a “safe central bank liability in the digital financial ecosystem,” according to Federal Reserve Vice Chair Lael Brainard. 

A BIS report in May 2022 suggested that 90% of central banks were already exploring the potential issuance of a CBDC, with over half of them already developing such a technology. That includes the United States after President Biden placed “the highest urgency” on potential US CBDC research as part of his crypto executive order in March of last year. 

(by Andrew Throuvalas)