South Dakota Governor Kristi Noem just vetoed a little-publicized but extremely important bill that would have made it easier for the federal government to implement a central bank digital currency (CBDC). Stopping House Bill 1193 helps fend off one of the biggest threats to freedom facing Americans today.
Digital currencies such as cryptocurrency (crypto) and central bank digital currency (CBDC) are becoming more of a talking point today. Cryptocurrency has been gaining popularity these past few years with coins such as Bitcoin, Ethereum, and dogecoin, many heralding the technology as a bastion of anonymity as it’s decentralized, meaning it’s not issued or regulated by one entity.
CBDCs, however, are centralized and would not guarantee the same level of privacy as crypto. By definition, CBDCs are a type of digital currency issued and regulated by the central bank of a nation. Many nations around the world are at least researching the feasibility of a CBDC, while others are in the pilot or implementation stage.
Some of you reading this are already familiar with these facts. Still, it’s important to restate them nonetheless as it’s not only important to – I believe – have a basic understanding of these technologies as they increase in popularity (or disdain) but also to understand their differences and what they can do. I’ll come back to these distinctions later in the article.
I’ve often noted in my previous articles on CBDCs that I believe what we’re seeing take place is a “CBDC race” of sorts. Different nations have different reasons to research and potentially go down the path of implementing the technology. Still, despite the reason, it’s all ultimately hastening this CBDC race.
One of these reasons would be to not be left behind, the US is in this bucket. My article, China’s Digital Yuan causing US Lawmakers to Speed up Efforts Towards a Digital Dollar, went into this point. Due to this being the case, it shouldn’t surprise us if we continue to see initiatives to either create a digital dollar in the future or at least lay the groundwork for it. For one, we know that the Biden Administration supports the research and development of a U.S. Central Bank Digital Currency, which I reported on here.
House Bill 1193
But we’re not just seeing this groundwork being laid on a federal level but also a state level. Enter House Bill 1193. In a March 20th article from Fox News, Justin Haskins brought to our attention that S. Dakota Governor, Kristi Noem, vetoed a bill that would’ve made it easier for the federal government to implement a CBDC.
This is great news, in my opinion, and I’d love to see more of this, but similar legislation is being offered in over 20 other states. This point can’t be emphasized enough as it shows, again, the groundwork being laid in the nation already for a possible (and I believe, at this point, inevitable) creation of a digital dollar.
“Identical legislation is being offered in more than 20 other states, and many lawmakers — Republicans and Democrats alike — have continued to move the bills forward despite claiming in many cases to be opposed to the development of a digital dollar. Similar legislation is now being considered in Arkansas, Montana, New Hampshire, North Dakota, Tennessee, Texas, and California, among many other states.” (Fox News)
According to Haskins, bills like H.B. 1193 are part of a nationwide effort to “amend various parts of the Uniform Commercial Code (UCC). The UCC is not a federal law, but rather a state law passed in all 50 states. It’s been around for over a century, and it continues to play an important role in ensuring that commercial activity operates smoothly across state lines.” (Fox News) On the surface, that in and of itself isn’t bad. It’s some of the provisions in the bill that would make the use of a CBDC easier that are drawing questions.
Haskins notes that the existing UCC already has provisions that would allow the use of a CBDC in many commercial scenarios but believes lawmakers should strive to support amendments that would discourage the eventual implementation and use of the technology, not encourage it.
“It’s important to note that the proposed updates to the UCC would not establish a digital currency nor require its creation in the future. It would, however, help lay the foundation for a central bank digital currency or other government-mandated digital currency in the future. The bill would have made it easier to use CBDCs in certain kinds of transactions and included absolutely no provisions that would forbid the use of a programmable central bank digital currency as it applies to the commercial code. ” (Fox News)
Beyond the fact that the bill contained provisions that would lay the groundwork for the use of a CBDC, it would also allow for said CBDC to be programmable. In section 45 of the bill, it includes a provision that would allow for a future CBDC to be limited, programmable, or allow for the loss of control by a system or protocol stating, “a power is exclusive … even if: (1) The electronic money, a record attached to or logically associated with the electronic money, or a system in which the electronic money is recorded, limits the use of the electronic money or has a protocol programmed to cause a change, including a transfer or loss of control.” (Fox News)
But that’s not all. The amendments would’ve also made the use of cryptocurrencies, such as Bitcoin, more difficult. “Another section would prevent all or nearly all existing cryptocurrencies and digital currencies from being considered “money” under the UCC, including Bitcoin. Thus, only a government-created currency could ever be considered electronic money under H.B. 1193 and similar bills offered in numerous other states.” (Fox News)
Why does this matter? Earlier in the article, I differentiated cryptocurrency and CBDCs. Cryptocurrencies essentially allow for anonymity and encourage freedom, while CBDCs don’t. With this in mind, it should come as no surprise as we witness the simultaneous crack-down by various nations (including the US) on cryptocurrency, but yet the support and implementation of CBDCs.
For some, this seems like diametrically opposing viewpoints. How can a nation both discourage the use of digital currencies yet strive to create its own? Simple. It all comes down to what these digital currencies do and allow. Crypto takes away financial power from the government, giving it to the people, while CBDCs do the opposite; they take away financial power from the people giving it instead to the government.
So by both making it more difficult to use crypto but yet easing the use of a future CBDC, you’re getting rid of any possible competition and making it so that a CBDC would be the only form of a digital currency to use. As Haskins made clear earlier in his article, similar legislation is being offered in many other states across the US. So although this may be regarded as a small victory for S. Dakota, at least for now, it begs the question what lawmakers of other states will do or won’t do with similar legislation.
Ultimately, this is all headed somewhere. In my article, What is the Prophetic Significance of Digital Currency? I elaborated on why I believe this digital currency race is prophetically significant. I believe that the groundwork is being laid for the mark of the beast system that will come to fruition during the tribulation. My purpose isn’t to state that CBDCs or other forms of digital currency is the mark of the beast.
My goal instead is to bring headlines such as this to your attention and, in doing so, show you the trend of things and ultimately point to scripture. This should serve as a means of encouragement for the believer as we see our blessed hope draw near (Titus 2:13) and evidence for the skeptic that God’s word is true and should be trusted.
Politicians are quietly preparing for a digital dollar. It’s not good for your freedom
Fox News: In choosing to veto the legislation, Noem, a Republican, bravely took on her own party, which dominates South Dakota’s legislature. Hopefully, lawmakers in other states will soon take notice. Identical legislation is being offered in more than 20 other states. Many lawmakers — Republicans and Democrats alike — have continued to move the bills forward despite claiming, in many cases, to be opposed to the development of a digital dollar.
Similar legislation is now being considered in Arkansas, Montana, New Hampshire, North Dakota, Tennessee, Texas, and California, among many other states.
The attempt to pass bills like H.B. 1193 nationwide is part of an effort to amend various parts of the Uniform Commercial Code (UCC). The UCC is not a federal law but rather a state law passed in all 50 states. It’s been around for more than a century, and it continues to play an important role in ensuring that commercial activity operates smoothly across state lines.
Because the nature of commerce is always changing, the UCC must be updated on occasion, and that’s exactly what bills like this aim to do.
Many of the proposed amendments to the code in H.B. 1193 are valuable, but the drafters of the legislation also included a few extremely troubling, completely unnecessary provisions. Those would make it easier for consumers to use a programmable, traceable, controllable central bank digital dollar in certain kinds of commercial activities, should the federal government choose in the future to create one.
The existing UCC already includes provisions that would effectively allow central bank digital currency to be used in many commercial arrangements. Instead of making it easier to use CBDCs, which, for the most part, do not yet exist in any major economy in the world, the UCC should be amended to make it much harder. Rather than encourage the use of CBDCs, lawmakers should be discouraging it. Read More
“Now I tell you before it comes, that when it does come to pass, you may believe that I am He.” (John 13:19)
For the believer in Christ, these are amazing times we’re living in as we see the world stage being set up just as the bible says it will in the last days preceding Christ’s return. For us, it’s a time of hope as our redemption draws near, but for those yet saved, they lack the same hope and instead may find themselves living in fear as to what tomorrow may bring.
In Revelation 19:10 we’re told that the essence of bible prophecy is Jesus, “For the testimony of Jesus is the spirit of prophecy.” My purpose in writing these articles in relation to bible prophecy is to express this truth to ultimately point you to Christ. Bible prophecy is not meant to scare but to prepare. These things were revealed to us so that we have confidence in God’s word and believe in Jesus (John 13:19).
If you have not placed your faith in Jesus’ finished work on the cross, I implore you to do so today (2 Corinthians 6:2)! The bible makes it clear that our life is like a vapor, so tomorrow isn’t guaranteed for anyone (James 4:13-14). We’ve all sinned and fallen short of the glory of God (Psalm 51:5, Romans 3:23), and due to this, there’s nothing we can do to save ourselves or somehow work our way to heaven (Isaiah 64:6). Because God is holy He must judge sin. The penalty of this sin is death and, ultimately, the Lake of Fire. (Romans 6:23, Revelation 20:11-15).
But God, in His love, has provided a way to escape His wrath through Christ (John 3:16-18, John 14:6). Jesus paid for our sin penalty by taking God’s wrath in our stead on the cross (Romans 5:8). He died for our sins, was buried, and rose again on the 3rd day (1 Corinthians 15:1-5). Although God offers humanity the gift of eternal life through the shed blood of His son, it’s our choice to either reject this gift and pay for the penalty of our sin ourselves or accept it by placing our trust in the one who’s already paid it all in full (Acts 16:30-31, Romans 6:23, Ephesians 2:8-9). I encourage you to make the right decision about Jesus today! It will be the most important decision of your life for eternal life.
Sources
- Politicians are quietly preparing for a digital dollar. It’s not good for your freedom (March 20th, 2023) – Fox News
- Gov. Kristi Noem: This idea is paving the way for the government to control currency (March 10th, 2023) – Fox News
This is an updated edition of a post originally published on Himitsu | End Times Study
Featured Image by Behnam Norouzi on Unsplash
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