Fed's digital dollar is ‘scary’ — all about 'control' over currency, economy

The Federal Reserve’s digital dollar is a “scary” concept because it is all about having direct control over currency and economy, said Brien Lundin, executive editor of the Gold Newsletter and the New Orleans Investment Conference host.

As the Federal Reserve prepares to launch a review of a possible central bank digital currency (CBDC) shortly, U.S. citizens need to be aware of all the negative consequences that could come from a FedCoin.

“That’s scary to me. You can already see the Federal Reserve beginning the PR campaign to soften the public up for a digital currency, a FedCoin. And they will talk about a lot of the advantages — transparencies of use, everything that you see from the blockchain technology. But behind all of that, there’s control and the ability to control the economy, pull those levers more exactly and precisely than ever before,” Lundin told Michelle Makori, editor-in-chief of Kitco News, on the sidelines of the New Orleans Investment Conference.

Follow Michelle Makori on Twitter: @MichelleMakori (https://twitter.com/MichelleMakori)
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