Nevada, a state where the spirit of enterprise once sparkled like gold flakes in clear water, now stands on the brink of a new dawn, one that seeks to challenge the time-tested pillars of commerce and independence: the emergence of Central Bank Digital Currency (CBDC). Much like the pioneers who once braved unknown territories, today, the winds of change, bearing the promises and perils of digital currency, beckon us. I believe it’s prudent to assess the repercussions for people before we plunge headlong, much like our hurried embrace of the COVID vaccinations, and ensure we don’t again learn the hard way about unforeseen pitfalls.
The Biden administration’s vision for digital currency, a departure from the time proven dollar bills that fueled Nevada’s boomtowns, raises both opportunity and concern for the enterprising citizens of this great state. A digital currency, programmable and trackable, is touted as a harbinger of innovation. However, as Nevadans it is in our blood to question the cost, and in this case, the rush to digitize our currency. What freedoms are you willing to sacrifice including your financial freedom?
Nevada, with its bustling businesses – from the lavish casinos of Las Vegas to the industrious startups in Reno and the rural counties – hinges on the smoothness and discretion of financial transactions. All the hardworking employees of our state hold close to their bosom the fruits of their labor, their money. In Biden’s digital currency, not only is the tangibility of this hard-earned wealth endangered, but so too is the valued control over it.
For the mighty businesses that form the bedrock of Nevada’s economy, this transition is as risky as it is promising. Our casinos, where fortunes are won and lost at the gaming tables and slot machines, must now prepare to reorient a culture built on physical cash. The pit boss overseeing the tables will be beholden, not just to the house, but potentially to federal overseers with access to every transaction. The digital strings attached to each coin might just ensnare the vibrancy that makes Nevada unique.
And what of the small businesses and the burgeoning tech startups? These modern-day gold diggers, unearthing not precious metals but invaluable innovation, could find their creativeness constrained. The accountability of digital currency could usher in unprecedented oversight. The very essence of risk, so integral to both the gambler and the entrepreneur, could be sterilized to extinction.
Furthermore, what is the worth of currency if not underpinned by trust? The proposals for CBDC suggest that individuals may not truly “own” their digital dollars, but rather use them at the behest of the government. It’s akin to allowing Uncle Sam to hold our wallets, only to hand over the dollars at his discretion. This is alarming to the Nevadan who sees value in controlling one’s own personal wealth.
This is not just a financial problem, but a call to principles. Nevadans must ponder the sanctity of personal liberty and the value of tradition. Businesses, both large and small, must weigh the lure of streamlined transactions against the chains of control. Our employees, the backbone of our prosperity, must not be made mere numbers in a blockchain ledger.
Let us heed the wisdom of George Washington who said, “Private property and freedom are inseparable.” To the White House, the Federal Reserve and to all who would whisper sweet nothings of CBDCs into the ears of Nevadans, I beseech you – let not our liberties be trampled upon; empower us to be the stewards of our own fate in this era of digital riches.
CALL TO ACTION: What value do you place on your independence, privacy and freedom? As Nevadans guided by a moral compass, let us be vigilant about the shift towards a centralized digital currency. It’s incumbent upon business leaders to act with caution and wisdom, drawing from ethical and traditional values. Let us strongly urge our elected representatives to strike a balance between innovation and preserving individual freedoms. With conviction and unity, let us safeguard not just our finances, but the values that underpin our society. Progress without conscience and conviction is the road to ruin.