By Dr. Joseph P. Farrell/The Giza Death Star

This article comes from one of our regular article-sifters-and-sharers, and it’s more grist for the mill as you consider what is behind the moves of so many states to pass various currency laws.  Last week, for example, I offered a cautionary caveat on Texas’s recent bills regarding the “backing” of digital “currencies” with gold or silver, and their apparent “convertibility.” My caveat remains what it was: if you’re going to have truly convertible digital currency with silver and gold backing, then certificates of deposit that one can carry in one’s wallet – we know them as gold and silver certificates – must be issued and useable as currency.  Otherwise, I smell a plot simply to hook people on digital and cashlessness via the hook of “bullion backed.” Colour me a curmudgeon, because I’m not buying.

But this article about the Hoosier state’s banning of Central Bank Digital Currencies has me wondering if this push back of the states against fiat money, the fed, and fedgov overreach, has real traction:

Consider what this article says very carefully:

 Last week, Indiana Gov. Eric Holcomb signed a bill into law to remove a central bank digital currency (CBDC) from the definition of money in the state.

Sen. Chris Garten and a bipartisan coalition of 11 cosponsors introduced Senate Bill 468 (SB468) in January. The law makes a number of changes to Indiana’s Uniform Commercial Code (UCC) including explicitly excluding a CBDC from the definition of money in Indiana, effectively banning its use as such in the state.

The law amends the definition of money to specify, “The term does not include a central bank digital currency that is currently adopted, or that may be adopted, by the United States government, a foreign government, a foreign reserve, or a foreign sanctioned central bank.”

Digital currencies exist as virtual banknotes or coins held in a digital wallet on your computer or smartphone. The difference between a central bank (government) digital currency and peer-to-peer electronic cash such as bitcoin is that the value of the digital currency is backed and controlled by the government, just like traditional fiat currency.

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