If you want to see the Orwellian dangers of a digital central bank currency, look no further than Nigeria, where citizens will soon be able to withdraw only $45 per day from the ATM as the nation strongarms its way to a cashless economy.
“The policy – which will also apply to banks and cashback from purchases – follows the launch of the West African nation’s newly designed currency notes to control the money supply,” Fox News reports.
Weekly over-the-counter withdrawals have been limited by the Central Bank of Nigeria to the equivalent of $225 (100,000 naira) for individuals. Corporations can take out $1,124 (500,000 naira) per week. If more is needed, a processing fee will be required.
“When the policy takes effect in January, ATMs will no longer dispense Nigeria’s high denominations of 1,000 naira ($2.25) and 500 naira ($1.10) while withdrawals from ATMs and point-of-sale terminals also will be limited to 20,000 naira ($45) daily,” explains Fox News.
According to the bank’s director of banking supervision, Haruna Mustafa, cash withdrawals may be allowed in “compelling circumstances, not exceeding once a month.”
It’s a move by the central bank to hinder currency hoarding, illicit flows, and inflation, argue policymakers, and it will bring more people into the banking system.
And before you dismiss the news as a “Nigerian problem,” many warn the very same thing could be coming soon to America.
“When the nudging stops, social shaping will be done by force,” wrote one user on Twitter. “Don’t think this can’t happen here.”
NIGERIA – Has set a limit on all cash withdrawals to $45 per day to force the population to use digital money only.
When the nudging stops, social shaping will be done by force.
Don’t think this can’t happen here. pic.twitter.com/xc31pUXPkc
— Bernie's Tweets (@BernieSpofforth) December 7, 2022
It’s a frightening thought — one Glenn Beck has been discussing with his listeners for months, if not years.
Back in early March, the Radio Hall of Fame recipient discussed the looming American digital dollar with author Justin T. Haskins, who, along with Beck, co-authored “The Great Reset: Joe Biden and the Rise of Twenty-First-Century Fascism.”
As Haskins explained, with digital dollars, “[The government] can decide at any given moment what you can do with the money…It means CONTROL.”
“You’ll lose anywhere from 40 to 60 percent of everything you have,” Beck stated at the time.
He cited the U.S. Treasury, which vowed that any dollar exchange value would be “equitable.”
“So, if I’m white and have money, I’m going to get, maybe, 30 cents on my dollar,” he explained. “But if you’re poor and you’re one of the protected classes, you might get 70 cents or maybe even a dollar ten for every dollar that you have.”
What’s wrong with a digital dollar? It’s like a credit card, right?
“The Great Reset" co-author @JustinTHaskins explains what digital dollars could ACTUALLY mean: "They can decide at any given moment what you can do with the money…It means CONTROL." pic.twitter.com/cDaBUGlnKz
— Glenn Beck (@glennbeck) March 10, 2022
A couple of weeks later, Beck hammered home the implications of a programmable American digital dollar.
“Have you had too many sodas?” he asked. “Is your business refusing to go green? Are you deemed ‘socially harmful?’ Unlike with the Canadian truckers, the govt won’t need emergency powers to shut your finances off.”
Here's what a programmable Digital Dollar would mean for YOU:
Have you had too many sodas?
Is your business refusing to go green?
Are you deemed 'socially harmful?'
Unlike with the Canadian truckers, the govt won't need emergency powers to shut your finances off. pic.twitter.com/p2GYrRbA3k
— Glenn Beck (@glennbeck) March 24, 2022
“The digital dollar will be the END of the banking system as we know it,” Beck stated. “The Fed will be your banker and you will have NO privacy. Is that what anyone signed up for?”
The digital dollar will be the END of the banking system as we know it. The Fed will be your banker and you will have NO privacy. Is that what anyone signed up for? pic.twitter.com/QzYEwZrrab
— Glenn Beck (@glennbeck) March 24, 2022
By November, Beck tweeted, “The Fed’s digital dollar pilot program has begun. I tried to warn you.”
The Fed's digital dollar pilot program has begun. I tried to warn you. pic.twitter.com/rPTOROL5kc
— Glenn Beck (@glennbeck) November 16, 2022
“Citigroup Inc., HSBC Holdings, Mastercard, and Wells Fargo are among now the financial companies that, as of yesterday, are participating in the experiment along with the New York Fed’s Innovation Center,” Beck reported. “The project, called the ‘Regulated Reliability Network,’ is conducting in a test environment to roll out a digital dollar.”
“This is a pilot program,” Beck said. “We told you this was coming, how many years ago?”
“Everyone denied it,” he stated. “Every single member of the press has been denying this. They’ve been saying it’s a conspiracy theory. All of this. We told you years ago that this was coming. Now they’ve started, as of yesterday, their twelve-week digital pilot.”
According to a report at the time from Reuters, “The pilot will test how banks using digital dollar tokens in a common database can help speed up payments.”
With respect to Nigerian citizens now grappling with the restrictions, many fear a move to a cashless society will hurt the “informal sector,” where the majority of Nigerians, many of whom don’t have bank accounts, work. Among them, cash is generally the accepted method of payment.
Said Robert Kennedy, Jr., of Nigeria’s new restrictions, “Digital currency is the end of all liberty, the ultimate instrument of totalitarian control.”
Digital currency is the end of all liberty, the ultimate instrument of totalitarian control.https://t.co/wky8H7ADeq
— Robert F. Kennedy Jr (@RobertKennedyJr) December 8, 2022
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