Fact Check: There Is NO Plan To Launch US Central Bank Digital Currency In December 2022

Fact Check

  • by: Christiana Dillard
Fact Check: There Is NO Plan To Launch US Central Bank Digital Currency In December 2022 Just Research

Is President Joe Biden going to launch a U.S. central bank digital currency (CBDC) in December 2022? No, that's not true: Although Biden signed an executive order in March 2022 that required research into the future of money and payment systems in the country, the order did not mandate that the federal government establish a national CBDC.

The claim appeared in an article (archived here) published by NewsPunch on August 15, 2022, and titled "Biden's 'Cash Free' Central Bank Digital Currency Coming This December." It opened:

President Biden is set to rollout a cash-free system this December via a newly formed central bank digital currency (CBDC).

Executive Order 14067 signed by Biden gives the elites the power to create CBDCs, distribute them at will, steal them from you whenever they want, and shut it off if you do something they don't approve of.

Users on social media saw this title, description and thumbnail:

Biden's 'Cash Free' Central Bank Digital Currency Coming This December - News Punch

President Biden is set to rollout a cash-free system this December via a newly formed central bank digital currency (CBDC).

Executive Order 14067, signed by Biden on March 9, 2022, outlined a government approach to digital assets in several categories, including the country's financial system. According to a White House press release about the order, Biden required several government departments and agencies to conduct research on central bank digital currencies, which may lead to the development of a national CBDC:

The Order directs the U.S. Government to assess the technological infrastructure and capacity needs for a potential U.S. CBDC in a manner that protects Americans' interests. The Order also encourages the Federal Reserve to continue its research, development, and assessment efforts for a U.S. CBDC, including development of a plan for broader U.S. Government action in support of their work. This effort prioritizes U.S. participation in multi-country experimentation, and ensures U.S. leadership internationally to promote CBDC development that is consistent with U.S. priorities and democratic values.

The actual language in the order states that within 180 days of the signing of the order, a governmental report should be submitted to the president that examines the future of money and payment systems, "including information on the "potential implications of a United States CBDC." Based on the 180-day deadline, the report would be published no later than September 2022.

A spokesperson for the Department of the Treasury told Lead Stories during a phone call on August 25, 2022, that the order does not mandate that a national CBDC be launched in December 2022. The spokesperson said that the efforts to research CBDC so far do not equate to the development of a national CBDC. The spokesperson also clarified that by providing us with this information, the Treasury is not taking a policy position regarding a national CBDC.

The Federal Reserve's discussion paper on the pros and cons of potential CBDC was published in January 2022, before the executive order was signed in March 2022. A press release following the publication of the discussion paper clarifies that the paper "does not favor any policy outcome." As recently as June 30, 2022, the Federal Reserve has stated that it "has made no decisions on whether to pursue or implement a central bank digital currency."

NewsPunch (formerly YourNewsWire) has published fake news articles in the past so anything they write or publish should be taken with a large grain of salt. Their Facebook page "The People's Voice" even lost its verification checkmark according to a 2018 report from Media Matters For America.

The Terms of Use of the site (archived here) also make it clear they don't really stand behind the accuracy of any of their reporting:

NEWSPUNCH, LLC AND/OR ITS SUPPLIERS MAKE NO REPRESENTATIONS ABOUT THE SUITABILITY, RELIABILITY, AVAILABILITY, TIMELINESS, AND ACCURACY OF THE INFORMATION, SOFTWARE, PRODUCTS, SERVICES AND RELATED GRAPHICS CONTAINED ON THE SITE FOR ANY PURPOSE.

RationalWiki described it as:

YourNewsWire (styled as YourNewsWire.com) is an Los Angeles-based clickbait fake news website known for disseminating conspiracy theories and misleading information, contrary to its claimed motto ('News. Truth. Unfiltered').

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  Christiana Dillard

Christiana Dillard is a former news writer for Temple University’s Lew Klein College of Media and Communication. She received her undergraduate degree in English Writing from the University of Pittsburgh. She has been a freelance writer for several organizations including the Pittsburgh Black Media Federation, Pitt Magazine, and The Heinz Endowments. When she’s not producing or studying media she’s binging it, watching YouTube videos or any interesting series she can find on streaming services.

Read more about or contact Christiana Dillard

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