'This is exceedingly dangerous': Monica Crowley breaks down risks of central bank digital currency on 'Fox & Friends'

NEW YORK CITY, NEW YORK: On the February 3 episode of 'Fox & Friends,' former Assistant Treasury Secretary Monica Crowley joined co-host Rachel Campos to delve into the possible risks associated with central bank digital currency (CBDC).

This discussion unfolded following Donald Trump's assertion that CBDC was "very dangerous," warning users that they might end up with an empty account.

The co-host shared the experience of her daughter, who recently flew to Bangkok with China Air, where she reportedly found that the passengers who bought their tickets with CBDC got the privilege of boarding first.

She then prompted the podcaster to elaborate on why this type of currency, reportedly advocated by the World Economic Forum, might pose risks for the common people.

The loss of financial freedom

"This is exceedingly dangerous," began Crowley, "Because (CBDCs) are only about power and control for any government that is implementing them, like the Chinese government, because it is a critical cornerstone to moving any society to a social credit score kind of system."

"A (CBDC) is essentially replacing hard assets...with a digital currency that will be centralized in, say, the federal reserve. So ultimately, they want to get rid of all banks of all sizes...and replace it with the federal reserve," she added.

"Why? Because all of your assets will no longer be a tangible asset in your wallet, like a $10 bill," she continued. "Instead, your assets will be a line of software and therefore open to be taxed, drained, garnished, or entirely wiped out by the government or any controlling authority."

"So, again, your privacy will be completely eliminated along with your financial freedom," she explained.

A possible scenario of CBDC acting as an instrument of control

When Campos asked Crowley to illustrate how shifting to digital currency may curtail citizens' freedom, she replied, "So let's say a government - the US government - decides that you have overstepped your carbon emissions on any given month."

"If we have a fully digitized financial system, then the government will have the right to go into your savings bank account, and either tax you, or prevent you from buying gas for the rest of the month for your car, or airline tickets..., or lock you out of your account completely," she stated.

"Again, this is a totalitarian system," she stressed, "And I must say that the Biden administration, the Treasury Department... they have had a pilot program studying this since January 2021 when they came into office."

"Other Western governments are doing the same thing. But the good news is, more and more people across the West are waking up to this and there is some pushback. About 2 weeks ago, the Irish government passed a rule requiring businesses to take cash. So there is some hope out there...," she added.