That is a good question, interestingly phrased.Originally Posted by teamsnowden
Most people ask me if redeeming lawful money will have any effect on CBDC? (Central Bank Digital Currency) Or vice versa, will central bank digital currency have any effect on redeeming lawful money?
I cannot foresee that the Federal Reserve can convert security and confidence into Blockchain. Blockchain security is empty of reserves. Therefore the backing even for CBDC will be Special Drawing Rights, like we have now. When approving your electronic transfer, you will hopefully already have your demand on file, and have retained evidence of your demand on the authorizing signature.
It is useful for me to have read P.L. 94-564 several times through, out loud in discussion groups. Mostly Christian home bible study. So I post it linked again here for you. The State Department Bulletin about KATZ initiating SDR's as currency during the Secret Jamaica-Rambouillet Accord will round out your reading.
Another component is the request to Report whether you engage in digital currency as income at all. Leave that Line 2 Question on the 1040 Form unanswered. Do not sign any testimony one way or the other. Do not check either box; Yes or No. Leave it unanswered. Let your stamp on the negation of taxable income do the talking.
One item to keep in mind is that you should only be claiming refunds for withholdings on your first full tax year of redemption. At that same time you file for it, you should already be EXEMPT on the W-4 so to stop withholdings by your employer. And keep it in mind that you also stop withholdings to the state in the same form. If not, be sure you find and EXEMPT the state withholdings however your employer executes this, according to your state revenue code.
How the central bank treats it awaits to be seen. The law has not changed - not Title 12 USC §411. So, until you phrased the inquiry correctly, so to be concise, I am giving my first response here. I will link the brain trust to this post and the suitors can read it here.
Jamaica Rambouillet Accord.pdf
Statutory Public Law 94-564.
Public Law 94-564 2018.pdf
Reply With Quote