"We are looking very carefully about whether we should issue a digital dollar," Fed Chairman Jerome Powell said before the Senate Banking Committee. "As the reserve currency, we have the responsibility to get this right rather than be the first."

Powell made it clear that his central bank will be upping the inflation in order to destroy the value of paper money and ease the transition toward the cashless society.

"The economy is a long way from our employment and inflation goals, and it is likely to take some time for substantial further progress to be achieved," he said.

Liberty Conservative News has warned of the cashless society, as a cabal of wealthy international interests pine for a monetary system where everyone can be tracked by state authorities at all times:

"The Cato Institute, a Washington D.C. think-tank funded in part by globalist oligarchs David and Charles Koch, has formally endorsed the notion of a cashless society that would enable centralized government control over the entire economy on an unforeseen scale

Economics professors Michael D. Bordo and Andrew T. Levin wrote a white paper for the Cato Journal titled, "Improving the Monetary Regime: The Case for U.S. Digital Cash." They argue that digital cash is necessary so the "Federal Reserve can provide sufficient monetary stimulus to preserve price stability."

"Our analysis indicates that the Federal Reserve should take active steps to establish digital cash as the fulcrum of the U.S. monetary system," the Cato analysts wrote.