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US Moving Toward Creation of a Digital Dollar
- politician 4y ago> “It is why this administration believes that now more than ever,” he said, “prudent regulation of cryptocurrencies is needed.” They've been researching CBDCs for over 3 years. It is striking and important that these statements were made on the day after the apparent success of the Ethereum merge. It's hard to interpret this as anything other than a shot across the bow of cryptocurrencies.
- oifjsidjf 4y ago>> “Right now, some aspects of our current payment system are too slow or too expensive,” Yellen said on a Thursday call ... Yes, an even faster way for the FEDs to print more money, since now they don't event need to print it, only copy paste it...
- strangattractor 4y agoSorry - that ship sailed long ago. There are roughly 40 billion dollars in actual notes in circulation. Far less that the ones and zeros in bank accounts. Having to print money has not been an impediment for some time.
- notch656a 4y ago~40 billion notes, not $40B USD. More like $2T USD.
- redanddead 4y ago40B / 330M (U.S pop.) would be roughly 122$ per person
- mercy_dude 4y agoThis is what happens when there is a seamless revolving door between wall st,big tech, and federal government.
- scottiebarnes 4y agoWhat does this have to do with big tech or wall street? Seems more like the feds see new technology that poses a threat to their legacy systems, and that they need to innovate or risk losing their monopoly power over money.
- chrisgp 4y agoConsidering how much demand there is for stablecoins this seems pretty positive. Don't need to worry about Tether counterparty risk if the backer of a US dollar coin is the US treasury. Maybe this is what gets us to <1h settlement ACH transfers?
- hocuspocus 4y agoHow much of that demand is driven by the fact USD-pegged stablecoins allow to evade US jurisdiction? > Maybe this is what gets us to <1h settlement ACH transfers? You can have that without involving the central bank.
- atdrummond 4y agoFedWire already solves the last problem.
- immigrantheart 4y agoAbsolute power corrupts absolutely.
- moistly 4y agoFood, energy, healthcare—really, all—prices are skyrocketing. Universal basic income seems like an inevitability. Implementing it as a CBDC makes a lot of sense: it can be tracked. It can be added to your taxable income, and tax refunds provided based on how it was spent: loaf of bread? You get refunded. Another yacht? No refund.
- redanddead 4y agoI don't think it's about BTC. The feds have true hatred and fear of USDT and stable coins, it's a major source of fraud, most dark money goes into it. My analysis is that the digital dollar is an attempt to kill stablecoins, they might be successful I dunno I wonder what the symbol for the digital dollar will be, maybe a $ but in italic?