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A solution looking for a problem --- one that the Fed has already solved. FedNow offers instant, low cost $ based transactions from your existing FDIC insured
by jqpabc123 2y ago
A solution looking for a problem --- one that the Fed has already solved.
FedNow offers instant, low cost $ based transactions from your existing FDIC insured bank account. It's fairly new and not fully implemented at every bank just yet but it's coming!
How does this uninsured "cowboy" token pegged to the same $ currency improve on this? Are they looking to better support money laundering or something?
- mrinfinitiesx 2y agohttps://wyoleg.gov/Legislation/2023/SF0127 https://wyoleg.gov/Legislation/2023/SF0127 https://www.wyomingnews.com/news/local_news/gov-mark-gordon-to-discuss-launch-of-state-issued-stable-token-at-wyoming-blockchain-symposium/article_16b2482c-5c11-11ef-9a7c-87eb21898792.html https://www.wyomingnews.com/news/local_news/gov-mark-gordon-... interest income generated on the underlying securities will be used to diversify state revenue streams, with capital distributed to Wyoming’s school foundation program. It'll help the schools etc.
- jqpabc123 2y agoSo in other words, it directly benefits the state but not the individual. By buying uninsured "cowboy" tokens, you're basically giving the state a loan at a 0% rate? I bet conspiracy theorists who don't trust government will be all in on this. Once these conpiracy nuts figure it all out in a few years, this will only further validate their viewpoint. So I guess the state run lottery just wasn't enough of a rip off.
- mrinfinitiesx 2y agoI really don't know.