US Moving Toward Creation of a Digital Dollar(apnews.com)
apnews.com
US Moving Toward Creation of a Digital Dollar
https://apnews.com/article/cryptocurrency-biden-technology-united-states-ae9cf8df1d16deeb2fab48edb2e49f0e
13 comments
> “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.
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.
>> “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...
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...
Sorry - 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.
~40 billion notes, not $40B USD. More like $2T USD.
40B / 330M (U.S pop.) would be roughly 122$ per person
This is what happens when there is a seamless revolving door between wall st,big tech, and federal government.
What 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.
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.
Considering 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?
Maybe this is what gets us to <1h settlement ACH transfers?
How 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.
> Maybe this is what gets us to <1h settlement ACH transfers?
You can have that without involving the central bank.
FedWire already solves the last problem.
Absolute power corrupts absolutely.
Food, 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.
I wonder what the symbol for the digital dollar will be, maybe a $ but in italic?