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The Fed is evaluating whether to launch a digital currency and in what form, Powell says

The Fed is evaluating whether to launch a digital currency and in what form, Powell says



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26 Comments

  1. What frustrates me about this is that I see it as a necessary evil to happen and here are a few reasons.

    1) I work for a government agency and we would NEVER accept crypto unless we absolutely had to. With the feds releasing a CBDC it’ll hopefully force us to build the infrastructure to also accept BTC.

    2) give people a chance to use the concept of “crypto.” For most of us it makes sense and we know how it works. It’s easy for us. Some folks that I work with don’t have internet at their homes. This is their choice because they don’t see a need for internet. Some don’t even have smart phones and they think crypto is a scam.

    3) similar to point 2, it’ll give a chance for elderly people to use it. They will get a chance to use their phones for payment with NFC or QR. It’ll also give them a chance to see how to set up a wallet and custody their fiat money before the move to BTC.

    4) if this is done correctly, and we know it won’t be, the feds would have an open ledger for us to see exactly how many dollars there are. We wouldn’t have to trust what the feds say anymore.

  2. This would be way worse than the fiat we have now. It would just be digital fiat. If you think for one second the fed will give up their ability to print money you’re nuts. All this would do is make every transaction traceable, something they don’t get with cash currently.

    It’s just fiat with extra controls.

  3. tldr; The US Federal Reserve (Fed) is pushing ahead with its study into whether to implement its own digital currency and will be releasing a paper on the issue shortly, Chairman Jerome Powell said on Wednesday. “I think it’s important that we get to a place where we can make an informed decision about this and do so expeditiously,” he added. No decision has been made on the matter yet, he said.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

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