> “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.
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.
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.
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?
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 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?
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[ 3.2 ms ] story [ 43.8 ms ] threadThey'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.
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...
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.
Maybe this is what gets us to <1h settlement ACH transfers?
> Maybe this is what gets us to <1h settlement ACH transfers?
You can have that without involving the central bank.
I wonder what the symbol for the digital dollar will be, maybe a $ but in italic?