Posted on 11/15/2022 5:25:22 PM PST by bitt
The Federal Reserve Bank of New York began a simulated digital currency initiative on Tuesday alongside multiple major banks as the cryptocurrency sector descends into chaos.
The digital dollar simulation, which is slated to last for 12 weeks, will “experiment with the concept of a regulated liability network,” a concept for a financial market infrastructure that would facilitate “digital asset transactions that connect deposits held at regulated financial institutions using distributed ledger technology,” according to a press release from the Federal Reserve Bank of New York. Analysts will test the “feasibility of payments between financial institutions” using tokenized assets.
Among other financial institutions, Citi, Mastercard, BNY Mellon, and Wells Fargo will partake in the simulation, which will determine whether the project is feasible for broader rollout and lead to technical design insights.
The simulation comes as policymakers weigh the merit of a central bank digital currency, which would preserve the international role of the dollar while mitigating pitfalls intrinsic to cryptocurrencies, such as liquidity risk and credit risk, according to a paper from the Federal Reserve. A digital dollar could be privacy-protected, intermediated through digital wallets offered by the private sector, and transferable between customers of different intermediaries. Identity verification from banks would also discourage money laundering.
Federal Reserve Chair Jerome Powell said last summer that his “mind is open” to a digital dollar, noting that he was “legitimately undecided” on whether the “benefits outweigh the costs” of central bank digital currencies. “We would want very broad support in society and in Congress,” he told lawmakers. “It’s a very, very important initiative, and I do think we should ideally get authorization.”
(Excerpt) Read more at dailywire.com ...
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Here we go.
Yep.
After 2024, it will be the currency of the United States.
Canada is supposed to do this in 2023
LOL...the jokes practically write themselves nowadays.
Talking out of both sides of their mouth.
They can then implant a chip into you and you will have to use that to buy, sell and hold a job.
The fed will be able to drop in and grab your account at will.
Sound Familiar?
What happens to the Benjamins buried in the backyard? Asking for a friend.
What convenient timing.
They will become worthless. You should be burying precious metals, which include steel, copper, brass, and lead.
And Zinc
doesn’t instill confidence
And a few others that were not mentioned.
😁
Who saw that coming? /s
I knew there would be clamor for the government to do more
to tighten up crypto.
How long before all crypto but the government crypto is
outlawed?
Several years ago Kyle Bass the hedge fund guy bought $1 Million in Nichols because they were made out of Zinc and put them in storage with his gold and silver hoard. He said at the time the Zinc was worth more than the Nichol currency.
Everything else is fake so just as well have fake money
I have not used paper dollars for 10 years.
It is only credit cards for me. So one can say I am already using digital currency.
“How long before all crypto but the government crypto is
outlawed?”
That most likely won’t happen because the market will take care of these overpriced speculative securities.
These cryptos will get a new valuation, moving forward.
The blame the government for ‘potential’ regulation is a bunch of jokers trying to find a scapegoat for their economic stupidity.
They will have all the value of fancy monopoly money.
By Fiat.
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