Posted on 09/26/2022 10:00:07 AM PDT by Pollard
When the government can see every financial action you make, it can control all of those actions.
Totalitarianism on a scale only dreamed of by Stalin and Hitler.
I have no problems with a Fedcoin being issued -IF- its use is limited to the bank to bank resolution of settlement payments.
The United States has been a leader in applying its anti-money laundering and countering the financing of terrorism (AML/CFT) framework in the digital asset ecosystem. It has published relevant guidance, engaged in regular public-private dialogue, used its enforcement tools, and led in setting international AML/CFT standards. While our efforts have strengthened the U.S. financial system, digital assets— some of which are pseudonymous and can be transferred without a financial intermediary —have been exploited by bad actors to launder illicit proceeds, to finance terrorism and the proliferation of weapons of mass destruction, and to conduct a wide array of other crimes.
Informing the above recommendations, the Treasury, DOJ/FBI, DHS, and NSF drafted risk assessments to provide the Administration with a comprehensive view of digital assets’ illicit-finance risks. The CFPB, an independent agency, also voluntarily provided information to the Administration as to risks arising from digital assets. The risks that agencies highlight include, but are not limited to, money laundering; terrorist financing; hacks that result in losses of funds; and fragilities, common practices, and fast-changing technology that may present vulnerabilities for misuse.
Terrorism - DOJ/FBI - DHS - Biden - MAGA - Ultra MAGA - Dark Brandon - what could go wrong?
Nope, it’s for everyone. Banks, businesses and P2P.
Since it degrades with time the Sell it as “ the cure for inflation ... like they will sell “ hivemind” as “ accelerated learning” turning humaity into an ant hill ... labor slaves ... without autonomy or Freedom of thought ... oh well
Yeah, that is where I draw the line.
Why would you use something controlled by the Fed when there are alternatives that provide the same benefits? Most of our settlements are digital already, so it’s a nothing burger for most people.
There are simply too many things that can go wrong on a retail basis.
The Federal Reserve in the USA is advancing its real-time payment initiative FedNow Service by focusing on blockchain technology.
The Fed formally opened the FedNow Service Provider Showcase on Tuesday to provide financial institutions and users with various services to assist them in implementing the FedNow Service, which will begin in 2023.
The showcase now features over 70 profiles and service providers that support immediate payments. One of them is Cypherium, a New York-based blockchain technology that focuses on instant payment solutions. The platform is well-known in China for its involvement in blockchain projects, including Suzhou City Municipal’s blockchain infrastructure development.
BNY Mellon Immediate Payments, Mastercard Track Business Payment Service, and ePayments are among the other suppliers featured in the presentation.
I have no problem with the Patriot Act - IF - its use is limited to "terrorists" and not used to spy on Americans, depose elected Presidents, or attack organizations with conservative beliefs.
The nose of the camel into the tent——
It’s time to go back to the barter system.
Back in the 1980s it seemed like Japan was the economic powerhouse that might inherit the future. Science Fiction writer William Gibson took that into account in his “Sprawl” trilogy. One very minor feature of those books was a two-level economy.
Gibson always gets a lot of mileage out of loose terminology which implies something without tediously explaining what he meant (that way no one laughs at your ridiculous explanation but instead is impressed by the hints you drop during the storytelling).
In the Sprawl, official business was done with “chips” which seems to have been a digital currency on some sort of flash drive, and which could be monitored by the authorities. But all transactions in the black market were done with cash — paper money from Japan which no longer had official value but which served as a way to transfer wealth while avoiding surveillance. Maybe this is where we’re going.
You won't be allowed to use alternatives.
That is the whole point.
Because: the usual, terrorism, money laundering, crime..
But most importantly, total control over everyone using the system.
>The term FedCoin has been used for a shorthand reference to the US version of a CBDC. <
FedCoin is a dumb choice, given that many governments have a federal system of government. I’d suggest “USBigBrotherCoin”. It’s more specific, and also more descriptive.
USBBC, for short.
Oops! “Brother” is a sexist term, and might offend women and transsexuals. How about “USBigPersonCoin”?
All these people working under the table will now end...Illegal drug sales, no gun sales...you get the picture.
“Person” could also be seen by the woke crowd as an offensive term.
How about DigitalBigThingCoin?
Biden is “you know...the thing...the president!”
And since he’s Hunter’s “big guy”, will he be getting 10% of the coins?
Yeah, I’ve always wondered what will be used for under the table transactions. Old reserve notes was one thought I had. Coins might be better because at least they have a tiny bit of material value and last longer but would have to have a new value set. One penny now = one dollar, Nickel is 5 bucks, dime ten bucks, quarter 25 bucks etc. Local currency has been a thing for a long time too. How about lithium or cobalt coins?
CBDC, digital money is coming. It’s just a matter of when. Fedcoin expects to launch mid 2023 but it’s a pilot. It will take a while to have something robust enough to handle every single transaction large or small in the country. Could be a decade away but it will happen. FedGov and the IRS think there is a lot of income and other things that are not being taxed which is missed revenue. Going all digital would help get them more revenue. Get paid $600.50 for a contractor project? That’s taxable.
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