Free Republic
Browse · Search
News/Activism
Topics · Post Article

To: Malsua

As you were saying:

They currently state that “no decision has been made”

https://www.federalreserve.gov/central-bank-digital-currency.htm

Central Bank Digital Currency (CBDC)

While the Federal Reserve has made no decisions on whether to pursue or implement a central bank digital currency, or CBDC, we have been exploring the potential benefits and risks of CBDCs from a variety of angles, including through technological research and experimentation. Our key focus is on whether and how a CBDC could improve on an already safe and efficient U.S. domestic payments system.

(excerpt)


20 posted on 03/28/2023 10:28:51 AM PDT by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
[ Post Reply | Private Reply | To 13 | View Replies ]


To: SaveFerris

There is are potential upsides to a CBDC which should be much faster speed and much lower transaction costs.

There are many downsides real and potential, including of course federal intrusion and spying on individual and organizational transactions. I would argue there are 1st and 4th Amendment concerns and simply would not trust that the ledger keepers would respect freedom of association and freedom from warrantless searches of financial data.

Now add another factor - Visa, Mastercard, Discover, Amex, Goldman Sachs and other card issuers love their 3% merchant fees and love the interest they charge. I am not sure how they fit into a CBDC system but somebody will be lending money on that blockchain. And the banks love their wire fees and other fees. Blockchains only charge fees for moving money and generally speaking it has been quite low (though relative to the token, it could be high it should really only cost a few cents per transaction).


41 posted on 03/28/2023 1:31:45 PM PDT by monkeyshine (live and let live is dead)
[ Post Reply | Private Reply | To 20 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson