Posted on 05/24/2021 2:13:45 AM PDT by RomanSoldier19
The US Federal Reserve took a step toward developing a digital currency as it announced plans to publish a research paper on the subject. The aim is to gather public comment and get the US play a "leading role" in the development of international standards, said Fed chairman Jerome Powell in a video message.
"To help stimulate broad conversation, the Federal Reserve Board will issue a discussion paper this summer outlining our current thinking on digital payments, with a particular focus on the benefits and risks associated with CBDC in the U.S. context," Powell said. "As part of this process, we will ask for public comment on issues related to payments, financial inclusion, data privacy, and information security."
(Excerpt) Read more at msn.com ...
The overwhelming majority of all transactions are digital now.
ya...already have one...its called the USD....its traded electronically...and no one has to sit down and build a back door into it to pretend its has “privacy” and “anonymity”
I wouldn’t bank on that if I were you. BTC will be here, and probably triple its current price, in two years.
such a “cyber-currency” would prevent the bad publicity from this..
https://amgreatness.com/2021/05/17/shawshank-for-january-6-detainees/
With most current CC you can hold your own private key. That means only you can transact your coins on the blockchain. Also since the blockchain is immutable, nobody can erase your coins. The only way you can lose your coins is to lose your private key.
That doesn't mean that people can't come up with a CC system where the blockchain is not immutable, or they require private keys to be held in exchanges or kept in escrow. But it break the fundamental structure and purpose of CC. At that point you might as well have dollars assigned to your paypal account, it would be the same thing.
Dems sure do love Ponsi schemes.
I think the fundamental appeal is an immutable blockchain from which nobody can erase your money. Second securing your private key means nobody can steal your money. Taxes were certainly not an issue when people bought in early like I did. Now that is has gone up 100x, the long term gains taxes are due when I cash in, but those are not onerous. I have always left a footprint, and don't have a need to get around the government.
How come you didn't warn me not to buy when it was 100 times cheaper? Or perhaps you did, and if so, I apologize.
Your attempt to be clever is a HUGE FAIL. A warning is only needed when a bubble is about to pop, or a company is about to go under.
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They think they are going to bring in Fed coin.
That’s horrible. A Federal Reserve digital will be used to track purchases, can be evaporated away anytime the government wants, and will be inflated wildly.
See, I think the fed either does or doesn’t realize that such currency will have absolutely no value to people because it wouldn’t have security.
So ifthis comes out as a new currency it will either be mandatory or it will be worthless. But even if it is mandatory it will still be worthless.
Awww he!! NO!!!
“It’s all about the tracking and control.”
Yes! They are evil Control Freaks!
Why wouldn't it have the same security that the dollar has?
I thought we were that close to implementing quantum currency?
What bad publicity? I doubt the average person cares one way or the other what those arrested for January 6th are going through.
The quantum financial system is not coming from the Federal Reserve. Its going to replace the Federal Reserve.
Then elimination of cash, then government has full access to all accounts and all transactions. Then government takes what it wants from your accounts and transactions. Then we’re communist without the name.
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