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 ...
I agree with that last comment.
I do see the government crypto to be a way to track everything
we do.
Payment transactions tell the government a massive amount
of information about our lives.
I’m not convinced they’ll screw with current crypto.
We’ll see.
THE ONLY wallet I want is the ONE I have used for years.....with paper bills inside.
MILLIONS of us DO NOT use cell phones or Tablets.
Do NOT trust everything electronic.
WHEN the system goes down, we all are paralyzed.
what does this allow?
that we don’t have now
Money has been "digital" for at least the last 40 years.
Remember back when (during Obama?) The ebt system crashed? The gibmedat crowd lost their minds..
Now imagine that on a national level.
I always believed this is where crypto was headed.
“ They will become worthless. You should be burying precious metals, which include steel, copper, brass, and lead.”
Especially lead. As in ammo.
And small bottles of booze.
The Fed will control all transfers, a nightmare for privacy. They can automatically deduct taxes, freeze funds, etc. Miss a car payment....be locked out of your car electronically. Didn’t pay taxes...be excluded from all public services.
https://www.thetrumpet.com/24214-federal-reserve-mulls-digital-dollar
The Federal Reserve needs to go away yesterday.
Its current members should be forced to pay for every dollar they stole over the past 5 decades.
Take them about 100 years, no problem.
Return the Real US Dollar to the gold standard.
Audit the Fed’s books, send the criminals to prison for life and execute those convicted of Treason.
Joe Biden signed an executive order earlier this year for them to begin to investigate this. This really is nothing ‘new’ here. Just that a bunch of FR laughed at me when I posted about it months ago.
This will roll out as real between March and June of next year. They already have said that too. It will run alongside what we currently have until the marketplace refuses cash or cards.
Does this mean our cash back credit cards will die?
The credit card companies would seem to lose an massive amount of income.
This could cause some of them to come under economic stress.
Perhaps I’m not fully understanding which cards you’re referencing.
I do remember the discussions of this earlier in the year.
I’m not in favor of it, but then this isn’t anything we can stop so
I’ve resigned myself to it.
We just had midterms and how many of even our favorite pols spoke out on this?
How about the candidate who tossed his red cap into the ring again last night?
How many spoke out for repealing the decades of federal laws that enabled and supported the suspension of the Constitution under any imagined or created “medical emergency”?
The role of our own military and intel agencies in funding and perpetrating the psyops and jabs of the last few years?
How many are really pointing to the global threats as infiltrated within our own government?
How many therefore really aren’t part of “the system”?
Debit cards.
Okay
Thanks
Digital dollar and Crypto are completely different things. Digital just means no cash. You pay for everything with a card or transfer of some kind. Crypto is a deceneralized coin that has to be proven with a code before it can be spent. Crypto is more like gold in that its not that good for small transactions. But its great as a store of wealth if its limited in the number of coins.
Digital is all about government control of your wealth. You tie yourself to a phone and bank or card, and every dime you spend is recorded and tracked. You can be separated and controlled by the government. You do something wrong and they cut you off from your own money. Its the first step in the US becoming China.
Wait until that ESG policies kick in. You know, the Environmental and Social Governance that is slowly creeping into the banks and corporations. Plus there is a newish entity we just found out about yesterday that our bank joined called Yodlee that messed up our accounts for a few days that almost got a couple of our credit accounts closed! Apparently they are involved in a lot of your major banks now and we know nothing about them except they are cloud based. Have to do more reading. Anyway, what’s to stop the banks from closing your accounts if they think you are not spending your money “the right way”. You know, like your parents and your allowance when you were a kid?
Well, Nickels are 75% copper and 25% nickel.
That amount of copper was worth about 7 cents at the time.
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