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Chase earns more than $5 billion in revenue from its credit card portfolio every year, but now they've made it a new corporate priority to create a product intended to end the credit card business. Chase is working on a direct payment system that will allow funds to be routed from a customer's account directly into a merchant's. This system is designed to bypass credit card processing networks and is intended to run faster than current electronic funds transfer systems. The new system is being referred to as a “pay-by-bank” product. Although Chase has already been involved in a similar...

The future of money is here; will the Federal Reserve Board be authorized to use distributed ledger technology for the creation, distribution and “recordation” of all the transactions of a Digital Dollar? On July 28, 2021, a new bill was introduced in the US House of Representatives. This bill, sponsored by Congressman Don Beyer,1) aims to regulate crypto-currencies. But it does more… The bill is called the “Digital Asset Market Structure and Investor Protection Act”2) (“Digital Asset Bill”). And for the majority, it sets out future rules for crypto. However, hidden in this bill, changes to the foundation of the...

Fintech and the IMF Emerging technologies, from artificial intelligence to distributed ledgers, are transforming the financial services landscape, creating opportunities as well as challenges for consumers, service providers and regulators alike. These technologies could drive substantial efficiency gains in the financial sector, including in the areas of payments, financing, investments, asset management and insurance. However, they could also pose risks to the stability and integrity of the financial system, in particular where they operate outside of the purview of financial regulation and supervision. Recognizing these potential benefits and risks, the IMF has been closely monitoring developments in the field of...

some Congress members get their way, the Federal Reserve may soon be able to track many of your purchases in real time and share that information with government agencies. This is just one of the problems with the proposed “digital dollar” or “fedcoin.” Fedcoin was initially included in the first coronavirus spending bill. While the proposal was dropped from the final version of the bill, there is still great interest in fedcoin on Capitol Hill. Some progressives have embraced fedcoin as a way to provide Americans with a “universal basic income.” Both the Senate Banking Committee and the House Financial...

Thanks to the Federal Reserve, the idea that you can go into a store and anonymously purchase something with cash might soon be obsolete. Why? Because they're developing something called Fedcoin, which would be based on blockchain technology. If you're unfamiliar with blockchain technology, you're not alone. Here's how a piece on Motley Fool describes it: The digital and decentralized ledger that records all transactions. Every time someone buys digital coins on a decentralized exchange, sells coins, transfers coins, or buys a good or service with virtual coins, a ledger records that transaction, often in an encrypted fashion, to protect...

Cryptocurrency giants Coinbase & Circle launch dollar-backed USDC 'stablecoins' (Goldman Sachs Fed Reserve NWO Fedcoin) https://www.cnbc.com/2018/10/23/cryptocurrency-giants-coinbase-and-circle-form-a-joint-venture-to-boost-adoption-of-dollar-backed-stable-coins.html The “CENTRE Consortium,” as it’s being called, will establish standards for listing fiat currencies in a digital form. The group is aiming at mainstream adoption of cryptocurrencies known as “stablecoins,” which are backed by a government currency like the dollar. Goldman Sachs backed Circle and Coinbase, which is reportedly valued at $8 billion, are among the best-known and most well-funded cryptocurrency companies. A stablecoin known as "USD coin," which Circle says is pegged 1:1 with the U.S. dollar, will be available to buy and...

The advantages of cash far outweigh any advantages of a cyber currency. It's for all these reasons that Americans should reject Fedcoin During the Obama administration, Marxists came up with the idea of creating Fedcoin to replace physical money altogether. The idea was to create a new cyber currency like Bitcoin but controlled by the Fed. In 2016, there was an article in Moneywise titled, U.S. Government Awards $7 Billion to Develop New Fedcoin, and it stated: “At this year’s ‘World Economic Forum’ in Davos, Switzerland, Nobel Prize-winning economist Joseph Stiglitz declared that the U.S. “could and should move to...

The U.S. Federal Reserve will not only issue its own cryptocurrency but will also make sure Americans use it, according to Doug Casey. “To start with, I suspect it’s going to be a parallel currency. Perhaps usable just within the U.S. which, in effect, would be a form of foreign exchange controls even more effective than the inability of Americans to open up foreign bank and brokerage accounts today [due to monetary control through FATCA]…I think it’s a near certainty that they’re going to do something like this and soon.” They will call it Fedcoin. David Andolfatto, vice president at...