The Fed Is Contemplating Creating Their Own Digital Currency

[Lesh]

Starting a bank account isn’t very difficult.

What’s stopping those ‘millions of Americans’?

Other then pure laziness?

Generally they can't afford to money it keeps to keep an account open

 

[Grumblenuts]

There are millions of Americans who are unbanked.

I'm all for that. How do they cash a paycheck w/o getting ripped off?

 

[Lesh]

I'm all for that. How do they cash a paycheck w/o getting ripped off?

It's a struggle. They pay check cashing services a per cent

Overall it costs more but it's what they can afford week to week

 

[g5000]

I'm all for that. How do they cash a paycheck w/o getting ripped off?

They use those usurious check-cashing businesses.

 

[Lesh]

They use those usurious check-cashing businesses.

Now if something like the USPS could be used as a bank for them (not unheard of) that would solve that problem.

Of course the check cashing industry would freak...

 

[g5000]

Now if something like the USPS could be used as a bank for them (not unheard of) that would solve that problem.

Of course the check cashing industry would freak...

That idea has been floated a few times. It died down during the Trump Administration as he was in the pocket of the payday lending industry.

 

[BlackSand]

.

Take something with some promise and a glimmer of hope ...
Let the Feds get ahold of it, and they'll figure out a way to turn into shit.


Might be worth looking into some block-chaining investments though.

.​

 

[Grumblenuts]

Of course the check cashing industry would freak...

Won't someone think of the poor, usurious, check cashing industry?

The USPS wants to handle voting, banking,.. what next, mail?

 

[22lcidw]

It's not really crypto. It's basically a digital Federal Reserve Note.

Get rid of the Federal Reserve Notes. Institute the United States Note or another name owned by the people. This is being done to further imprison us. To know where we are at all times with other ways. Also, the digital currency will hide inflation more easily. What is crazier is Biblical scripture warns us of crap like this.

 

[g5000]

Get rid of the Federal Reserve Notes. Institute the United States Note or another name owned by the people. This is being done to further imprison us. To know where we are at all times with other ways. Also, the digital currency will hide inflation more easily. What is crazier is Biblical scripture warns us of crap like this.

Where does the Bible mention digital currency?

 

[Lesh]

Get rid of the Federal Reserve Notes. Institute the United States Note or another name owned by the people. This is being done to further imprison us. To know where we are at all times with other ways. Also, the digital currency will hide inflation more easily. What is crazier is Biblical scripture warns us of crap like this.

 

[BlackSand]

Where does the Bible mention digital currency?

.

Let's keep our fingers crossed that it isn't in Revelations

.​

 

[Grumblenuts]

I want free digital checking.

 

[22lcidw]

Where does the Bible mention digital currency?

Buy and sell. To deny the use of the so-called card we will use without the devil or the mark on us with it to survive if we do not genuflect. People are being destroyed now for wokeness. You keep saying these things as we move more towards it.

 

[eagle1462010]

Federal reserve makes Al Capone an amateur. Private banks using the currency of the nation into toilet paper. Elecyronic currency will be more on steroids.

Whats next the Great Reset of the World Economic Forum. You will own norhing and be Happy is their slogan.

 

[BlackSand]

I want free digital checking.

.

I think they call that a Debit Card ... The "free" part might not be negotiable.

.​

 

[g5000]

Buy and sell. To deny the use of the so-called card we will use without the devil or the mark on us with it to survive if we do not genuflect. People are being destroyed now for wokeness. You keep saying these things as we move more towards it.

That was almost, but not quite, coherent.

 

[Richard-H]

Cash is almost extinct.

From the white paper:

While cash use in the United States fell from 40 percent of transactions in 2012 (12 percent by value) to 19 percent in 2020, other countries have seen more rapid declines. In Sweden, for example, the proportion of cash payments fell from 33 percent to less than 10 percent over the same period. In China, 50 percent of point-of-sale (POS) payments are made with a mobile wallet or app, while cash accounts for just 13 percent of POS payments. If these trends were to emerge in the United States, consumers might want the option of digitized central bank money that, like cash, would have no credit or liquidity risk attached to it.

A few years ago, I heard an interview on NPR with a guy who had written a book about Cash currency.

He said (if I remember correctly), that if all cash were distributed evenly to all Americans, everyone would have $4200 cash in their pockets.

He also said that more than 85% of all cash currency was in the form of $100 bills.

His point was that almost nobody ever keeps anywhere near $4200 on hand, and that almost nobody uses $100 bills.

All this cash and all these $100 bills are being used for massive illegal transactions. They're used for drug deals and the illegal arms trade throughout the world (among other things).

I'll see if I can find a link to the interview.

 

[Grumblenuts]

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I think they call that a Debit Card ... The "free" part might not be negotiable.

.​

I was going for incocurrency.

 

[there4eyeM]

It isn't clear what such a move would accomplish. The advantages are not evident. In any case, when more central banks issue cbdc, speculation will have to follow as, pegged to national currencies, there will be differences in exchange rates.