The Fed Is Contemplating Creating Their Own Digital Currency

[BlackSand]

I was going for incocurrency.

.

Pfft ... I still carry cash.

I am not that fond of keeping records of everywhere I go and everything I buy.
Not that I am worried about anyone else knowing ... But the companies that get that information
compile it with other data and sell it to marketers even without your personal information attached.

They don't share any of that money with me ... Screw them ...

.​

 

[g5000]

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.

Yeah, there is a movement toward demonetization to make life more difficult for illegal activity.

India has banned their largest denomination for that reason.

2016 Indian banknote demonetisation - Wikipedia

en.wikipedia.org

 

[Richard-H]

Perhaps with the internet, we should eliminate all currencies and go back to bartering

Two hours a computer work for a dozen eggs, a loaf of bread and toaster! Any takers?

 

[BlackSand]

Perhaps with the internet, we should eliminate all currencies and go back to bartering

Two hours a computer work for a dozen eggs, a loaf of bread and toaster! Any takers?

.

Five minutes for a popsicle and a napkin ... And you might get your first job.

.​

 

[evenflow1969]

Crypto is highly speculative and frequently used for illegal activities. Not sure why the Fed is jumping into this. I would want to see a full feasibility study and then opine.

Lol, really you don't see why? Because they can track their own crypto and then know how you spend every dime.

 

[eagle1462010]

The Central Bank Digital Currency Sales Pitch Begins ⋆ 🔔 The Liberty Daily

As this site and other “fringe” news outlets have been saying for a while, this nation and the world are heading toward Central Bank Digital Currencies. The sales pitch for a digital U.S. dollar was launched today by Federal Reserve Chairman Jerome Powell, and it came with a very ominous...

thelibertydaily.com

He continued, saying, “Most major economies already have or are in the process of developing instant, 24/7 payments. Our own FedNow service will be coming online in 2023. And in light of the tremendous growth in crypto-assets and stablecoins, the Federal Reserve is examining whether a U.S. central bank digital currency (CBDC) would improve on an already safe and efficient domestic payments system.“

 

[Rigby5]

This is different from Bitcoin. It is what is known as a "stablecoin". It will be pegged to the US dollar.

No it will NOT "be pegged to the US dollar".
The whole point is they want to beat inflation by a virtual currency that could be artificially inflated in value in order to nullify inflation.
But obviously that is a really dumb idea that can not possibly ever work.
No one is going to accept an artificially inflated virtual currency.

 

[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.

The speculation would be ferocious.