General
The argument against the Fed creating a central bank digital currency
Last week Federal Reserve Vice Chair Lael Brainard warned House lawmakers about the risks of moving too slowly to issue a central bank digital currency, or a so-called “digital dollar,” saying that failure to act could jeopardize the dollar’s status as the world’s dominant currency. Not everyone thinks a central bank digital currency, or CBDC, would be…
Read MoreDCash Shows Why Fedcoin Could Be A Disaster
The United States is seriously planning to issue FedCoin, a CBDC (Central Bank Digital Currency), following the lead of the Chinese government and others around the world. I have previously spelled out why we don’t need Fedcoin, basically because the currency of the United States is already largely digital. In this article I argue that not only…
Read MoreBankers Issue ‘Seismic’ Warning: Bitcoin, Ethereum, BNB, Cardano And XRP Could Replace The Dollar In Just Five Years As Crypto Market Price Adds $1 Trillion
Bitcoin and cryptocurrencies have roared back over the last month after a China and Elon Musk-induced sell-off. The bitcoin price last night broke above $50,000 per bitcoin for the first time since May. Meanwhile, double-digit gains among other major cryptocurrencies—including ethereum, Binance’s BNB, cardano, and Ripple’s XRP—helped the combined crypto market value climb to over $2.1 trillion, up from…
Read MoreFederal Reserve explores benefits and risks of potential US Central Bank Digital Currency while the Biden Administration issues Executive Order for US policy on digital assets
In January of this year, the Board of Governors of the Federal Reserve System issued a research and analysis paper titled Money and Payments: The US Dollar in the Age of Digital Transformation, in which the Fed explores potential benefits and risks of a US central bank digital currency (CBDC). The Fed defines a CBDC for purposes…
Read MoreLegislation calls for Treasury to develop electronic dollar
Legislation has been introduced in the House of Representatives seeking “to direct the Secretary of the Treasury to develop and pilot digital dollar technologies that replicate the privacy-respecting features of physical cash.” H.R. 7231 — cited as the Electronic Currency and Secure Hardware Act or simply the ECASH Act — was introduced March 28 by…
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