What they don't want to do is to introduce the digital dollar at a time where the whole country is on the verge of collapsing and at the same time the USD is not strong enough to handle the situation right now therefore they are going to look for the opportunity when the USD will be strong, the country would not be in shacks and at the same time people will have money to invest. Right now they are borrowing money from other countries and giving that money more like a bribe to other people to make sure they vote again after years. Plus I wonder if they would decide to Ban "Bitcoins and other cryptocurrencies since at the end of the day they would need all the attention to themselves. I believe the Government will try and offer serval schemes for the people who engage in such things.
They indent to control the whole market and therefore soon they will try and first control the other cryptocurrencies being used and then go forward with their digital dollar which I am sure won't be anonymous and will be used to spy on people.
Topic: Powell (US Federal Reserve chair) - "does not want to rush digital dollar" - page 2. (Read 237 times)
March 22, 2021, 11:03:41 AM
March 22, 2021, 09:24:23 AM
Powel recenlty made a series of statements around digital currency. Among the declarations:
Effectively, the issue for government backed digital currencies, which are not anything like a decentralised crypto, is regulations. To elaborate, the world has seen massive changes in the way money moves around. Banks are in general interested in putting some friction and cost to money movements, and a digital currency would probably create an environment to that middleman to disappear or be much less relevant.
Governments are mostly concern about what does means to the control they currently have on the flows of information about money, money laundering and taxation. So we should read any comment in that light and translate: "We do not have the regulations in place to allow for a digital dollar". On a side comment, China may use this opportunity to get ahead and has shown some movement towards it.
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Fed Chair Jerome Powell says central bank-backed digital currencies must coexist alongside cash and other forms of money
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Powell recently said that a potential digital dollar is a "high priority" project for the US, although that comes with notable technical and policy-related issues
Effectively, the issue for government backed digital currencies, which are not anything like a decentralised crypto, is regulations. To elaborate, the world has seen massive changes in the way money moves around. Banks are in general interested in putting some friction and cost to money movements, and a digital currency would probably create an environment to that middleman to disappear or be much less relevant.
Governments are mostly concern about what does means to the control they currently have on the flows of information about money, money laundering and taxation. So we should read any comment in that light and translate: "We do not have the regulations in place to allow for a digital dollar". On a side comment, China may use this opportunity to get ahead and has shown some movement towards it.
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