But we need to know how much CBDC is centralized.
You have a point, but nothing could stop them from changing the extent of its centralization at some point in the future. 
Topic: The Ministry of Finance approved the creation of a CBDC in the United States (Read 124 times)
March 04, 2023, 07:22:25 AM
Despite knowing that Uncle Sam loves having control over literally everything, I don't think they'd be issuing a retail CBDC at the beginning, so it'd probably be limited to financial institutions.
March 04, 2023, 12:18:14 AM
....
People usually save taxes while having their wealth in tether, don't know why they will keep their money in government issued stable coins.
If the choices are only between the two then why not? It's probably more secure to use the digital fiat issued by Governments than let a privately owned company control your wealth. Let's not forget that USDT is not really decentralized and can still be frozen by Tether at anytime even if it's stored in you non-custodial wallet. People usually save taxes while having their wealth in tether, don't know why they will keep their money in government issued stable coins.
I am talking in terms of taxes. If you put all your stable coins in government issued CBDC, government can easily know if you are paying tax on them or not. Many people haven't declared their crypto assets to the government and when suddenly they transfer their wealth in CBDC, it will raise questions as to where this wealth came from and why it was kept hidden for all those years.
Yes, moving forward if you have fiat money and you want to convert it into digital currency, it is far better to use CBDC than the tether. Also, when every country has their own CBDC, the role of paper money will be limited.
March 03, 2023, 11:54:14 AM
https://home.treasury.gov/news/press-releases/jy1314
March 1, 2023
"In summary, U.S. policymakers are still evaluating whether a U.S. CBDC is in the national interest. To advance further work and support the Federal Reserve’s efforts, evaluation, Treasury is leading an interagency CBDC Working Group to develop recommendations related to the implications of a U.S. CBDC for policy objectives for which a broader Administration perspective is helpful: global financial leadership; national security; and privacy, illicit finance, and inclusion. Even as these deliberations continue, we recognize the importance of helping to shape global CBDC outcomes by actively participating in global standard setting initiatives and by sharing technology and technical expertise with other jurisdictions that are developing CBDCs."
Yet another country and same story. It looks now as if every country has started a race to create their CBDC and popularize it. China and India have already done it and now US as well. I don't really understand the point of this, if the government will eventually control the whole supply and demand of this currency what's point having a different name for it. It's been so much time India has launched their CbdC haven't met a single person using it. March 1, 2023
"In summary, U.S. policymakers are still evaluating whether a U.S. CBDC is in the national interest. To advance further work and support the Federal Reserve’s efforts, evaluation, Treasury is leading an interagency CBDC Working Group to develop recommendations related to the implications of a U.S. CBDC for policy objectives for which a broader Administration perspective is helpful: global financial leadership; national security; and privacy, illicit finance, and inclusion. Even as these deliberations continue, we recognize the importance of helping to shape global CBDC outcomes by actively participating in global standard setting initiatives and by sharing technology and technical expertise with other jurisdictions that are developing CBDCs."
March 03, 2023, 10:33:21 AM
....
People usually save taxes while having their wealth in tether, don't know why they will keep their money in government issued stable coins.
If the choices are only between the two then why not? It's probably more secure to use the digital fiat issued by Governments than let a privately owned company control your wealth. Let's not forget that USDT is not really decentralized and can still be frozen by Tether at anytime even if it's stored in you non-custodial wallet. People usually save taxes while having their wealth in tether, don't know why they will keep their money in government issued stable coins.
March 03, 2023, 10:02:26 AM
....
People usually save taxes while having their wealth in tether, don't know why they will keep their money in government issued stable coins.
If the choices are only between the two then why not? It's probably more secure to use the digital fiat issued by Governments than let a privately owned company control your wealth. Let's not forget that USDT is not really decentralized and can still be frozen by Tether at anytime even if it's stored in you non-custodial wallet. People usually save taxes while having their wealth in tether, don't know why they will keep their money in government issued stable coins.
March 03, 2023, 09:47:00 AM
for a fee
https://www.bloomberg.com/news/articles/2023-03-01/us-treasury-to-lead-new-working-group-looking-at-digital-dollar#xj4y7vzkg
for free
https://coingape.com/us-treasury-will-lead-a-working-group-that-looks-into-digital-dollar/
US Treasury Will Lead A Working Group That Looks Into Digital Dollar
"The US Treasury Department will now lead a working group that will conduct regular talks on the future launch of a Digital Dollar. On Wednesday, March 1, Nellie Liang, Treasury undersecretary for domestic finance said that the working group would include leaders from the Treasury, Federal Reserve, National Security Council, and other agencies."
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I'm still watching the process
https://www.bloomberg.com/news/articles/2023-03-01/us-treasury-to-lead-new-working-group-looking-at-digital-dollar#xj4y7vzkg
for free
https://coingape.com/us-treasury-will-lead-a-working-group-that-looks-into-digital-dollar/
US Treasury Will Lead A Working Group That Looks Into Digital Dollar
"The US Treasury Department will now lead a working group that will conduct regular talks on the future launch of a Digital Dollar. On Wednesday, March 1, Nellie Liang, Treasury undersecretary for domestic finance said that the working group would include leaders from the Treasury, Federal Reserve, National Security Council, and other agencies."
___
I'm still watching the process
March 03, 2023, 07:10:22 AM
@Virasog
Nope! It's not a good idea for commoners like us! CBDC will take away whatever little anonymity we still enjoy with fiat money.
Also CBDC is not an investment or anything similar to crypto stablecoins. So people who are parking their surplus funds in stablecoins, are highly unlikely to move out of that comfort zone to CBDC which is strictly regulated by government.
Nope! It's not a good idea for commoners like us! CBDC will take away whatever little anonymity we still enjoy with fiat money.
Also CBDC is not an investment or anything similar to crypto stablecoins. So people who are parking their surplus funds in stablecoins, are highly unlikely to move out of that comfort zone to CBDC which is strictly regulated by government.
March 02, 2023, 10:45:06 PM
https://home.treasury.gov/news/press-releases/jy1314
March 1, 2023
"In summary, U.S. policymakers are still evaluating whether a U.S. CBDC is in the national interest. To advance further work and support the Federal Reserve’s efforts, evaluation, Treasury is leading an interagency CBDC Working Group to develop recommendations related to the implications of a U.S. CBDC for policy objectives for which a broader Administration perspective is helpful: global financial leadership; national security; and privacy, illicit finance, and inclusion. Even as these deliberations continue, we recognize the importance of helping to shape global CBDC outcomes by actively participating in global standard setting initiatives and by sharing technology and technical expertise with other jurisdictions that are developing CBDCs."
March 1, 2023
"In summary, U.S. policymakers are still evaluating whether a U.S. CBDC is in the national interest. To advance further work and support the Federal Reserve’s efforts, evaluation, Treasury is leading an interagency CBDC Working Group to develop recommendations related to the implications of a U.S. CBDC for policy objectives for which a broader Administration perspective is helpful: global financial leadership; national security; and privacy, illicit finance, and inclusion. Even as these deliberations continue, we recognize the importance of helping to shape global CBDC outcomes by actively participating in global standard setting initiatives and by sharing technology and technical expertise with other jurisdictions that are developing CBDCs."
I don't know if the central bank digital currency implementation is a good idea or not ? Even though the CBDC will be recognized and accepted world wide but the control of CBDC will still be in the hand of the government/banks. They can print any number of digital coins and it will not be a hedge against bitcoin.
Yes, people may keep their wealth in CBDC's and not in the currently used stable coins like USDT or USDC But we need to know how much CBDC is centralized. People usually save taxes while having their wealth in tether, don't know why they will keep their money in government issued stable coins.
March 02, 2023, 05:20:28 AM
https://home.treasury.gov/news/press-releases/jy1314
March 1, 2023
"In summary, U.S. policymakers are still evaluating whether a U.S. CBDC is in the national interest. To advance further work and support the Federal Reserve’s efforts, evaluation, Treasury is leading an interagency CBDC Working Group to develop recommendations related to the implications of a U.S. CBDC for policy objectives for which a broader Administration perspective is helpful: global financial leadership; national security; and privacy, illicit finance, and inclusion. Even as these deliberations continue, we recognize the importance of helping to shape global CBDC outcomes by actively participating in global standard setting initiatives and by sharing technology and technical expertise with other jurisdictions that are developing CBDCs."
March 1, 2023
"In summary, U.S. policymakers are still evaluating whether a U.S. CBDC is in the national interest. To advance further work and support the Federal Reserve’s efforts, evaluation, Treasury is leading an interagency CBDC Working Group to develop recommendations related to the implications of a U.S. CBDC for policy objectives for which a broader Administration perspective is helpful: global financial leadership; national security; and privacy, illicit finance, and inclusion. Even as these deliberations continue, we recognize the importance of helping to shape global CBDC outcomes by actively participating in global standard setting initiatives and by sharing technology and technical expertise with other jurisdictions that are developing CBDCs."
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