US Lawmakers want's a National Digital Currency

HashieNewb

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Quote from: maxreish on October 03, 2019, 11:32:50 PM

Why not? If Lawmakers will gonna push to have it in their own prestigious country, then it may be a possible to have their National Digital Currency. Sounds interesting. I am juat wondering how USD currency will gonna react to this. I know for sure, they will not replace Usd. And alternative digital money will have a good resullt in the US but I think this will take up some time before they finally decide about it or not.

Regardless of so many issues about Virtual currency, if one big country such US will finally accept and consider the idea, then a big step with mass adoption we are looking for can really be reached.

People would have to want the coin to make it a currency. Nobody wants business with Crypto because it isn't backed by anything.

maxreish

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Why not? If Lawmakers will gonna push to have it in their own prestigious country, then it may be a possible to have their National Digital Currency. Sounds interesting. I am juat wondering how USD currency will gonna react to this. I know for sure, they will not replace Usd. And alternative digital money will have a good resullt in the US but I think this will take up some time before they finally decide about it or not.

Regardless of so many issues about Virtual currency, if one big country such US will finally accept and consider the idea, then a big step with mass adoption we are looking for can really be reached.

masterrex

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Quote from: tsaroz on October 03, 2019, 10:23:10 AM

Two Republican Lawmakers French hill and Bill foster wrote a formal letter to the FED asking about the plans of a Digital dollar and proposing it.
PDF to the letters

Facebook's Libra has been mentioned to justify the need
"The Facebook/Libra proposal, if implemented, could remove important aspects of financial governance outside of US jurisdiction."

“We are concerned that the primacy of the U.S. Dollar could be in long-term jeopardy from wide adoption of digital fiat currencies. Internationally, the Bank for International Settlements conducted a study that found that over 40 countries around the world have currently developed or are looking into developing a digital currency.”

“With the potential for digital currencies to further take on the characteristics and utility of paper money, it may become increasingly imperative that the Federal Reserve take up the project of developing a U.S. dollar digital currency.”

Would it influence the FED to release a block-chain based currency? What are you thoughts on them?

That was needed to catch up china, It was another race that brewing these time the "digital currency race" While chinese are already begin its lay out of its National digital currency still the US was not made up any desicion maybe soon! But one thing is for sure they feel threatened in the Facebook's cryptocurrency called Libra to dominate the digital stablecoin race.

edutBTC

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I'm already left with fiat money already. All our money consists of the numbers in the banks. Governments know they can't block crypto currency. So they have to keep up with this change. I know that the IMF also has initiatives about crypto currency.

Nekoma2018

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They say if you cant beat it, join it... the only way for the US right now to tackle the issue of Facebook libra is to have a digital usd.. but then I'd start to wonder what would happen to usdt...

This is a welcomable move thougg

coinporch

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This US Dollar digital currency is like Libra Coin in some ways like very dangerous because this can control the worldwide money if run

Example this are trusted and popular already like this can turn cryptocurrency know worldwide if this launch or run still there's a lot of negative things about like more scam or hack will happen,drugs transaction then more

Libra or maybe US Dollar digital currency will be a centralized cryptocurrency
And Of course a centralized cryptocurrency is not good mate
Because the dev can control it
But, this could be a free promotions for crypto world, especially bitcoin and other good altcoin

hulla

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Quote from: mu_enrico on October 03, 2019, 02:21:24 PM

Quote from: tsaroz on October 03, 2019, 10:23:10 AM

Would it influence the FED to release a block-chain based currency? What are you thoughts on them?

That's correct that the paper USD is in decline. However, I don't think the FED needs to issue a digital USD with "blockchain technology" since they can just type it and hit the enter button in a database. Nevertheless, it's possible to tokenize the USD on public blockchains like ETH, EOS, etc.

The IMF boss have once advised the FED/Central banks on this issue before but ignore it. However, I also believe the FED would create their own national digital currency now but I don't think they will love to tokenize on any Blockchain.
It amazing that the Libra coin would the coin to cause this change of heart towards crypto Grin

joinfree

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Quote from: shield132 on October 03, 2019, 02:28:00 PM

They are asking for digital dollar but please tell me if such thing doesn't exist as for now, then what can we call money that's stored on our cards and bank accounts?
But it's another whole different task if they want usd with cryptographic profile which I highly doubt they want or if they follow it, then it will be visually similar of it but in reality far from crypto world. I think it's just a waste of time to have both usd in real life and cryptocurrency usd officially. Better to leave one and it must be last one which I mentioned, limited supply instead of unlimited printing.

We all know digital USD currrency exit now. But remember people want transparency fast and reliable digital currency. Ask your self why people are using bitcoin more than paypal. Right we are expecting government to come out with some similar to cryptocurrency.

joinfree

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I have waiting for this for very long time. Because united state getting their own digital currency is the only way to stop facebook libra coin. Libra is a threat to USD. Everyone will be expecting this digital currency to be base on e blockchain so that wallet and other payment platform can integrate into easily.

o48o

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Quote from: tsaroz on October 03, 2019, 10:23:10 AM

Two Republican Lawmakers French hill and Bill foster wrote a formal letter to the FED asking about the plans of a Digital dollar and proposing it.
PDF to the letters

Facebook's Libra has been mentioned to justify the need
"The Facebook/Libra proposal, if implemented, could remove important aspects of financial governance outside of US jurisdiction."

“We are concerned that the primacy of the U.S. Dollar could be in long-term jeopardy from wide adoption of digital fiat currencies. Internationally, the Bank for International Settlements conducted a study that found that over 40 countries around the world have currently developed or are looking into developing a digital currency.”

“With the potential for digital currencies to further take on the characteristics and utility of paper money, it may become increasingly imperative that the Federal Reserve take up the project of developing a U.S. dollar digital currency.”

Would it influence the FED to release a block-chain based currency? What are you thoughts on them?

Influence how? They just want to remove the anonymous paper cash so they can track money easier. This has nothing to do with decentralized crypto currencies nor is it even resembling one, even though they try to pass it off as one. What creeps me out is how many people are welcoming this kind of surveillance just because they like the idea if the digital cash. There will be no anonymity left in US when government get something like this trough. We can only trust that the need of bitcoin will rise even more to combat this kind of development.

leowonderful

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I wouldn't be extremely interested in any potential cryptocurrency the Fed releases considering any sort of centralized digital currency (especially one controlled by some sort of bank) wouldn't be very either innovative or useful in my eyes because I'd much rather just use any of the many other ways to transfer fiat, but any sort of activity like this, especially from members of the U.S House of Representatives is certainly interesting. I really don't think it's going to get anywhere at the end of the day though.

shield132

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They are asking for digital dollar but please tell me if such thing doesn't exist as for now, then what can we call money that's stored on our cards and bank accounts?
But it's another whole different task if they want usd with cryptographic profile which I highly doubt they want or if they follow it, then it will be visually similar of it but in reality far from crypto world. I think it's just a waste of time to have both usd in real life and cryptocurrency usd officially. Better to leave one and it must be last one which I mentioned, limited supply instead of unlimited printing.

mu_enrico

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Quote from: tsaroz on October 03, 2019, 10:23:10 AM

Would it influence the FED to release a block-chain based currency? What are you thoughts on them?

That's correct that the paper USD is in decline. However, I don't think the FED needs to issue a digital USD with "blockchain technology" since they can just type it and hit the enter button in a database. Nevertheless, it's possible to tokenize the USD on public blockchains like ETH, EOS, etc.

Ibizugbe1

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I read this on coindesk and my country kept writing BTC>$>Libra>(your country's local currency). Alright, when this is token serious, bitcoin will be lord over the, all, and a digital dollar will be greater than the LibraCoin while the LibraCoin will most likely be more valuable than most nation's currency.

Boardmangetpaid

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Quote from: crazy-pilot on October 03, 2019, 01:25:00 PM

I think that switching the whole world from fiat money to cryptocurrency is inevitable. In the next few years, we will see how governments of different countries will actively develop and implement their own cryptocurrencies.

Really unavoidable and I've seen countries now starting to utilize crypto a lot. Like Venezuela whose gonna accept crypto payments very soon and other countries who are hodling btc. Everything in crypto are starting to evolve now similar to IEO alternatives which is already better than trading since we always buy low and sell high. Enterprises, banks are realizing this evolution now and I feel like the US are scared of what might happen to dollar.

It's only a matter of time until the entire world sees the potential of crypto and its what a feeling it is for us to be the frontrunners at its infancy stage.

GSpgh

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The dollar is already almost entirely "digital". I've spent maybe $7 in cash over the last couple of weeks, to tip a waitress. I could have done that "digitally" too but I know some people prefer cash so I always carry a few bucks for that purpose.

All this talk about digital currencies is meaningless unless they're actually talking about using a blockchain or some other cryptographic decentralized concept. Which would not make sense for a government (they would sure want it centralized) so I don't think they are talking about that. They do mention cryptocurrency in the letter, for example that people use it for speculation and that Wells Fargo in developing their own cryptocurrency, but they don't seem to be giving any importance to the "crypto" part at all.

YuginKadoya

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Anything can happen and the U.S. federal agency sure has no qualms about controlling their very own Digital currency, If this regularized fiat money will have a new face and the legacy of a new digital currency will be born, We can see that Dollar really is the most used in the world and controlling it is the target plan, They can implement a digital currency and oust for paper money in the future.

And I can sense that implementing Chips may be the next move if this is implemented because the used of paper money is no more a move to really automated digitalizing your every transaction can now be implemented. And because it is money many consumers will surely easy to accept this, But I guess Bitcoin will sure stay in my opinion.

crazy-pilot

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I think that switching the whole world from fiat money to cryptocurrency is inevitable. In the next few years, we will see how governments of different countries will actively develop and implement their own cryptocurrencies.

avikz

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Within next 10 years, fiat money will become a history! Even today as well, people are more comfortable in swappjng their cards in the pos instead if using hard cash. Even these cards will be slowly replaced by mobile based wallets. The world economy is actually moving towards a big change in operating structure!

The debate of national digital currency is not limited to US only! Even India is moving towards the same regime. The finance ministry has already proposed to create a digital version of rupee. So it is inevitable!

However, if anyone links it to crypto, then it will be a big mistake! These digital currencies will be strictly centralized and controlled by the central bank. It will be same old fiat without physical existence!

Bttzed03

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It was just a matter of time before some of them (lawmakers) speak up about their own digital currency. It was clear from all these regulations that they are concerned about Libra changing the country's financial system. There was also an interview I read some time ago where the official says banks are divided on Libra. I cannot find that article unfortunately.

Quote from: tsaroz on October 03, 2019, 10:23:10 AM

Would it influence the FED to release a block-chain based currency? What are you thoughts on them?

Would it influence? I think so but they won't act on it in the near future unless the proposal gets more backing from majority of lawmakers.

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