Do You Have Any CBDCs?

Posted on by Steven Dobson

No, not CBD (Cannabidiol) found in Cannabis, but Central Bank Digital Currencies (CBDCs) or Digital Dollars.

 

The article below was written by Nathan DiCamillo and published on coindesk.com on March 18, 2021.

CBDCs or the Digital Dollar

CBDCs are digital dollars and there have been talks of one since the 2011 U.S. Debt ceiling crisis.

 

The dollar has been digital since we started using online banking and Debit Cards to pay for goods and services.

 

In the case of CBDCs which will reside on the blockchain and be highly regulated, we are talking about something that can be highly abused.

 

With a digital dollar, our spending habits are there for anyone who has access to our bank accounts to see and would make it easy for authorities to question our spending habits in a court of law.

 

With CBDCs centralized under the Federal Reserve, there is also a case for the U.S. to flood the market with as many digital dollars as it wants.

 

The same way we have been printing excess paper dollars since August 15, 1971, when President Nixon took the U.S. off the Gold Standard, and especially since the U.S. housing crisis of 2008.

 

With a digital dollar, why would we need a Federal Reserve which is not a bank but a private organization?

 

We do not need a Federal Reserve today when the U.S. Treasury should be responsible for our money supply!

 

As always, conduct your own due diligence so that you can make educated decisions about any topic instead of one based on emotions.

 

Read the article below, leave a comment, and subscribe to my blog so that you may be updated when new content is posted.

 

The article below can be found at the following website URL:

https://www.coindesk.com/federal-reserves-powell-cbdc-coexist-cash

 

Federal Reserve’s Powell Says CBDCs ‘Need to Coexist With Cash’

The Fed chairman spoke at a virtual payments conference hosted by the Basel Committee on Banking Supervision.

Federal Reserve Chair Jerome Powell speaking Thursday at a virtual payments conference hosted by the Basel Committee on Banking Supervision.(Bank for International Settlements)

Nathan DiCamillo

 

Mar 18, 2021 at 2:17 p.m. EDTUpdated Mar 18, 2021 at 2:30 p.m. EDT

Federal Reserve’s Powell Says CBDCs ‘Need to Coexist With Cash’

Federal Reserve Chair Jerome Powell said Thursday central bank digital currencies (CBDCs) will need to coexist with cash.

Speaking at a virtual payments conference hosted by the Basel Committee on Banking Supervision, Powell cited a report on CBDCs from the Bank for International Settlements and a group of seven central banks, including the Fed. 

“One of the three key principles highlighted in the report is that a CBDC needs to coexist with cash and other types of money in a flexible and innovative payment system,” Powell said. “Improvements in the global payments system will come not just from the public sector but from the private sector as well.”

Powell added the Fed Board of Governors is conducting experiments on CBDCs along with the Federal Reserve Bank of Boston, which is working with researchers at the prestigious Massachusetts Institute of Technology (MIT).

In recent months, Powell has emphasized several times that the U.S. would not act fast on issuing a digital dollar because of the physical dollar’s status as the global reserve currency. 

The latest comment, though, is in line with Powell’s previous remarks about the Fed taking the prospects for a digital dollar seriously. Powell has said the Fed will engage with the public on the topic in 2021 and will seek congressional approval before issuing one.

CBDCs are an early-stage payments innovation that governments hope can increase payments efficiency and lower costs by running them on blockchains. The details on CBDCs are still murky, and detractors argue most transactions today involve money that’s already digital. 

There’s a fear that some governments may use CBDCs for increased financial surveillance. At the moment, it looks like the U.S. could favor privacy in its CBDC development.

 

 

 

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