US Launching Five Digital Dollar Pilot Programs | |
BullionDude
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BullionDude
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BullionDude
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tomk
User ID: 77068237 United States 05/04/2021 08:09 AM Report Abusive Post Report Copyright Violation | By now it's common knowledge that China is leaps and bounds ahead of all other central banks in launching a CBDC, or Central Bank Digital Currency (which Beijing vows is not a challenge to the reserve status of the US Dollar, but is precisely that), however the US is doing everything it can to keep up. And while one wouldn't get the sense of urgency if one listened to either the Fed chair or the NY Fed president today... Quoting: BullionDude POWELL SAYS HAVE NOT DECIDED WHETHER TO ISSUE A DIGITAL CURRENCY WILLIAMS SAYS FED IS STUDYING CENTRAL BANK DIGITAL CURRENCIES ACTIVELY AND IS NOT IN A RACE ... on Monday, the nonprofit organization Digital Dollar Project said it will launch five pilot programs over the next 12 months to test the potential uses of a U.S. central bank digital currency, the first effort of its kind in the United States. According to Reuters, the private-sector pilots which hope to recreate similar tests held in China last year, will initially be funded by Accenture and involve financial firms, retailers and NGOs, among others. The aim is simple: to generate data that could help U.S. policymakers develop a digital dollar. Why Accenture, formerly known as Arthur Andersen of Enron fame? Because a partnership between Accenture and the Digital Dollar Foundation, the Digital Dollar Project was created last year to promote research into a U.S. central bank digital currency (CBDC). “There are conferences and papers coming out every week around the world on CBDCs based on data from other countries,” said Christopher Giancarlo, former chair of the CFTC and co-founder of the Digital Dollar Foundation. “What there is not, is any real data and testing from the United States to inform that debate. We’re seeking to generate that real-world data,” Giancarlo added. This means that over the next 12 months, a select group of Americans will have the "honor" of transacting with the next evolutionary US currency - the digital dollar. [link to www.zerohedge.com (secure)] So how is a digital dollar any different than using a debit card and direct deposit? It's like Lee Iaccoca said, "Grow a brain cell, think for yourself, or die and go away." peacelove.me |
Anonymous Coward User ID: 80312889 United States 05/04/2021 08:10 AM Report Abusive Post Report Copyright Violation | I pay cash for everything (except houses and cars - checks) I RARELY get in line ANYWHERE and see people doing likewise. They either pay with plastic, or wait until they are rung up, and then their feeble, shaky hands reach inside their pocketbooks, pull out a checkbook and proceed to write a check in SLOW-MOTION. I have asked cashiers how many people pay with cash, and the answer's always the same: "NOT MANY". |
peterpeccary
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BullionDude
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Billxam, ABATE, AWHA
User ID: 56270897 United States 05/04/2021 09:28 AM Report Abusive Post Report Copyright Violation | By now it's common knowledge that China is leaps and bounds ahead of all other central banks in launching a CBDC, or Central Bank Digital Currency (which Beijing vows is not a challenge to the reserve status of the US Dollar, but is precisely that), however the US is doing everything it can to keep up. And while one wouldn't get the sense of urgency if one listened to either the Fed chair or the NY Fed president today... Quoting: BullionDude POWELL SAYS HAVE NOT DECIDED WHETHER TO ISSUE A DIGITAL CURRENCY WILLIAMS SAYS FED IS STUDYING CENTRAL BANK DIGITAL CURRENCIES ACTIVELY AND IS NOT IN A RACE ... on Monday, the nonprofit organization Digital Dollar Project said it will launch five pilot programs over the next 12 months to test the potential uses of a U.S. central bank digital currency, the first effort of its kind in the United States. According to Reuters, the private-sector pilots which hope to recreate similar tests held in China last year, will initially be funded by Accenture and involve financial firms, retailers and NGOs, among others. The aim is simple: to generate data that could help U.S. policymakers develop a digital dollar. Why Accenture, formerly known as Arthur Andersen of Enron fame? Because a partnership between Accenture and the Digital Dollar Foundation, the Digital Dollar Project was created last year to promote research into a U.S. central bank digital currency (CBDC). “There are conferences and papers coming out every week around the world on CBDCs based on data from other countries,” said Christopher Giancarlo, former chair of the CFTC and co-founder of the Digital Dollar Foundation. “What there is not, is any real data and testing from the United States to inform that debate. We’re seeking to generate that real-world data,” Giancarlo added. This means that over the next 12 months, a select group of Americans will have the "honor" of transacting with the next evolutionary US currency - the digital dollar. [link to www.zerohedge.com (secure)] So how is a digital dollar any different than using a debit card and direct deposit? The point is obvious. Money. The Fed wants money. Any digital currency will be taxed and have fees associated with it and be tracked. Remember, your debit card is issued by a corporation, digital currency puts all the power in the government's hands. Proud to be UnV'd There is one constant in life: If you build something worth having, someone will try to take it or destroy it. Proud member of A Brotherhood Against Totalitarian Enactments, Americans Who Hate Aging, proud supporter of attractive women. |
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Anonymous Coward User ID: 80313117 Thailand 05/04/2021 09:31 AM Report Abusive Post Report Copyright Violation | what these ASS Hats aren't telling us is that they can't issue a digital dollar and still operate a fractional reserve banking model. If all dollars are accounted for on a public ledger then banks won't be able to counterfeit them in order to loan them out, rehypothicated 100 times over. CDBCs will fail because there is no limit to the quantity that can be created.. Quoting: Anonymous Coward 79432135 There will be no impediment to their (criminal) fractional reserve banking. Banks only use digital anyway. When they give you that $300,000 mortgage they are just typing in the numbers, there is no physical transfer of cash. They then receive from Central Bank 9-12 times that amount for the debt they just issued. Central bank prints the cash (but it's a digital transfer not actually ink printing). Having a digital currency will not change a thing in that regard. However Central Bank will be able to stimulate and cool the market at any time. They will use temporary expiry dates and universal basic income to balance the market. So you may very well get a 'free' $1k a month but it will expire if not used by a specific date. Here in Asia cash is not common, everyone seems to use a wave and pay on their phone, bills all paid on direct debit or bank transfer from the phone app and even places like the dentist, a clinic, a school uniform shop all use digital payment systems. Cheques are unheard of and you actively have to ask for a cheque book when opening a new account as they are not a common item. |
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TheTruthNeverLies
User ID: 79748976 United States 05/04/2021 09:35 AM Report Abusive Post Report Copyright Violation | is it too late to invest in crypto or is it going to crash again? i was gonna wait until the next crash wave but im afraid there wont be one at this rate. i even see credit cards overing bitcoin. its going to be the next cashless currency. "Firearms are second only to the Constitution in importance; they are the peoples' liberty's teeth." "Government is not reason; it is not eloquent; it is force. Like fire, it is a dangerous servant and a fearful master." "Religion and morality are the essential pillars of civil society." -George Washington, Father of our country & 1st President |
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Anonymous Coward User ID: 77391584 United States 05/04/2021 10:00 AM Report Abusive Post Report Copyright Violation | I pay cash for everything (except houses Quoting: Anonymous Coward 80312889 and cars - checks) I RARELY get in line ANYWHERE and see people doing likewise. They either pay with plastic, or wait until they are rung up, and then their feeble, shaky hands reach inside their pocketbooks, pull out a checkbook and proceed to write a check in SLOW-MOTION. I have asked cashiers how many people pay with cash, and the answer's always the same: "NOT MANY". I usually use cash too, only use my bank card at grocery store with big purchases. I see people using their card at fast food places. Why use it in places where you buy something for 5 bucks? |
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Crypto-Tard
User ID: 78144147 United States 05/04/2021 10:52 AM Report Abusive Post Report Copyright Violation | “It’s not a panacea for all money,” Treat said. “We will be using physical cash and coin for some time.” Quoting: BullionDude Sure we will... until one day the government pulls an FDR executive order 6102 and confiscates all non-digital currencies. Not legal, but that never stops the criminal gang running things. When you are afraid of losing your life, you have already lost your life. Don't be afraid. |