Fed starting to think about offering digital currency: Dudley

[endicom]

Market Watch
Greg Robb
Nov. 29, 2017

New York Federal Reserve President William Dudley said Wednesday the central bank is "starting to think about" offering digital currencies...

More... https://www.marketwatch.com/story/fed-starting-to-think-about-offering-digital-currency-dudley-2017-11-29


If so then I want it to be as anonymous as paper currency.

[Sanguine]

How will they compete with existing digital currencies?

[Free Vulcan]

Now that they've trashed the current one, I guess it's time for the locusts to move on.

Also sound like a move to a cashless society.

[Sanguine]

Now that they've trashed the current one, I guess it's time for the locusts to move on.

Also sound like a move to a cashless society.

That's my question.  I understand that Bitcoin, for instance, is not trackable much like paper dollars and is also not dependent on the health of a particular nation.  How will a US developed digital currency be competitive with that?

[Free Vulcan]

That's my question.  I understand that Bitcoin, for instance, is not trackable much like paper dollars and is also not dependent on the health of a particular nation.  How will a US developed digital currency be competitive with that?

I expect it will be the old tricky dicky switcharoo. They'll promote it like some digital currency, what it will really be is no different than what we have now, just all electronic and no cash. I think something like 90+% of the dollars out there right now are electronic.

[endicom]

How will they compete with existing digital currencies?

Dudley said Bitcoin is more of a 'speculative activity.' As of this morning, the cost of a Bitcoin passed the $11,000 mark.

[endicom]

I expect it will be the old tricky dicky switcharoo. They'll promote it like some digital currency, what it will really be is no different than what we have now, just all electronic and no cash.

I don't want paper money to go away but I'd be OK with anonymous digital cash.

I think something like 90+% of the dollars out there right now are electronic.

I believe it's been that way for a long time.

[Free Vulcan]

I don't want paper money to go away but I'd be OK with anonymous digital cash.

I think that will be the switcharoo part - electronic but not anonymous.