Treasury recommends exploring creation of a digital dollar

[mystery-ak]

Treasury recommends exploring creation of a digital dollar
By FATIMA HUSSEIN, Associated Press - 4h ago

WASHINGTON (AP) — The Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar, saying it would help reinforce the U.S. role as a leader in the world financial system.

The White House said on Friday that after President Joe Biden issued an executive order in March calling on a variety of agencies to look at ways to regulate digital assets, the agencies came up with nine reports, covering cryptocurrency impacts on financial markets, the environment, innovation and other elements of the economic system.

Treasury Secretary Janet Yellen said one Treasury recommendation is that the U.S. “advance policy and technical work on a potential central bank digital currency, or CBDC, so that the United States is prepared if CBDC is determined to be in the national interest.”

“Right now, some aspects of our current payment system are too slow or too expensive,” Yellen said on a Thursday call with reporters laying out some of the findings of the reports.

Central bank digital currencies differ from existing digital money available to the general public, such as the balance in a bank account, because they would be a direct liability of the Federal Reserve, not a commercial bank.

https://www.msn.com/en-us/money/markets/treasury-recommends-exploring-creation-of-a-digital-dollar/ar-AA11SX0P?ocid=msedgdhp&pc=U531&cvid=fbd7110398bd45a99cf74ce759b19391

[Kamaji]

One more avenue of political control over the masses.  Say the wrong things online, you'll get labeled as a "domestic terrorist" - just like the parents objecting to CRT at school board meetings - and your access to the banking system will promptly be cut off.

[andy58-in-nh]

Gee, a "digital" dollar. What could possibly be wrong with that?

This:

[Smokin Joe]

A friend claims to have made early investments in bitcoin which accrued considerable value. Problem is, he can't make a withdrawal. His account is locked.

That, and having seen a host of digital screwups making messes, I want no part of the digital dollar. Realizing that the 'value' of the dollar is dependent on its arbitrary acceptance as having value, and little else is scary enough. Depending on something of absolutely no intrinsic value for a medium of exchange that can be hacked, stolen, or removed by a person with the ability to access that, leaving one penniless or worse, deeply in debt is already bad enough. 

Most "money" already never gets printed, it is just inconvenienced electrons in cyberspace--the modern equivalent of the Templars issuing letters of credit against deposits of real and tangible value.  In theory it was once backed by deposits of "lawful money" and could be exchanged for silver and/or gold, but now?

I do not want to be dependent on that bunch of electrical charges anywhere beyond where we are already.
One Carrington event away...

[Drago]

Apparently your friend made the mistake of keeping their Bitcoin on an exchange like Coinbase...never leave your crypto on an exchange that can "lock" it, get hacked , etc., etc.. Keep a safe record of your crypto "24 word recovery phrase" in a fireproof safe, safe deposit box, or buried in the back yard, etc.. Or if you need quick access for crypto sharing/trading, payments, sending to family, etc. use a personal "air-gapped" hardware wallet ("Coldcard" is safest, but only does Bitcoin, no "Alts"):

https://www.ledger.com

https://trezor.io

https://coldcard.com

"Not your Keys, Not your Crypto" is the motto to live by. (Private encryption keys).

[catfish1957]

Tool for confiscation during the upcomng crash.

Anyone not seeing that coming?

[DefiantMassRINO]

A digital dollar will provide them more Orwellian control of society and greater taxation of the economy.

Remember when the cannuck government froze those Canadian truck drivers' bank accounts.  It was an abuse of Government power to quell popular dissent and protest.

[catfish1957]

Still surprised that gold is still under $1700/oz.

Especially as we watch this train wreck in slow motion.

[The_Reader_David]

Most of the money supply already exists only in digital form.  The accounting is just done the old-fashioned way instead of using block-chain. (A cool algorithm, which uses absurd amounts of energy to give the effect of double-entry bookkeeping without any particular person or computer doing the bookkeeping -- one way you can tell a climate alarmist is just a shill for the ChiComs and the Davos crowd, rather than really believing what they're saying is if the aren't calling for a ban on block-chain, the other is if they aren't advocating nuclear energy).

[roamer_1]

They cannot control the people if they can't control the street.
And they cannot control the street, because it operates on cash.

Let that sink in.

[Drago]

...And they cannot control the street, because it operates on cash.

Let that sink in.

Yep, and the Feds next step is to get rid of cash...1st step is done (”FedNow”), next step is electronic “FedBucks” and everyone gets an account at the Fed (either directly or at your local "Federal Reserve Nationally Chartered" bank)....all government payments will be deposited there (to force usage). Social Security, welfare, pensions, “stimmy checks” etc. deposited to your Fed Reserve account.

https://www.federalreserve.gov/paymentsystems/fednow_about.htm

https://www.the-sun.com/money/4881348/fedcoin-replace-cash-track-crypto/

Sweden almost there:
https://fintechmagazine.com/digital-payments/top-six-digital-payments-countries-about-to-go-cashless

George Gammon on “FedNow”:

https://youtu.be/uVyFhggpawk

[roamer_1]

Yep, and the Feds next step is to get rid of cash...1st step is done (”FedNow”), next step is electronic “FedBucks” and everyone gets an account at the Fed (either directly or at your local "Federal Reserve Nationally Chartered" bank)....all government payments will be deposited there (to force usage). Social Security, welfare, pensions, “stimmy checks” etc. deposited to your Fed Reserve account.

And then a quick exit from all paper cash ala confederacy or the conversion from notes to fiat dollars.

It is surely coming.