Central Bank Digital Currencies: Potential Financial Catastrophe in Search of a Problem

Started by Epoch-Times-Bot, Oct 18, 2022, 01:45 PM

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Epoch-Times-Bot

Oct 18, 2022, 01:45 PM
Central Bank Digital Currencies: Potential Financial Catastrophe in Search of a Problem

News Analysis
The White House released a framework recently on regulation of digital assets that included a call for the Federal Reserve and Treasury Department to continue behind-the-scenes efforts to impose a government-run cryptocurrency known as a central bank digital coin.
A central bank digital coin would be one of the most authoritarian—and one of the most reckless—government schemes of the past 50 years. It would gamble with our economy and our financial system, threaten our fundamental liberties, and could, ironically, reduce the dollar's existing prestige.
What's a Central Bank Digital Coin?
Such a "coin" is a government-run cryptocurrency whose value is fixed, in this case at $1, copying the "stablecoin" cryptocurrency model and replacing the dollars in your bank and your wallet. A central bank digital coin can either be intermediated, meaning it's managed through banks, or disintermediated, meaning people effectively park their money at the Federal Reserve. The Fed effectively becomes your bank....

Source: Central Bank Digital Currencies: Potential Financial Catastrophe in Search of a Problem

xenzol

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Jun 06, 2024, 03:27 AM

xenzol

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Aug 07, 2024, 12:36 AM
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