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.
According to the Atlantic Council nonpartisan think tank, 105 countries representing more than 95% of global gross domestic product already are exploring or have created a central bank digital currency. The council found that the U.S. and the U.K. are far behind in creating a digital dollar or its equivalent.
Treasury, the Justice Department, the Consumer Finance Protection Bureau, the Securities and Exchange Commission and other agencies were tasked with contributing to reports that would address various concerns about the risks, development and usage of digital assets. Several reports will come out in the next weeks and months.
~ COMMENTS ~
And if the Communists in Washington District of Corruption decide that they don’t like you for whatever reason guess what? All of a sudden you don’t have any money. And there’s not anything you can do about it either. Unless of course you bow and scrape and grovel before their Lordships. And some of us would rather be dead than do that. ~ Mathis
The move to a “digital dollar” is a move toward something the government can control, and away from cash, which is much harder to control and restrict.
The digital dollar savings of anyone not fully in compliance with the government’s narrative on any issue can be quickly erased by a bureaucrat in a computer room. ~ Poobahill
You can’t buy if the central bank denies your purchase! ~ Daniel
Written for American Family News ~ September 16, 2022