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originally posted by: AugustusMasonicus
originally posted by: MykeNukem
That makes me lean towards they'll ban de-centralized crypto altogether at some point.
I think regulations will impact it but it will never be a viable currency. You're going up against all the largest banks and payment schemes on the planet, they aren't giving that up but I do have to tell you that a digital dollar limits what, if anything, they can take in a transaction, particularly if it is P2P and instant. There's no middle person(s) like with a credit card.
originally posted by: JinMI
a reply to: MykeNukem
Who?
How?
You saw how effective it was (and drove the govt crazy) recently in Canada.
The Fed is developing its own round-the-clock real-time payments and settlement service and is currently reviewing 200 comment letters submitted late last year about the proposed service’s design and scope, Brainard said.
But the Fed is also, she said, “conducting research and experimentation related to distributed ledger technologies and their potential use case for digital currencies, including the potential for a CBDC (central bank digital currency).”
Dozens of central banks globally are also doing such work, a recent international study showed, with China moving ahead on plans to issue a digital coin.
originally posted by: AugustusMasonicus
a reply to: JinMI
This is the MIT white paper on the subject. Might be boring for someone who isn't into to the topic but it is informative.
originally posted by: AugustusMasonicus
a reply to: MykeNukem
You're non-expert assessment is pretty close to the reality. But it's also merchants, payments processors, issuing/acquiring banks and retailers. These are also all the same groups that want Digital ID to go along with this.
On your edit, MIT has already put together some prototype instant payment digital currencies for the Fed, they will not be using or rolling existing cryptos into the scheme.
originally posted by: AugustusMasonicus
a reply to: nugget1
The Boston Fed representative was here today and covered this in depth. It's still in the work up stage and input is still being gathered. I would think an actual timeline for when you might see it is closer to the end of the decade but it is coming.
originally posted by: visitedbythem
Dont worry! When they crash the Dollar, and all other currencies, they will have a brand new digital currency ready for you in no time. It will work great too! With a built in auto tax on every transaction.
Less than two years ago Brainard told a conference in San Francisco that there is “no compelling demonstrated need” for such a coin.
But that was before the scope of Facebook’s digital currency ambitions were widely known. Fed officials, including Brainard, have raised concerns about consumer protections and data and privacy threats that could be posed by a currency that could come into use by the third of the world’s population that have Facebook accounts.
At Wednesday’s conference, Brainard said the Facebook Libra project “imparted urgency” to the conversation around digital currencies.
originally posted by: MykeNukem
I'm curious about the P2P aspect. They must use secure signing certificates or hashes or something.
originally posted by: TheAlleghenyGentleman
This thing is def a new one world elite reptilian game plan to shaft the poor!