It's HERE!! Digital Dollar Report: What It Means For CRYPTO!!
Hey Guys,
In case you missed the news, the United States Federal Reserve recently released their first report on the prospect of a Digital Dollar. It basically details the pros and cons of a CBDC, and how a digital dollar could fit into the United States' existing financial framework.
Central banks around the world have been working on CBDCs ever since Facebook first came out with its Libra project in 2019 (funny enough, it looks like it just died for good). Some countries such as China have been working on a CBDC ever since crypto became a thing.
The United States however has taken a more cautious approach. This is for multiple reasons but mainly because the Federal Reserve and politicians both know that whoever sits behind the steering wheel of a digital dollar would have total, limitless control over the US economy.
Even so, a few politicians have been pretty adamant about getting a digital dollar done, and they even tried to sneak it into the early pandemic relief packages (true story, not mentioned in video though). The 3 incoming Federal Reserve board member seem to be in favor too.
Given that many countries have explicitly stated that CBDCs are how they plan on combatting cryptocurrencies, a digital dollar could have a disastrous effect on the industry. As you'll soon see though, it's not going to be that easy to get a digital dollar off the ground.
Let's just say that this is one you're going to want to watch until the end.
P.S. I hope you enjoy my Powell Impression 😉
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⛓️ 🔗 Useful Links 🔗 ⛓️
► Federal Reserve Board of Governors: https://en.wikipedia.org/wiki/Federal...
► Federal Reserve Digital Dollar Paper: https://www.federalreserve.gov/public...
► Federal Reserve Digital Dollar Feedback Form: https://www.federalreserve.gov/apps/f...
► Federal Reserve Board Nominees: https://www.washingtonpost.com/us-pol...
► Algorand Quantum Resistance: https://twitter.com/Algorand/status/1...
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
