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United States: The Central Bank Digital Dollar Project and Cryptocurrencies

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Joe Biden signed an executive order asking the federal government to assess the risks and benefits of creating a central bank digital dollar.

The federal agencies involved, including the Treasury Department and the Commerce Department, have 180 days to deliver a series of reports on “the future of money” and the role cryptocurrencies will play.

The executive order requires in particular to evaluate the technological infrastructure necessary for the accomplishment of such a project, but also to examine the problems raised by cryptocurrencies, in particular systemic risks and consumer protection.

The United States goal would be to “reduce payment inefficiencies and ensure that any new funds transfer and payment systems are consistent with United States values and legal requirements.” and to “promote access to safe and affordable financial services.  Many Americans are underbanked and the costs of cross-border money transfers and payments are high.”

 

As in Europe , the obstacles to the realization of such a project seem insurmountable. Between the real electronic cash that is Bitcoin, and the Orwellian monetary model imagined by China, there is not yet a 3rd way.

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Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past. Also, pro-local, pro-global and anti-national.

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