USA

Democratic Party of the USA plans to overcome the crisis with a digital dollar

Navigation

The First Central Bank Digital Dollar

Democratic Party of the USA plans to overcome the crisis with a digital dollar

Democratic Party of the USA plans to overcome the crisis with a digital dollar
CONTENT

  • US Considers Creating Digital Dollar

  • Federal Reserve Banks Will Control Wallets

  • If approved, US citizens will receive digital dollar in 2021

International consortium of news organizations developing transparency standards.

US authorities seem to have finally decided to seriously consider creating a digital dollar to save a shattered economy.

Democratic Party of the USA plans to overcome the crisis with a digital dollar

UPDATE: In the final version of the bill, the clause on the development of the digital dollar is deleted.

U.S. Democratic Party drafts bill aimed at boosting the economy amid the devastating impact of the coronavirus.

The most notable clause of the bill was the proposal to create a “digital dollar”.

And while this is still a rough draft, which means there is no guarantee that the digital dollar will be ordered into the final version, this is the first time in history that the US authorities are seriously considering the release of a digital asset for all citizens..

Based on the description, the project so far has little to do with blockchain technology, and even more so with the cryptocurrency industry. The digital dollar is described as a dollar-denominated balance of digital vault records that are recorded as liabilities in the accounts of any federal reserve bank.

Under the digital dollar wallet, it is proposed to create a virtual wallet or account that would be owned by the Federal Reserve Bank on behalf of any person representing savings in an electronic device.

Usurpation of power

Democratic Party of the USA plans to overcome the crisis with a digital dollar

If the clause on the digital dollar is not deleted from the final version of the bill, and the very idea of ​​stimulating the economy is officially approved, then all federal reserve banks will have to prepare digital dollar wallets for all US citizens, as well as commercial organizations no later than January 1, 2021..

However, not everyone liked the idea of ​​a digital dollar..

The new #DigitalDollar will include feautres that #bitcoin doesn’t have.

Except decentralization and freedom it won’t have those.

– TechLibre.eth (@NTechlibre) March 23, 2020

Some believe that the introduction of a digital analogue of the US government still does not solve the nuances of decentralization and freedom, but only tightens control over money..

Unplowed field

In early 2020, ex-chairman of the Commodity Futures Trading Commission (CFTC) Christopher Giancarlo initiated the creation of a project called Digital Dollar, aimed at exploring the opportunities, risks and benefits of the introduction of the state digital currency..

True, Giancarlo’s idea assumed that the digital dollar would be developed using blockchain technologies, and in the draft version there is not a word about decentralized data storage technology..

Democratic Party of the USA plans to overcome the crisis with a digital dollar

Earlier, the economist of the Dutch bank ING, Carlos Coccuzzo, said that the monopoly of the US dollar as a fiat currency means that in the fight against digital currencies, the United States will be under the most pressure..

Now, it seems that the US authorities have decided to accept the rules of the game and enter the race to digitalize the economy..

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

Share Article

Similar articles

Similar articles

  • China changed the US dollar with the digital yuan

    China changed the US dollar with the digital yuan CONTENTS China is reducing its dependence on the US dollar for fear of high inflation. For the 1st half of 2020…

  • The digital ruble won’t help get around…

    The digital ruble will not help to circumvent the sanctions, bitcoin is needed – HSE CONTENTS The digital ruble is not innovative compared to non-cash payments…

  • Dollar-independent stablecoin…

    A stablecoin independent of the dollar will become the “killer” of Ethereum – opinion CONTENTS The real breakthrough in the cryptocurrency market can be independent of the dollar…

  • The coronavirus crisis pushed…

    Coronavirus Crisis Pushed Central Banks To Cryptocurrencies – Citi Top Manager CONTENTS One of the largest international financial conglomerates recognized…

  • China to airdrop 10 million RMB tokens

    China to airdrop 10 million digital yuan tokens CONTENTS Shenzhen begins digital yuan testing among the population Draw Winners…