POSTED ON January 24, 2022
Last week, the Federal Reserve released a "discussion paper" examing the pros and cons of a potential US central bank digital dollar. According to
the Federal Reserve press release, the central bank hopes to get public feedback on the idea.
"We look forward to engaging with the public, elected representatives, and a broad range of stakeholders as we examine the positives and negatives of a central bank digital currency in the United States," Federal Reserve Chair Jerome H. Powell said.
POSTED ON October 4, 2021
We've written extensively about the "
war on cash." In a nutshell, governments would love to do away with cash in order to better track and control their citizens. There have been numerous moves closer to a cashless society in recent years, from
capping ATM withdrawals to
doing away with large-denomination bills. Last year, China launched
a digital yuan pilot program and
the US has floated moving toward a digital dollar.
POSTED ON June 3, 2021
Last year, China launched a digital yuan pilot program. The Chinese government-backed digital currency
got a boost when the country's biggest online retailer announced the first virtual platform to accept the Chinese digital currency. China isn’t the only government exploring the possibility of digital money. Sweden has developed a digital currency of its own. The European Central Bank is pushing for a digital euro. And Russian central bank governor
Elvira Nabiullina recently told CNBC that digital currency is "the future of our financial system."
So, how long before a digital dollar comes to the United States? Well, it's already in the pipeline.
POSTED ON March 1, 2021
China made a big splash when it rolled out its digital yuan and it
got a boost when China’s biggest online retailer announced it has developed the first virtual platform to accept the Chinese digital currency. But China isn't alone in exploring the possibility of digital money. Sweden has developed a digital currency of its own and the European Central Bank is pushing for a digital euro.
We're told digital currency should replace unwieldy physical cash. It will be more convenient and help governments stop criminals. But there is a more sinister motive behind this government pivot toward digital currency.
POSTED ON December 27, 2020
The People's Bank of China was the first central bank to roll out a digital currency. The
digital yuan recently got a boost when China’s biggest online retailer announced it has developed the first virtual platform to accept the Chinese digital currency.
Digital currency is nothing more than a virtual banknote or coin that exists in a digital wallet on your smartphone instead of a billfold or a purse. Digital currencies issued by central banks are backed by the state, just like traditional fiat currency.
POSTED ON December 10, 2020
Last summer, the Chinese government launched a pilot program for a digital version of the yuan. The virtual currency ups the ante in the war on cash and creates the potential for the government to track and even control consumer spending.
Last week, the digital yuan got a boost when China's biggest online retailer announced it has developed the first virtual platform to accept the Chinese digital currency.
POSTED ON October 21, 2020
There has been a lot of talk lately about central banks implementing their own digital currencies.
Why?
POSTED ON June 5, 2020
The economy has gone through the quickest and arguably the deepest collapse in history, but the stock market has been rallying. How can this be? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey says look no further than the Federal Reserve. Despite the economic chaos, it has managed to blow up stock market bubble X.0 He also talks about a move China recently made that ups the ante in the "war on cash."
POSTED ON June 3, 2020
The Chinese government has launched a pilot program for a digital version of the yuan. The virtual currency ups the ante in the war on cash and creates the potential for the government to track and even control consumer spending. It also raises some concern that the Chinese could threaten dollar-dominance.
POSTED ON November 19, 2019
Back in 2017,
the IMF published a creepy paper offering governments suggestions on how to move toward a cashless society even in the face of strong public opposition. It hasn’t been in the news a whole lot lately, but the war on cash undoubtedly continues. In fact, the Chinese Communist Party (CCP) may be planning to embrace the idea as another weapon to wield against its people.
In August, the People's Bank of China
said it was close to launching a digital yuan. This could take the first step toward pushing China toward a cashless society.