Federal Reserve Explains ‘Preconditions’ for a Digital Dollar

[Anonymous No.29755816]

Congratulations cryptoniggers, you did it!

>Feedback should be drawn from “end users of various ages, geographic locations, payment habits, and financial literacy in the design and testing of a CBDC could help sharpen the basic features of a viable CBDC arrangement,” the note stated.

>Its authors admitted a CBDC could grant the central bank “unprecedented” access into the financial goings-on of its users if designed to allow the most “granular transaction information” to shine through.

https://www.coindesk.com/federal-reserve-digital-dollar-consultation?amp=1

[Anonymous No.29755841]

>“This close linkage between money and data contrasts with physical banknotes, which do not carry with them transaction data that can be connected to a specific person and their history of financial dealings,” the note said.

>Any digital dollar would be controlled as a centralized project by the Federal Reserve, though the actual nodes would be distributed, said James Cunha, a senior vice president at the Boston branch of the U.S. central bank.

>The Boston Fed has been evaluating different technology platforms, including blockchain tools, with the MIT Digital Currency Initiative to determine what platform would be best suited to supporting a digital dollar.

>However, support for the idea of a digital dollar, whether blockchain-based or not, seems to be growing. Treasury Secretary Janet Yellen said earlier this week “it makes sense” for central banks to consider issuing their own digital currencies.

>“Too many Americans don’t have access to easy payments systems and banking accounts, and I think this is something that a digital dollar, a central bank digital currency, could help with,” she said at a New York Times conference on Monday (while also dismissing Bitcoin as being an inefficient system for payments).

>Wednesday’s paper dropped just after a Fedwire outage blocking banks from transferring funds. Some crypto exchanges were unable to process ACH transactions during the outage.

[Anonymous No.29756394]

>>29755841
We already have a stablecoin pegged to the dollar, that's supported by fairy's farts. Tether. Which is a scam, but so is currency. Between a fake and the real thing, people will choose the real thing. This is where majority adoption of Crypto starts.

[Anonymous No.29757365]

>>29756394
>thinking they will allow competition to theaten FedCoin

[Anonymous No.29757865]

this is the most important thread on biz and its being slid by a hundred identical food threads. Fuck you jannies

[Anonymous No.29757952]

>>29757365
There's no putting the toothpaste back in.

[Anonymous No.29758062]

This begs the question of which chain will they build on?

[Anonymous No.29758089]

>>29755816
CBDC != cryptocurrency

[Anonymous No.29759129]

fuck your digital dollar
faggots that support this should unironically kill themselves

[Anonymous No.29759257]

>>29759129
But without a digital dollar, how will the government be able to trace every single transaction we make? We need to outlaw cash!

[Anonymous No.29759338]

>>29755816
well, obviously...
https://m.youtube.com/watch?v=C4sOWJDDZsI

[Anonymous No.29759361]

>>29759129
Agrew anon but unfortunately the hordes of niggers and millenials will flock to it when theyre UBI is offered in it
>>29758089
Yah, obviously, but noone will know the difference. Theyll think the government is adopting the NEW ERA OF TECHNOLOGY

[Anonymous No.29759438]

>>29755816
>preconditions
Precondition this dick fedfaggot

[Anonymous No.29759654]

What Coin you guys are talking about?

I just found a gem! real use case, new technology, growing like crazy!
https://mochimo.org/

Plz share with me more good projects.

[Anonymous No.29759931]

>>29755816
i literally don't understand any of this. the dollar isn't backed by anything physical (precious metals, etc.) it's literally just the treasury selling bonds to the federal reserve, and the federal reserve printing that money out of thin air. how is this not a "digital dollar" already?

[Anonymous No.29760182]

>>29755816
It feels like a digital dollar would be the beginning of the end for US Dollar's run. There's no way that the Fed would release any kind of currency that they couldn't manipulate with an unlimited number of coins.
When people look at a FedCoin with potentially unlimited coins in circulation, and compare it next to actual crypto with some finite amount in circulation that cannot be manipulated.....well it's easy to see what's the more desirable as a currency.

[Anonymous No.29760223]

>>29759931
They want everyone to have a fed account that they can manipulate directly
They dont want u to use paper but just send fedcoin from your fed wallet to another fed wallet
If you is a good boi you get good boi fed points
If you is a bad boi you get fed points taken away
Also negative interest rates

[Anonymous No.29760319]

>>29760182
The fed will start fedcoin with an airdrop to create lots of fedcoin shills

[Anonymous No.29760413]

>>29759654
Buy $rope
It will go parabolic in a few weeks

[Anonymous No.29760492]

>>29755816
How is this related to crypto?

[Anonymous No.29760557]

>>29760492
Its related to every asset on earth dude

[Anonymous No.29760938]

>>29760492
Bitcoin was the test phase, along with defi as a datamining operation
>>29759931
This will be a whole network system, like a centralized blockchain. They want total information and control

[Anonymous No.29761151]

>>29760492
Are you dumb?

[Anonymous No.29761542]

>>29760938
>They want total information and control
You’re goddamn right. Anyone who thought the US government would support a crypto they don’t have 100% control over is an idiot. Ironically, cryptocurrency might make us less free than ever. Every transaction tracked.

[Anonymous No.29761622]

>>29758062
Federal acquisitions professional here, it could be any of them but it'll be forked and massaged for government purposes (probably adding tons of intentional and unintentional security holes). Given that they say they want a currency and not a smartcontract platform, they'll probably fork bitcoin or litecoin and manage to fuck it up

It'll also take 20 years to be delivered and be hopelessly out of date the minute it gets turned on, so I wouldn't worry too much about it. Worry more about what the intelligence agencies are doing with total access to your goyphones and social media accounts and winblows PC. I'd assume that all your keys are compromised or compromisable unless you went full Stallman when generating your keys in the first place.