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Jan 21 - BREAKING: FED WILL ISSUE DIGITAL CURRENCY



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 4 months ago '17        #1
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Jan 21 - BREAKING: FED WILL ISSUE DIGITAL CURRENCY
 

 
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The Federal Reserve is taking the next step in weighing whether to launch a U.S. digital currency, issuing a report Thursday that explores the potential benefits and drawbacks of such a move without indicating where it will land.

The central bank is asking the public to provide feedback on the question over the next 120 days. And it said that in any event, it would only seek to create a digital currency with “clear support” from both the executive branch and Congress.

“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 in a statement accompanying the report.

Biden administration calls on Congress to take the lead in regulating stablecoins
Top Fed officials themselves so far have appeared divided on the matter. Powell last year said the project would need to demonstrate “clear and tangible benefits that outweigh any costs and risks.”

Lael Brainard, a member of the central bank’s Board of Governors who was recently nominated by President Biden to become the Fed’s No. 2 official, has signaled more interest. She has framed the issue both as a competitive imperative for the U.S. internationally — China adopted its own central bank digital currency last year — and an opportunity to extend benefits to lower-income Americans who struggle to access the financial system.

Other liberal advocates of a digital dollar have focused on its potential to get cash quickly to Americans in financial straits who lack bank accounts, a need highlighted by the challenge the federal government faced distributing relief money during the pandemic.

The specter that a government-issued digital dollar would open the door to the Fed offering banking services to consumers has drawn objections from the banking industry. Commercial banks have raised alarms that the move could drain their deposits and destabilize financial markets. And while the Fed, in the Thursday paper, avoids firm conclusions about how it would proceed, it suggested it does not favor offering accounts directly to consumers.

“Such accounts would represent a significant expansion of the Federal Reserve’s role in the financial system and the economy,” according to the report. Instead, the central bank indicated it would favor letting private companies offer digital wallets that would let consumers hold and spend the currency.

The report comes amid an explosion in the market for stablecoins, cryptocurrencies whose prices are pegged to an external a*set such as the dollar. The private companies issuing those tokens market them as a safer alternative to other, better-known cryptocurrencies, such as Bitcoin and Ether, that have experienced wild price gyrations. At the moment, stablecoins are primarily used by investors to facilitate trades among different crypto a*sets. But their backers argue they hold the potential to become a widely adopted means of payment.

But top regulators say stablecoin issuers lack adequate controls on the size and quality of their reserve holdings, inviting the risk of a sort of bank run if there’s a sudden demand for redemptions. A group of regulators led by the Treasury Department in November called for imposing bank-like rules on stablecoin companies.

Powell has said a U.S. digital currency and stablecoins can coexist. The Fed’s report said a U.S. digital currency could “spur innovation by banks and other actors and would be a safer deposit substitute than many other products, including stablecoins and other types of nonbank money.”

The central bank also noted that it would not expect a Fed-backed digital currency to replace physical cash. “The Federal Reserve is committed to ensuring the continued safety and availability of cash,” the report said, adding the bank would view a digital currency “as a means to expand safe payment options, not to reduce or replace them.”

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211 comments
 

Top 10 most slapped recently  4 months ago '21        #2
I am awake 
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Digitally slapped
+5   

 4 months ago '21        #3
JayMurdoch  topics gone triple plat - Number 1 spot x4
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This reality is getting a little predictable now aint it?

+99   

 4 months ago '21        #4
Tehuti  topics gone triple plat - Number 1 spot x2
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+112   

 4 months ago '16        #5
foshoVoodoo  topics gone triple plat - Number 1 spot x60
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 Tehuti said

+20   

 4 months ago '16        #6
foshoVoodoo  topics gone triple plat - Number 1 spot x60
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but but but your vote
+22   

 4 months ago '20        #7
Ecnarongi 
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They aren't weighing no damn options... that sh*t incoming.
+89   

 4 months ago '18        #8
ChrisPartlowFro 
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They kinda missed the boat on this
-10   

 4 months ago '07        #9
Cambury  topics gone triple plat - Number 1 spot x1
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It was in the CARES Act... Its already here.
+30   

 4 months ago '04        #10
JugernoT  topics gone triple plat - Number 1 spot x1
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 Tehuti said

I know China announced or maybe even issued digital currency. But there have been no talks of a social credit system here and there won't be. It might happen eventually, but no time soon.
-20   

 4 months ago '21        #11
Tehuti  topics gone triple plat - Number 1 spot x2
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 JugernoT said
I know China announced or maybe even issued digital currency. But there have been no talks of a social credit system here and there won't be. It might happen eventually, but no time soon.
You're wrong man they've actually been talking about for a couple years. It's already going in China














+25   

 4 months ago '07        #12
Cambury  topics gone triple plat - Number 1 spot x1
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 JugernoT said
I know China announced or maybe even issued digital currency. But there have been no talks of a social credit system here and there won't be. It might happen eventually, but no time soon.
Theyve be been talking about it.

In a country where 60% of households don't have $1000 for an emergency it will be easy.

They will remove all debt and student loans and everyone will be with it.
+23   

 4 months ago '21        #13
Tlatoani  topics gone triple plat - Number 1 spot x1
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Nice.

Hopefully the feds don't pump and dump like the typical sh*tcoin or memecoin.
+2   

 4 months ago '15        #14
Lockwind 
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 JugernoT said
I know China announced or maybe even issued digital currency. But there have been no talks of a social credit system here and there won't be. It might happen eventually, but no time soon.
Social media posts?
+1   

 4 months ago '06        #15
Doe Sun 
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Hope y’all don’t think this is just another tether to swap your cryptos with. It’ll definitely track all your sh*t.
+28   

 4 months ago '17        #16
TheLastNonEarth  topics gone triple plat - Number 1 spot x22
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 Tehuti said



I love how they pretend that they're 'weighing the options'... Just thinking it over. It's just a matter of time before that headline:



Feds considering a digital ID that can be inserted into the finger or forehead.

USA Today:
Today, secretary of information science John Daley says committees are mulling over introducing a convenient digital ID which can simultaneously store all of your medical and financial data. Conspiracy theorists are sure to get in a tiff over this -- but Daley tells our news team it's just a discussion and is aware that 'tin foil hat' types will be quick to label it the 'mark of the beast'.

Reuters fact check:

The Digital ID is NOT the mark of the beast contrary to what some social media accounts are claiming.


Last edited by TheLastNonEarth; 01-22-2022 at 02:47 AM..
+38   

 4 months ago '12        #17
TrillSwag  topics gone triple plat - Number 1 spot x1
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It was only a matter of time. Paper money is an ancient system. Let’s go! People point out they will track your sh*t but at least it will be insured. This legitimizes crypto. Let’s go!
-18   

 4 months ago '17        #18
TheLastNonEarth  topics gone triple plat - Number 1 spot x22
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 TrillSwag said
It was only a matter of time. Paper money is an ancient system. Let’s go! People point out they will track your sh*t but at least it will be insured. This legitimizes crypto. Let’s go!
Meant to slap the fu*k out of your post.


Damn Communist
+26   

 4 months ago '17        #19
Chrispy 
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 JayMurdoch said
This reality is getting a little predictable now aint it?

fu*k the Fed
+12   

 4 months ago '15        #20
Villain  topics gone triple plat - Number 1 spot x2
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All I know is I need to invest in some gold and silver.

2020s about to be the get rich or die sooner era.

Just remember the weak will always perish.

Be safe tho

+30   

 4 months ago '12        #21
TrillSwag  topics gone triple plat - Number 1 spot x1
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 TheLastNonEarth said
Meant to slap the fu*k out of your post.


Damn Communist
You don’t even know what communist means you retard
+3   

 4 months ago '21        #22
Tlatoani  topics gone triple plat - Number 1 spot x1
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 TrillSwag said
It was only a matter of time. Paper money is an ancient system. Let’s go! People point out they will track your sh*t but at least it will be insured. This legitimizes crypto. Let’s go!
People complaining about being tracked are probably typing from their phones
+10   

 4 months ago '17        #23
THExTAKEOVER 
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 Tlatoani said
People complaining about being tracked are probably typing from their phones
Laughing about systematic control?

People taking your freedoms away is funny to you?
+20   

 4 months ago '21        #24
Tlatoani  topics gone triple plat - Number 1 spot x1
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 THExTAKEOVER said
Laughing about systematic control?

People taking your freedoms away is funny to you?
People having uncontrollable v*ginal bleeding out of fear of losing their freedoms is funny to me.

I was a*signed a number at birth. My expectations for absolute freedom are rightfully adjusted given the state of my existence within a larger society.
+14   

 4 months ago '17        #25
BuckSon 
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 ChrisPartlowFro said
They kinda missed the boat on this
They about trying to anchor the boat dawg ...if possible ram it with their ship. And pick up all who wish not to drown and sail with them out of the ocean.
+5   



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