US Moving Toward Creation of a Digital Dollar

This is what happens when there is a seamless revolving door between wall st,big tech, and federal government.

> “It is why this administration believes that now more than ever,” he said, “prudent regulation of cryptocurrencies is needed.”

They've been researching CBDCs for over 3 years. It is striking and important that these statements were made on the day after the apparent success of the Ethereum merge. It's hard to interpret this as anything other than a shot across the bow of cryptocurrencies.

I don't think it's about BTC. The feds have true hatred and fear of USDT and stable coins, it's a major source of fraud, most dark money goes into it. My analysis is that the digital dollar is an attempt to kill stablecoins, they might be successful I dunno

I wonder what the symbol for the digital dollar will be, maybe a $ but in italic?

Food, energy, healthcare—really, all—prices are skyrocketing. Universal basic income seems like an inevitability. Implementing it as a CBDC makes a lot of sense: it can be tracked. It can be added to your taxable income, and tax refunds provided based on how it was spent: loaf of bread? You get refunded. Another yacht? No refund.

>> “Right now, some aspects of our current payment system are too slow or too expensive,” Yellen said on a Thursday call ...

Yes, an even faster way for the FEDs to print more money, since now they don't event need to print it, only copy paste it...

Considering how much demand there is for stablecoins this seems pretty positive. Don't need to worry about Tether counterparty risk if the backer of a US dollar coin is the US treasury.

Maybe this is what gets us to <1h settlement ACH transfers?

Absolute power corrupts absolutely.