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US Launching Five Digital Dollar Pilot Programs

 
BullionDude
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05/03/2021 09:34 PM
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US Launching Five Digital Dollar Pilot Programs
By now it's common knowledge that China is leaps and bounds ahead of all other central banks in launching a CBDC, or Central Bank Digital Currency (which Beijing vows is not a challenge to the reserve status of the US Dollar, but is precisely that), however the US is doing everything it can to keep up. And while one wouldn't get the sense of urgency if one listened to either the Fed chair or the NY Fed president today...

POWELL SAYS HAVE NOT DECIDED WHETHER TO ISSUE A DIGITAL CURRENCY
WILLIAMS SAYS FED IS STUDYING CENTRAL BANK DIGITAL CURRENCIES ACTIVELY AND IS NOT IN A RACE
... on Monday, the nonprofit organization Digital Dollar Project said it will launch five pilot programs over the next 12 months to test the potential uses of a U.S. central bank digital currency, the first effort of its kind in the United States.

According to Reuters, the private-sector pilots which hope to recreate similar tests held in China last year, will initially be funded by Accenture and involve financial firms, retailers and NGOs, among others. The aim is simple: to generate data that could help U.S. policymakers develop a digital dollar.

Why Accenture, formerly known as Arthur Andersen of Enron fame? Because a partnership between Accenture and the Digital Dollar Foundation, the Digital Dollar Project was created last year to promote research into a U.S. central bank digital currency (CBDC).

“There are conferences and papers coming out every week around the world on CBDCs based on data from other countries,” said Christopher Giancarlo, former chair of the CFTC and co-founder of the Digital Dollar Foundation.

“What there is not, is any real data and testing from the United States to inform that debate. We’re seeking to generate that real-world data,” Giancarlo added.

This means that over the next 12 months, a select group of Americans will have the "honor" of transacting with the next evolutionary US currency - the digital dollar.

[link to www.zerohedge.com (secure)]
BullionDude  (OP)

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05/04/2021 06:35 AM
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Re: US Launching Five Digital Dollar Pilot Programs
“It’s not a panacea for all money,” Treat said. “We will be using physical cash and coin for some time.”

Sure we will... until one day the government pulls an FDR executive order 6102 and confiscates all non-digital currencies.
Anonymous Coward
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05/04/2021 06:39 AM
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Re: US Launching Five Digital Dollar Pilot Programs
“It’s not a panacea for all money,” Treat said. “We will be using physical cash and coin for some time.”

Sure we will... until one day the government pulls an FDR executive order 6102 and confiscates all non-digital currencies.
 Quoting: BullionDude


Yep.
Katipo

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05/04/2021 06:43 AM
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Re: US Launching Five Digital Dollar Pilot Programs
What is China’s digital currency? 100 Viruses = 1 Bat?
Grove Street

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05/04/2021 06:44 AM
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Re: US Launching Five Digital Dollar Pilot Programs
chaching

doge will be the new world currency get in now!
Grove

And this is why we can't have nice things.
Anonymous Coward
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05/04/2021 06:50 AM
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Re: US Launching Five Digital Dollar Pilot Programs
Congratulations cryptotards you played yourselves.
Anonymous Coward
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05/04/2021 06:50 AM
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Re: US Launching Five Digital Dollar Pilot Programs
:chaching:

doge will be the new world currency get in now!
 Quoting: Grove Street


Stfu about doge...
Anonymous Coward
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05/04/2021 06:57 AM
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Re: US Launching Five Digital Dollar Pilot Programs
More zerohedge nonsense.
Grove Street

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05/04/2021 07:00 AM
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Re: US Launching Five Digital Dollar Pilot Programs
chaching

doge will be the new world currency get in now!
 Quoting: Grove Street


Stfu about doge...
 Quoting: Anonymous Coward 40968535


lol

if you only knew
Grove

And this is why we can't have nice things.
Anonymous Coward
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05/04/2021 07:05 AM
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Re: US Launching Five Digital Dollar Pilot Programs
Easier to devalue or turn off.
05flsts

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05/04/2021 07:05 AM
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Re: US Launching Five Digital Dollar Pilot Programs
chaching

doge will be the new world currency get in now!
 Quoting: Grove Street


Stfu about doge...
 Quoting: Anonymous Coward 40968535


[link to www.coingecko.com (secure)]
lol...
BullionDude  (OP)

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05/04/2021 07:19 AM
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Re: US Launching Five Digital Dollar Pilot Programs
Easier to devalue or turn off.
 Quoting: Anonymous Coward 77996959


Easy to turn off for the individual person.
BullionDude  (OP)

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05/04/2021 07:21 AM
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Re: US Launching Five Digital Dollar Pilot Programs
Thanks for the pine
Anonymous Coward
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05/04/2021 07:45 AM
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Re: US Launching Five Digital Dollar Pilot Programs
:chaching:

doge will be the new world currency get in now!
 Quoting: Grove Street


Stfu about doge...
 Quoting: Anonymous Coward 40968535


lol anyone who bought DOGE 6 months ago is up 14,500%

If you put $50,000 into DOGE you would of made $7,250,000 in just 6 months.

As for using doge in any large scale economy? Hell no. same issue with all the mining proof of work coins.. they cant scale
Anonymous Coward
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05/04/2021 07:58 AM
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Re: US Launching Five Digital Dollar Pilot Programs
The irony is banks are nearly all digital now.

I know a guy who never has a single coin or bill. Unless he finds money or someone gives him cash (which become souvenirs and save to but in his bank) he always uses a card.

In the end it's all digits.
Anonymous Coward
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05/04/2021 07:59 AM
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Re: US Launching Five Digital Dollar Pilot Programs
what these ASS Hats aren't telling us is that they can't issue a digital dollar and still operate a fractional reserve banking model. If all dollars are accounted for on a public ledger then banks won't be able to counterfeit them in order to loan them out, rehypothicated 100 times over. CDBCs will fail because there is no limit to the quantity that can be created. If there is no scarcity, there is no long term value proposition and that is why even Dogecoin is better than the dollar.
tomk

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05/04/2021 08:09 AM
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Re: US Launching Five Digital Dollar Pilot Programs
By now it's common knowledge that China is leaps and bounds ahead of all other central banks in launching a CBDC, or Central Bank Digital Currency (which Beijing vows is not a challenge to the reserve status of the US Dollar, but is precisely that), however the US is doing everything it can to keep up. And while one wouldn't get the sense of urgency if one listened to either the Fed chair or the NY Fed president today...

POWELL SAYS HAVE NOT DECIDED WHETHER TO ISSUE A DIGITAL CURRENCY
WILLIAMS SAYS FED IS STUDYING CENTRAL BANK DIGITAL CURRENCIES ACTIVELY AND IS NOT IN A RACE
... on Monday, the nonprofit organization Digital Dollar Project said it will launch five pilot programs over the next 12 months to test the potential uses of a U.S. central bank digital currency, the first effort of its kind in the United States.

According to Reuters, the private-sector pilots which hope to recreate similar tests held in China last year, will initially be funded by Accenture and involve financial firms, retailers and NGOs, among others. The aim is simple: to generate data that could help U.S. policymakers develop a digital dollar.

Why Accenture, formerly known as Arthur Andersen of Enron fame? Because a partnership between Accenture and the Digital Dollar Foundation, the Digital Dollar Project was created last year to promote research into a U.S. central bank digital currency (CBDC).

“There are conferences and papers coming out every week around the world on CBDCs based on data from other countries,” said Christopher Giancarlo, former chair of the CFTC and co-founder of the Digital Dollar Foundation.

“What there is not, is any real data and testing from the United States to inform that debate. We’re seeking to generate that real-world data,” Giancarlo added.

This means that over the next 12 months, a select group of Americans will have the "honor" of transacting with the next evolutionary US currency - the digital dollar.

[link to www.zerohedge.com (secure)]
 Quoting: BullionDude


So how is a digital dollar any different than using a debit card and direct deposit?
Need a search engine after the Google-fiasco? Look here: peacelove.me/advertising-search-engines.html

It's like Lee Iaccoca said, "Grow a brain cell, think for yourself, or die and go away."

peacelove.me
Anonymous Coward
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05/04/2021 08:10 AM
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Re: US Launching Five Digital Dollar Pilot Programs
I pay cash for everything (except houses
and cars - checks)
I RARELY get in line ANYWHERE and see people
doing likewise.

They either pay with plastic, or wait until
they are rung up, and then their feeble, shaky
hands reach inside their pocketbooks, pull out
a checkbook and proceed to write a check in
SLOW-MOTION.

I have asked cashiers how many people pay with
cash, and the answer's always the same:
"NOT MANY".
peterpeccary

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05/04/2021 09:15 AM
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Re: US Launching Five Digital Dollar Pilot Programs
Easier to devalue or turn off.
 Quoting: Anonymous Coward 77996959


Easy to turn off for the individual person.
 Quoting: BullionDude


Or as in China's digital currency.....they can set an expiration date.....use it or lose it.....
BullionDude  (OP)

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05/04/2021 09:23 AM
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Re: US Launching Five Digital Dollar Pilot Programs
Easier to devalue or turn off.
 Quoting: Anonymous Coward 77996959


Easy to turn off for the individual person.
 Quoting: BullionDude


Or as in China's digital currency.....they can set an expiration date.....use it or lose it.....
 Quoting: peterpeccary


Oh I am sure this is part of it. They have to increase money velocity which is very low right now.
Billxam, ABATE, AWHA

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05/04/2021 09:28 AM

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Re: US Launching Five Digital Dollar Pilot Programs
By now it's common knowledge that China is leaps and bounds ahead of all other central banks in launching a CBDC, or Central Bank Digital Currency (which Beijing vows is not a challenge to the reserve status of the US Dollar, but is precisely that), however the US is doing everything it can to keep up. And while one wouldn't get the sense of urgency if one listened to either the Fed chair or the NY Fed president today...

POWELL SAYS HAVE NOT DECIDED WHETHER TO ISSUE A DIGITAL CURRENCY
WILLIAMS SAYS FED IS STUDYING CENTRAL BANK DIGITAL CURRENCIES ACTIVELY AND IS NOT IN A RACE
... on Monday, the nonprofit organization Digital Dollar Project said it will launch five pilot programs over the next 12 months to test the potential uses of a U.S. central bank digital currency, the first effort of its kind in the United States.

According to Reuters, the private-sector pilots which hope to recreate similar tests held in China last year, will initially be funded by Accenture and involve financial firms, retailers and NGOs, among others. The aim is simple: to generate data that could help U.S. policymakers develop a digital dollar.

Why Accenture, formerly known as Arthur Andersen of Enron fame? Because a partnership between Accenture and the Digital Dollar Foundation, the Digital Dollar Project was created last year to promote research into a U.S. central bank digital currency (CBDC).

“There are conferences and papers coming out every week around the world on CBDCs based on data from other countries,” said Christopher Giancarlo, former chair of the CFTC and co-founder of the Digital Dollar Foundation.

“What there is not, is any real data and testing from the United States to inform that debate. We’re seeking to generate that real-world data,” Giancarlo added.

This means that over the next 12 months, a select group of Americans will have the "honor" of transacting with the next evolutionary US currency - the digital dollar.

[link to www.zerohedge.com (secure)]
 Quoting: BullionDude


So how is a digital dollar any different than using a debit card and direct deposit?
 Quoting: tomk


The point is obvious. Money. The Fed wants money. Any digital currency will be taxed and have fees associated with it and be tracked. Remember, your debit card is issued by a corporation, digital currency puts all the power in the government's hands.
Posted from the people's banana republic of Michigan

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pool
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05/04/2021 09:30 AM

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Screwing Ripple to learn.
And so you see now, ego is not fuel.....Anonymous Coward 76273144
BTC:)
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SJ ACIM

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05/04/2021 09:31 AM

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Re: US Launching Five Digital Dollar Pilot Programs
what these ASS Hats aren't telling us is that they can't issue a digital dollar and still operate a fractional reserve banking model. If all dollars are accounted for on a public ledger then banks won't be able to counterfeit them in order to loan them out, rehypothicated 100 times over. CDBCs will fail because there is no limit to the quantity that can be created..
 Quoting: Anonymous Coward 79432135


There will be no impediment to their (criminal) fractional reserve banking. Banks only use digital anyway. When they give you that $300,000 mortgage they are just typing in the numbers, there is no physical transfer of cash.
They then receive from Central Bank 9-12 times that amount for the debt they just issued. Central bank prints the cash (but it's a digital transfer not actually ink printing).

Having a digital currency will not change a thing in that regard. However Central Bank will be able to stimulate and cool the market at any time. They will use temporary expiry dates and universal basic income to balance the market. So you may very well get a 'free' $1k a month but it will expire if not used by a specific date.

Here in Asia cash is not common, everyone seems to use a wave and pay on their phone, bills all paid on direct debit or bank transfer from the phone app and even places like the dentist, a clinic, a school uniform shop all use digital payment systems.
Cheques are unheard of and you actively have to ask for a cheque book when opening a new account as they are not a common item.
pool
~remember to smile~

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05/04/2021 09:31 AM

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Re: US Launching Five Digital Dollar Pilot Programs
chaching

doge will be the new world currency get in now!
 Quoting: Grove Street


Stfu about doge...
 Quoting: Anonymous Coward 40968535


My $50 bought on 4/30 is worth $71 today. lmao
And so you see now, ego is not fuel.....Anonymous Coward 76273144
BTC:)
3AieyegWm6P9oPpjEiumwy1MC2Eh6Z1kJg
TheTruthNeverLies

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05/04/2021 09:35 AM
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Re: US Launching Five Digital Dollar Pilot Programs
is it too late to invest in crypto or is it going to crash again? i was gonna wait until the next crash wave but im afraid there wont be one at this rate. i even see credit cards overing bitcoin. its going to be the next cashless currency.
"Firearms are second only to the Constitution in importance; they are the peoples' liberty's teeth."

"Government is not reason; it is not eloquent; it is force. Like fire, it is a dangerous servant and a fearful master."

"Religion and morality are the essential pillars of civil society."

-George Washington, Father of our country & 1st President
Anonymous Coward
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05/04/2021 09:38 AM
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What's the difference between a digital dollar and me buying everything with my checking card? Literally no difference.

Most transactions/money are already digital.
pool
~remember to smile~

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05/04/2021 09:42 AM

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Re: US Launching Five Digital Dollar Pilot Programs
What's the difference between a digital dollar and me buying everything with my checking card? Literally no difference.

Most transactions/money are already digital.
 Quoting: Anonymous Coward 32095029


Digital currency inflates and deflates upon supply and demand....it's more transparent.
And so you see now, ego is not fuel.....Anonymous Coward 76273144
BTC:)
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Anonymous Coward
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05/04/2021 10:00 AM
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Re: US Launching Five Digital Dollar Pilot Programs
I pay cash for everything (except houses
and cars - checks)
I RARELY get in line ANYWHERE and see people
doing likewise.

They either pay with plastic, or wait until
they are rung up, and then their feeble, shaky
hands reach inside their pocketbooks, pull out
a checkbook and proceed to write a check in
SLOW-MOTION.

I have asked cashiers how many people pay with
cash, and the answer's always the same:
"NOT MANY".
 Quoting: Anonymous Coward 80312889


I usually use cash too, only use my bank card at grocery store with big purchases.

I see people using their card at fast food places. Why use it in places where you buy something for 5 bucks?
Anonymous Coward
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05/04/2021 10:07 AM
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Re: US Launching Five Digital Dollar Pilot Programs
Grove Street is right, doge coin is on it's way to the moon and beyond. I just wish I bought more earlier.
Anonymous Coward
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05/04/2021 10:40 AM
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Re: US Launching Five Digital Dollar Pilot Programs
What is China’s digital currency? 100 Viruses = 1 Bat?
 Quoting: Katipo


and 10 bats = 1 pangolin
Crypto-Tard

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05/04/2021 10:52 AM

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Re: US Launching Five Digital Dollar Pilot Programs
“It’s not a panacea for all money,” Treat said. “We will be using physical cash and coin for some time.”

Sure we will... until one day the government pulls an FDR executive order 6102 and confiscates all non-digital currencies.
 Quoting: BullionDude


Not legal, but that never stops the criminal gang running things.
Everyone has a plan until they get hit in the face.

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