Breaking: Fed’s Jerome Powell: Digital dollar is ‘high-priority project for us’

Breaking: Fed’s Jerome Powell: Digital dollar is ‘high-priority project for us’

USA Digital Dollar – Feb 2021 Updates

 

Breaking: Fed’s Jerome Powell: Digital dollar is ‘high-priority project for us’

Federal Reserve chairman Jerome Powell testifies on Capitol Hill before the Senate Banking Committee. Senator Bill Hagerty (R-Tenn.) asks the Fed chairman about a digital dollar.

WATCH:  https://www.msn.com/en-us/money/markets/feds-jerome-powell-digital-dollar-is-high-priority-project-for-us/vi-BB1dWAN1

ICYMI…

Boston Fed collaborates with MIT on digital currency

https://www.fintechfutures.com/2020/08/boston-fed-collaborates-with-mit-on-digital-currency/

 

U.S. Federal Reserve to Collaborate with MIT in Development of CBDC (Digital Dollar)

With the increased attention being afforded to CBDCs, Governor Lael Brainard, of the Federal Reserve, took the time to address their development in a recent speech.

“We have been conducting in-house experiments for the last few years, through means that include the Board’s Technology Lab, which has been building and testing a range of distributed ledger platforms to understand their potential opportunity and risk.” 

While the Fed may have kept quiet over the past few years on its plans for a digital dollar, it is promising to hear that they have been busy behind the scenes.  Many have feared that the Fed will fall behind other nations in the development of such a product.

https://www.securities.io/federal-reserve-developing-cbdc-digital-dollar/

 

IMF Calls for Credit Score to be Tied to Internet Search History

In a blog post courtesy of the International Monetary Fund, IMF researchers Arnoud Boot, Peter Hoffmann, Luc Laeven, and Lev Ratnovski called for internet search history to be tied to credit score.

Presenting their findings from a paper they wrote, the researchers argue that by using non-financial data, specifically “the history of online searches and purchases,” we can solve the problem of “certain kinds of people not having enough hard data (income, employment time, assets and debts) available.”

With private banks, notably JPMorgan and Chase Bank, already kicking conservatives off of their services, one can only imagine how much this would escalate with the IMF tracking everyone’s search history. While there has been bipartisan opposition to the Chinese Social Credit system in Congress, the distinctions between that system and what the IMF is pushing for remains ill-defined.

https://realitycircuit.com/2020/12/23/imf-calls-for-credit-score-to-be-tied-to-internet-search-history/

 

The U.S. Dollar Will Soon Be Fully Digital

That’s how Republican senator Tom Cotton put it during a recent Senate Banking Committee meeting discussing a digital-only U.S. dollar.

He went on…

The U.S. dollar has to keep earning that place in the global payments system. It has to be better than bitcoin… it has to be better than a digital yuan.

https://www.legacyresearch.com/the-daily-cut/the-u-s-dollar-will-soon-be-fully-digital/

 

The lawmakers introduced the bill in March 2020, envisioning a digital payment system organized by the Federal Reserve and its member banks to directly send these funds to U.S. residents to assist them with expenses during the COVID-19 mitigation measures, which have already resulted in massive unemployment and a potentially severe recession.

https://www.coindesk.com/digital-dollar-stripped-from-latest-us-coronavirus-relief-bill

 

 

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