White House: Biden Will Order The Start Of Work On Creating A Digital US Dollar

[yota691]

White House: Biden Will Order The Start Of Work On Creating A Digital US Dollar

09/03/2022

131

 

Earth News/ US President Joe Biden will order government agencies today, Wednesday, to begin work on creating a digital US dollar, White House officials said.

"The implications of the prospect of issuing a digital dollar are profound," one of the officials told reporters, stressing the crucial role of the US currency in the global economy.

"We must be very cognizant about this analysis because the implications of our move in this direction are profound for the country that issues the world's primary reserve currency," he added.

The official noted that the United States "can move quickly, but we can also move in a smart and comprehensive way."

According to a White House statement, the United States will study the potential benefits and risks of creating a digital dollar, with “pressure research and development on potential common digital currencies in the United States,” amid the massive rise in private cryptocurrencies such as Bitcoin.

The White House said about 16 percent of American adults, about 40 million people, have invested in, traded or used cryptocurrency.

However, the official said, “Without oversight, the explosive growth in the use of cryptocurrencies will pose risks to Americans, to the stability of our business, our financial system, and our national security.”

Another official stressed the need to ensure that all Americans benefit, because "previous forms of financial innovation eventually hurt American families while making a small group of people extremely wealthy."

The US Federal Reserve released a report in January indicating that digital currencies could offer potential benefits to US consumers and businesses, but said it was not clear that they would outweigh the potential risks.

Under Biden's order, US government agencies will consider preventing money laundering as well as efforts to use digital currencies to evade financial sanctions.

The world's largest economy will join more than 100 countries that are exploring or launching pilot programs with their central bank digital currency (CBDC), including the Chinese digital yuan.

Biden's executive order is expected to call on agencies, including the Treasury Department, to examine issues including consumer protection, financial inclusion and the use of digital assets for illicit activities.

Officials downplayed competition from Beijing, saying that the dollar “was and will be critical to the stability of the international monetary system as a whole,” and that those issued by foreign central banks “do not threaten this dominance.”

The global rise of cryptocurrencies and the increasing use of digital payments has boosted interest in formal digital money, and major central banks around the world are exploring this possibility, with Nigeria in October launching its own virtual currency, while El Salvador has allowed bitcoin to serve as legal tender.

Digital assets, including cryptocurrencies, have witnessed tremendous growth in recent years, as the market value exceeded $3 trillion last November, compared to just $14 billion five years ago.

[md11fr8dawg]

OH YES, Gov involvement, what could possibly go wrong???

[coorslite21]

13 minutes ago, md11fr8dawg said:

OH YES, Gov involvement, what could possibly go wrong???

It's the future......🤣

[ddprint22]

 

31 minutes ago, md11fr8dawg said:

OH YES, Gov involvement, what could possibly go wrong???

md11fr8dawg,

 

Love your post !

Laughed out loud while eating breakfast with grand kids. Think a couple Cheerios shot-ou-ma-nose.

( Grand kids love that stuff )

 

My opinion - and everyone needs to get their own opinion on this note:

Blockchain Good & Cryptocurrencies Good.

 

Digital currency Bad.... why ?

 

-  If you consider that today, the banks can freeze, kick you out of their bank or empty your bank account - Digital Currency is basically what we already have. The cash we have been using is getting thin.

 

If you break-up with the bank for whatever reason, they (the bank) aren't going to give you a bag of green-backs and send you on your way. And by the way, if you request green-backs in any volume more than their preset amount, they fill out a FinCen form 'for you' and send it to the IRS. You are now a questionable individual...

 

Now - your 'money movement' will be placed on an 'alternate' piece of paper -

(Bank Check, Counter Check, Money Order, Cashiers Check, Certified Check, etc. They will even offer to wire your money to another location, . . . for a fee of course... and use the SWIFT system.)

 

This SWIFT process also helps document your exit. I personally have seen overnight bank wires take days to clear.

What is the bank doing with my funds once they lob-it into their system? It's like some kind of 'softball slow pitch'.

Are they investing it? -  as I wait for its arrival at another location?

 

Point here is: In most cases, Blockchain takes less that seconds, and the bank has no ability to play with your funds.

 

Since the bank system has slyly, and already I might add - ALREADY IS KEY WORD, reclassified Account holders as Shareholders, when they simply dislike your footprint in society or things go south in the financial world... your 'stock' in the bank covers 'their' poor business decisions prior to your interests. You are 'second' in line.

By the way, with this newfound change as your Customer status gets reclassified...

your shareholder status and the dividends will never go up in value. The value of your stock always seems to be expense'd out. This is a double edged sword at best.

 

A few possible solutions to the problem:

Private Bank, no fractional lending.

Credit union - has different rules.

Diversify - big word. Never go ALL IN with anything.

 

Cryptocurrency - hold off-line. I like the use of multiple ledger X & S devices. You can carry and hold literally 'unlimited value' outside of the system. Only put what you need for a certain time period on a Crypto Platform. Then pull it back from anyone else's ability to touch.

A Crypto Roth is still playing on someones platform and has exposure, ( I use this myself) but you have to play within the system to get the perks.

 

When it comes to Crypto, I look forward to the TIN within an LTD. I think that will be the Holy Grail.

 

Gotta go for now. I smell like a Cheerio box...

 

-ddprint22    

[coorslite21]

30 minutes ago, ddprint22 said:

 

md11fr8dawg,

 

Love your post !

Laughed out loud while eating breakfast with grand kids. Think a couple Cheerios shot-ou-ma-nose.

( Grand kids love that stuff )

 

My opinion - and everyone needs to get their own opinion on this note:

Blockchain Good & Cryptocurrencies Good.

 

Digital currency Bad.... why ?

 

-  If you consider that today, the banks can freeze, kick you out of their bank or empty your bank account - Digital Currency is basically what we already have. The cash we have been using is getting thin.

 

If you break-up with the bank for whatever reason, they (the bank) aren't going to give you a bag of green-backs and send you on your way. And by the way, if you request green-backs in any volume more than their preset amount, they fill out a FinCen form 'for you' and send it to the IRS. You are now a questionable individual...

 

Now - your 'money movement' will be placed on an 'alternate' piece of paper -

(Bank Check, Counter Check, Money Order, Cashiers Check, Certified Check, etc. They will even offer to wire your money to another location, . . . for a fee of course... and use the SWIFT system.)

 

This SWIFT process also helps document your exit. I personally have seen overnight bank wires take days to clear.

What is the bank doing with my funds once they lob-it into their system? It's like some kind of 'softball slow pitch'.

Are they investing it? -  as I wait for its arrival at another location?

 

Point here is: In most cases, Blockchain takes less that seconds, and the bank has no ability to play with your funds.

 

Since the bank system has slyly, and already I might add - ALREADY IS KEY WORD, reclassified Account holders as Shareholders, when they simply dislike your footprint in society or things go south in the financial world... your 'stock' in the bank covers 'their' poor business decisions prior to your interests. You are 'second' in line.

By the way, with this newfound change as your Customer status gets reclassified...

your shareholder status and the dividends will never go up in value. The value of your stock always seems to be expense'd out. This is a double edged sword at best.

 

A few possible solutions to the problem:

Private Bank, no fractional lending.

Credit union - has different rules.

Diversify - big word. Never go ALL IN with anything.

 

Cryptocurrency - hold off-line. I like the use of multiple ledger crypto wallet" rel="external nofollow">ledger X & S devices. You can carry and hold literally 'unlimited value' outside of the system. Only put what you need for a certain time period on a Crypto Platform. Then pull it back from anyone else's ability to touch.

A Crypto Roth is still playing on someones platform and has exposure, ( I use this myself) but you have to play within the system to get the perks.

 

When it comes to Crypto, I look forward to the TIN within an LTD. I think that will be the Holy Grail.

 

Gotta go for now. I smell like a Cheerio box...

 

-ddprint22    

Excellent!

CL