Fed Outlines Pros And Cons Of A US digital Dollar -- But Avoids Taking A Stand for Now

In Queensland, Star owns and operates the Treasury Brisbane and The Star Gold Coast casinos, and is building a $3.6 billion Queen's Wharf resort development in Brisbane, which is expected to open in 2023.
The Chinese special administrative region, which went into lockdown on July 11, has a tally of more than 1,700 infections since the middle of June, after having been largely COVID-free following an outbreak in October 2021.

HONG KONG, July 18 (Reuters) - Macau kicked off an 11th round of COVID-19 testing for residents on Monday, as the world's biggest casino hub extended a lockdown of casinos and other businesses in the fight on its worst outbreak since the pandemic began.

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Despite a steady fall in infections that saw just 27 new cases reported on Sunday, authorities said the city's more than 600,000 residents must stay home, with all non-essential businesses shut, until Friday.

casino operators Las Vegas Sands, Wynn Resorts and Melco Resorts fell between 4.6% and 5.7% after Macau shut all its casinos for the first time in more than two years in a bid to contain the spread of COVID-19. (Reporting by Amruta Khandekar in Bengaluru; Editing by Shounak Dasgupta)

This inevitably caused them a significant loss in trade, but had the upside effect of driving punters to place digital bets, and Entain went on to achieve 23 successive quarters of double-digit percentage expansion in online revenue. 

The report, which signaled a still strong labor market helped alleviate some fears about an immediate recession, but added to worries about more aggressive monetary policy tightening by the Fed to stamp out soaring inflation.

US digital wallets could upend commercial banking Digital wallets issued by the Fed, though, would be a destabilizing form of CBDC. "It really messes with the general pyramidal structure of central banking as a concept, which has always been that central banks are not bankers to average citizens," according to Peebles. As a rule, central bankers oversee the banking system, whereas private banks interact with the consumer. 

Which countries are exploring CBDCs? About 110 countries are at some stage of CBDC development, according to the IMF. The Bahamas, Nigeria and several countries in the eastern Caribbean through the Eastern Caribbean Currency Union (including Grenada, Antigua and Barbuda, Saint Lucia and St. Kitts and Nevis) have already issued CBDCs. The names of their e-currencies are the Sand Dollar, eNaira and DCash, respectively. 

If the US government monitors everything you buy -- from milk at your local store to poker chips during your next casino trip -- there's potential for abuse. "All sorts of profiling could emerge out of that, and hackers might deem that database to be quite valuable, too," Peebles said. "So you could picture predatory marketing to the elderly, for example, if the data got out."

July 11 (Reuters) - U.S. stock index futures fell on Monday, bracing for the start of the earnings season which could see profits come under pressure at a time of growing fears of an economic downturn due to aggressive interest rate hikes.

After a dismal first half of the year, U.S.
stocks started July on an upbeat note, however, market participants fear that upcoming quarterly results could trigger another selloff, with earnings potentially falling short of estimates.
Privacy concerns over CBDCs The primary concern over a government-issued digital dollar centers on privacy, particularly when it comes to the issuance of Federal Reserve accounts. The US government could track all citizens' purchases through an e-wallet, giving the Fed an account of everything we do and eliminating space for unsurveilled monetary exchange, according to Peebles. 

Its BetMGM joint venture has also forged tie-ups with Carnival Corporation to offer cruise ship gaming, and with Sony Pictures Television and slot machine producer IGT to launch a digital casino based on the television programme Wheel of Fortune.
"Currencies throughout history can either be issued by the public or by private entities, and what crypto has shown us or has delivered is a reignition of an age-old fight between private and public currency issuance," said Peebles. "Central bankers suddenly got blindsided; and so, a central bank digital currency is central bankers trying to hold on to their monopoly over currency issuance in the face of erosion of that monopoly."

He added: 'The underlying business looks to be progressing well, with the group finding a good balance between building out its online presence and offering an in-store option. The BetMGM project offers a real growth driver for the future if execution remains on point.'

But as cryptocurrencies gain in popularity, grabbing an increasing share of the global financial pie, governments have taken notice, and now many of them are exploring how to get a piece of the action. One possibility is what's known as a CBDC, or a central bank digital currency.

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