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

Jailene Holton, 21, of Philadelphia, was shot while standing in the back of the Philly Bar and Grill on June 28. She was out for a night on the town with her friends. Her family said she rarely went out and that she was the group's designated driver 

'Once he realized we were there and weren't going away, we were able to get him into custody safely without anybody getting hurt,' said Robert Clark, supervisor of the U.S. Marshals Fugitive Task Force. 'We do believe that he knew he was wanted,' he added

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.

'Back then Victoria started with 10,000 machines, today there are almost 30,000 poker machines and despite mandatory closing laws operators have found loopholes to provide gambling access 24 hours a day - and in some of Victoria's most vulnerable communities.'

'Our community is deeply diminished by the utterly appalling and senseless loss of Jailene, who held such great promise for a tremendous future. Our hope is that the quick capture of this heinous perpetrator will bring some comfort to the Holton family,' officials said.

HONG KONG, July 11 (Reuters) - Macau shut all its casinos for the first time in more than two years on Monday as authorities struggle to contain the worst coronavirus outbreak yet in the world's biggest gambling hub.

Alliance for Gambling Reform coordinator Anna Bardsley has led calls for a reduction in venue trading hours, spin rates and maximum bets after a shocking new report revealed Victorians alone had lost an estimated $66 billion to pokies in the last 30 years.

How would a digital dollar work in practice? Americans are using and carrying less cash nowadays, turning to card and electronic payments instead, with 40% of individuals reporting that they didn't use cash for in-person payments in April, according to a survey by the Federal Reserve System's Cash Product Office. Mobile payment services like Venmo, Zelle and PayPal are increasingly popular, with 64% of survey respondents saying they regularly use a digital payment platform, according to a 2020 survey by the Travis Credit Union. 

The government has been hesitant to close casinos due to its mandate to protect jobs.
The industry employs most of the population directly and indirectly and accounts for more than 80% of government revenues.

This week marks 30 years since Victoria introduced the first pokie machines at a pub in Melbourne's eastern outskirts, which then premier Joan Kirner described would result in 'better social, recreational facilities and a better night out.'

"Even if the outbreak in Macau gets under control, it will likely be another few weeks before Macau-Zhuhai can remove quarantine requirements," said Terry Ng, analyst at Daiwa Capital Markets in Hong Kong.

One possible sticking point could be if people are using their Fed accounts to purchase illicit goods, such as cannabis. While states across the country have legalized cannabis for medical and recreational use, it's still illegal on a federal level. If someone purchased the substance from a dispensary using digital dollars, the government could theoretically decide to impose criminal sanctions for the transaction. 

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. 

More than 20,000 people are in mandatory quarantine as the government adheres to China's zero-COVID policy, which aims to stamp out all outbreaks, running counter to a global trend of trying to coexist with the virus.

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, If you beloved this post and you would like to receive a lot more data about Www.Social-Work.Ipt.pw kindly stop by our page. 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. 

Macau imposed the shutdown last Monday, shuttering the city's economic engine - its casinos - and forbidding residents from leaving their apartments, except for essential activities such as grocery shopping.

'We started at 5:30 Wednesday morning, exhausted some leads here in the city of Philadelphia. We had some other things we needed to run down in South Jersey and, lo and behold, we found a spot for him at Harrah's Casino.  

'A lot of our investigators on the task force have children. This was an unnecessary random act of violence. It's a horrific act and we're just very grateful we were able to get out there and get him into custody in under 12 hours,' said Clark.