Fed Outlines Pros And Cons Of A US digital Dollar -- But Avoids Taking A Stand for Now
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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Still, the logistics haven't yet been hammered out. One option is for the Federal Reserve to issue digital wallets to Americans, making money accessible through a smartphone app or debit card, according to Peebles. El Salvador did this in the fall by giving Salvadorans access to a crypto wallet app called Chivo when it adopted bitcoin as legal tender in the country.
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.
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That's what the digital dollar would promise. CBDCs could bypass the traditional banking system by allowing money to flow directly between parties, just like exchanging cash or transferring funds electronically.
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Instead of adopting its own digital coin or CBDC, El Salvador made bitcoin legal tender last year, meaning the established cryptocurrency must be accepted as a form of payment throughout the country. Soon after, Panama followed in El Salvador's footsteps and unveiled a similar plan to make bitcoin legal tender.
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Bitcoin was invented, at least in part, to circumvent governments and national currencies. In the original white paper, released in the wake of the 2008 financial crisis, If you liked this write-up and you would like to receive more information regarding Borgata Online Casino Pa kindly check out our web site. Satoshi Nakamoto expressed a desire to create "a new electronic cash system" that was "completely decentralized with no server or central authority."
