Socio-Economics History Blog

Socio-Economics History Blog

Congress Talks Digital Money And Digital ID’s With Treasury And Federal Reserve — ‘666’ is Here!!

by mosesman

  • Op-ed: A digital dollar would help the U.S. and its allies keep China in check
    by Frederick Kempe@FREDKEMPE, https://www.cnbc.com/world/ , 27 Feb 2021
    * Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell hinted this week that a digital dollar is a high-priority project for the U.S.
    * China has ramped up efforts for a digital yuan to undermine the dollar and extend its influence.
    * The benefits for Beijing would be considerable if the U.S. cedes ground in financial technological innovation and the dollar’s global dominance wanes.
    –
    Chinese officials have made no secret that their greatly accelerated efforts at introducing and distributing the digital yuan are an opening move in their long-term strategy to undermine the dollar’s global supremacy and expand their influence.
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    Despite that, leading U.S. financial officials have rolled their eyes at any suggestion that deeper dangers lurk for the dollar, and thus also for U.S. national security, in the global digital currency race. Even as China marches forward and bitcoin’s value reaches $1 trillion, the Federal Reserve had been in no hurry to be a contestant.
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    Until now.
    This week marked a public turning point for the most significant U.S. government officials engaged in international finance — Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell. Josh Lipsky, director of the Atlantic Council’s GeoEconomic Center, tweeted that it marked “the firing of a starting gun.”
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    At a New York Times event on Monday with Secretary Yellen, CNBC’s Andrew Ross Sorkin prompted her most full-throated endorsement yet of a digital dollar, or Central Bank Digital Currency, or CBDC. Though Sorkin called Yellen’s attention to an Atlantic Council survey with Harvard’s Belfer Center, showing that 70 countries now have digital currency projects, Yellen’s focus instead was on the domestic good a digital dollar could do Americans.
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    “I think it makes sense for central banks to be looking at it,” said Yellen, in a historic snippet on snapchat.
    –
    read more.

  • United States House of Representatives Committee on Financial Services Task Force on Financial Technology
    …. Today, I would like to propose a far more fundamental “digital dollar”: a US
    central bank digital currency. This type of “digital dollar” would be a new, additional
    format for US currency. It would be a digital bearer instrument that has the same legal
    status as the dollars in one’s purse, but on a smart phone. It would operate alongside
    existing forms of money, would be primarily distributed through the existing two-tiered
    architecture of commercial banks and regulated money transmitters and would be
    recorded on new transactional infrastructure, potentially informed by distributed ledger
    technology.
    –
    Before explaining how such a “digital dollar” will address the topic of inclusive
    banking in a pandemic, let me first provide some background.
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    The Digital Dollar Project
    Early this year, my brother, Charles Giancarlo, a veteran Silicon Valley engineer,
    entrepreneur and corporate executive, Daniel Gorfine, the CFTC’s former Chief
    Innovation Officer and I created the Digital Dollar Foundation, a not-for-profit enterprise.
    The Foundation partnered with David Treat and his innovation team at Accenture as
    lead architect and technology innovation advisor2 on a pro bono basis ….
    –
    read more.

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