I read from an article on The Street, but during the show I ran out of time to cover it in detail. I recommend reading it in its entirety.
“The proof of concept (PoC) project will test a version of the regulated liability network design that operates exclusively in US dollars where commercial banks issue simulated digital money or ‘tokens’ – representing the deposits of their own customers – and settle through simulated central bank reserves on a multi-unit shared ledger.”
I don’t blame you if you don’t understand the word salad. CK and I are bitcoin specialists and we can barely follow it. Nothing in this pilot program shows that the Fed is anywhere near a CBDC. We maintain our reasoning that Jerome Powell and the Fed will not go down this path, but they must move quickly to make their intentions clear and bring USD stablecoins into the fold, or the next chairman may follow with globalist leanings.
I also quote from Vice Chairman Randal Quarles’ 2021 speech on CBDCs, where he demonstrates a solid grasp of the CBDC game. We also recommend reading it in its entirety.
“I emphasize three points. First, the payment system in US dollars is very good and it is getting better. Second, the potential benefits of a Federal Reserve CBDC are unclear. Third, developing a CBDC could, I believe, pose significant risks.
Finally, we cover the G20, but to be honest we don’t have time to do it justice. Here is a link to The Guardian’s five takeaways from the G20 meeting.
This is a guest post by Ansel Lindner. Opinions expressed are entirely their own and do not necessarily reflect the opinions of BTC Inc. or Bitcoin Magazine.
