Tag Archives: digital dollar
Biden Admin Pushing For Digital Dollar
Strive Asset Management executive chairman Vivek Ramaswamy balked at the possibility of a “central bank digital currency” in the United States during an interview with Fox News host Tucker Carlson.
The entrepreneur rejected the notion that a digital dollar managed by the Federal Reserve would be beneficial for the economy, asserting that the project would instead open citizens to government censorship and surveillance. Ramaswamy also dismissed the idea that adopting such a currency system would render the United States more competitive with China, which has launched a digital yuan and is encouraging residents to pivot toward the new medium of exchange.
Read More: Daily Wire
Democrats Want to Introduce Digital Dollar in Stimulus Bill
Democrats in Congress proposed introducing the digital dollar in their draft Covid-19 stimulus bill.
The draft Democrat Bill introduces the concept of a Digital Dollar, which represents either a liability of any Federal Reserve bank, or money redeemable at a bank. In the latter case, the bill introduces the concept of a pass-through digital dollar wallet, which is operated by a bank.
However, Central Banks have warned that the introduction of a digital currency would need to be done with great caution due not only to economic risks, but also cyber security risks.
Read More: Ledger Insights