Today I heard Randal Quarles of the US Financial Stability Board defend the fact that the US is not yet pursuing a sovereign-backed digital currency, saying he doesn’t see what role it can fill.
https://twitter.com/matthew_d_green/status/1377312953431695365
In my opinion the role it needs to fulfill is as competition against wild variants, and with those being created by China and the Eurozone. If this is not addressed, the entire financial sector will be targeted for manipulation with the spoils going to wild crypto.
A lot of people will be hurt if that happens. And they explicitly cited the risk to the financial sector. But I think they underestimate it. There are explicit campaigns to manipulate stocks, crypto, and fiat currency using social media.
And there are a lot of weird nascent cultural campaigns popping up in the wild. Something insane is happening here with the Teletubbies... lol
https://twitter.com/teletubbieshq/status/1377259542640218113
It seems the plan is going to be for the US to regulate its way out of the wild crypto threat and ignore digital currency. I don’t know if that’s smart. But it definitely can’t ignore the threat. IMHO it would make sense to get ahead of it, with a better product.
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