Last month the Fed said they had five yrs to create a digital currency.
Now Powell put out this video talking about stable coins and the Fed will have a report out on it this summer.
They are getting passed by the crypto world and have to move faster.
1/3
Now Powell put out this video talking about stable coins and the Fed will have a report out on it this summer.
They are getting passed by the crypto world and have to move faster.
1/3
My early take.
A Central Bank Digital Currency (CBDC) will not work.
To work it requires the Fed to take over the banking system (making it more centralized and subject to more top down control).
Otherwise it will accomplish nothing.
2/3
A Central Bank Digital Currency (CBDC) will not work.
To work it requires the Fed to take over the banking system (making it more centralized and subject to more top down control).
Otherwise it will accomplish nothing.
2/3
Bottom line, stablecoins (the concept, not any one in particular) are winning. The Fed sees the future reserve currency and it does not involve them.
I look forward to their rationakiztion to hold onto the past.
3/3
I look forward to their rationakiztion to hold onto the past.
3/3
Last month the Fed said they had five yrs to create a digital currency.
Now Powell put out this video talking about stable coins and the Fed will have a report out on it this summer.
They are getting passed by the crypto world and have to move faster.
1/3
Now Powell put out this video talking about stable coins and the Fed will have a report out on it this summer.
They are getting passed by the crypto world and have to move faster.
1/3
My early take.
A Central Bank Digital Currency (CBDC) will not work.
To work it requires the Fed to take over the banking system (making it more centralized and subject to more top down control).
Otherwise it will accomplish nothing.
2/3
A Central Bank Digital Currency (CBDC) will not work.
To work it requires the Fed to take over the banking system (making it more centralized and subject to more top down control).
Otherwise it will accomplish nothing.
2/3
Bottom line, stablecoins (the concept, not any one in particular) are winning. The Fed sees the future reserve currency and it does not involve them.
I look forward to their rationakiztion to hold onto the past.
3/3
I look forward to their rationakiztion to hold onto the past.
3/3
Combine this with the IRS now wanting to track crypto transfers and the Fed/Gov is having their "holy shit" moment. As in "I don't understand any of this but I now get it is big and going to run us over."
Does this moment also include "and it is too big for us to stop?"
Does this moment also include "and it is too big for us to stop?"
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