Digital dollars are like Covid-19 vaccines. They’re both being pushed so hard by governments that they can’t add up to anything but bad news. From Schiffgold at schiffgold.com:
Last week, the Federal Reserve released a “discussion paper” examing the pros and cons of a potential US central bank digital dollar. According to the Federal Reserve press release, the central bank hopes to get public feedback on the idea.
“We look forward to engaging with the public, elected representatives, and a broad range of stakeholders as we examine the positives and negatives of a central bank digital currency in the United States,” Federal Reserve Chair Jerome H. Powell said.
Government-issued digital currencies are sold on their promise of convenience and security. But there is a darker side – the promise of control.
Digital dollars would be similar to bitcoin and other cryptocurrencies. They would exist as virtual banknotes or coins held in a digital wallet on your computer or smartphone. The difference between a government digital currency and bitcoin is the value of the digital currency is backed and controlled by the state, just like traditional fiat currency.
