Meet the most likely base layer for global CBDC’s: Ethereum, by Mark E. Jeftovic

The world’s central banks aren’t far enough along on central bank digital currencies, so they may end up using an existing cryptocurrency as a platform. From Mark E. Jeftovic at

Outside of China, no major nation has anything else ready

Imagine if you will, persistent double-digit inflation, energy costs soaring, shortages causing blackouts across Europe, bond yields spiking uncontrollably, supply chains grinding to a halt while sovereign debt crises erupt the world over…

Then one Friday after the markets close, heading into a long weekend, an emergency broadcast occurs in which the President, the Chairman of the Federal Reserve and the Speaker of the House appear on national TV to announce  that pursuant to the Statutory Bail-Ins provision of the 2010 Dodd-Frank Bill, a banking holiday would take place over the following week. During that holiday, certain bank liabilities would be converted into FedCoin (FED), an ERC-20 token on the Ethereum blockchain, at the rate of 10 FED per $1.

Every depositor would have an NFT issued to their Social Security Number – and that would give them access to their FedCoin via the Sign-On-With-Ethereum protocol. Depositors would have to “stake” their Ethereum to access the “full benefits” of FedCoin, however any sub-optimal social behaviours, (such as being behind on current vaccinations, or running your air conditioner too cool) could result in “slashing” – having a portion of their staked assets “burned”.

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