Digital dollars are coming
Central banks and corporations are actively considering digital currencies.
In 2019 we are seeing both corporations and central banks getting behind the idea of a digital dollar as they learn the benefits of cryptography and digital ledger technologies. Let’s just look at what we have learned in 2019:
Chinas digital currency plans (DCEP) were declared last month by President Xi.
Facebook not only rolled out their intentions with Libra & Calibra causing a stir but their top executives (Dave Marcus & Mark Zuckerberg) were called to DC to face politicians’ tough questions.
JP Morgan launched an internal stablecoin called JPMCoin for inter-banking transactions.
Wells Fargo announced Wells Fargo Digital Cash; the tokenized dollar will be used in a pilot initiative for internal settlement across the company’s business.
The CryptoRuble is a digital currency currently in development, commissioned by Russian President Vladimir Putin. It likely won't be a cryptocurrency in the way that Bitcoin or Ethereum are, as it would be issued by the government and not mined. The value of the CryptoRuble is identical to the value of a regular ruble.
The National Bank of Ukraine will continue to look into the possibility of issuing its own digital currency, the e-hryvnia, based on the results of a pilot project that the central bank published in its pilot project research note.
The U.S. Federal Reserve is hiring a manager to oversee its traditional payments section, while adding new responsibilities to the role, including researching how to integrate digital currencies, stablecoins, and distributed ledger technologies.
Last month, a top Fed official said the Central Bank is debating the idea of a digital dollar, while Democratic and Republican members of Congress wrote to Fed Chairman Jay Powell to ask about the implications of such a move.
The former chairman of the Commodity Futures Trading Commission has advocated for the U.S. to create and run a dollar-based digital token and ledger.
All of this is just a start and you might be asking why? Most of it boils down to power, leverage, and global dominance. Very similar to the “space race” of the 1960s each government or corporation wants to get ahead of the competition or look to obtain the coveted global reserve currency status. The US dollar has enjoyed this distinction for decades and provides holders of US dollars many opportunities other currencies don’t enjoy including stability. Now that the currency “space race” has started it’s in our best interest to focus on innovation and work together to make sure the US stays ahead. Will we see both private & public companies along with government work together to ensure the US leads this race? I’ll let you answer that question.
Onwards & upwards!
Bly 🏁
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Hill hit over 22 MPH on this run; I have a hard time hitting that on my bike.
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📰What happening; News that Matters📰
Gemini Exchange Adds Automated Customer Tax Reporting
Chinese Smart Cities to Introduce Blockchain ID System
Microsoft Unveils Azure Blockchain Tokens Platform for Enterprise-Ready Cryptocurrency Tokens
United Kingdom Tax Authority Her Majesty’s Revenue and Customs Updates Cryptocurrency Taxation Guidelines
Telegram Releases Test Crypto Wallet for Gram Token Despite SEC Lawsuit
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