Posted 12 months ago | by Ben Armstrong

US FED Moving Forward with Digital Dollar Development – Official

A US FED Governor recently talked about the digital dollar – which appears to be under development. The US government is desperate to make its fiat hustle last a little while longer, and a digital dollar might be part of that scheme.

In a published statement, Federal Reserve Board Governor Lael Brainard revealed that the US central bank hes been working on the digital dollar system and building a CBDC codebase will be the next stage of the project as it works, “...with researchers at the Massachusetts Institute of Technology (MIT).”

The disclosure was made last Thursday on the “San Francisco’s Innovation Office Hours” webcast.

New Tools for Fiat Currency

For ages, the United States has played a leading role in shaping the global monetary system. But recently, that unique position is at risk of being threatened by other countries like China. China’s upcoming central bank digital currency (CBDC) may be popular, especially with Chinese trading partners.

In an August 13 webcast, Brainard said that there was a partnership formed between the central bank’s Boston branch and the Massachusetts Institute of Technology (MIT). Apparently, research and development on the digital currency are being undertaken by one of the best tech schools in the USA.

Support for Digital Currency – not Decentralized Currency

From the Governor’s perspective, it appears that more fiat currency is the agenda, which makes alternative assets look even better.

Brainard commented:

“To enhance the Federal Reserve’s understanding of digital currencies, the Federal Reserve Bank of Boston is collaborating with researchers at the Massachusetts Institute of Technology in a multiyear effort to build and test a hypothetical digital currency oriented to central bank uses...Digital currencies, including central bank digital currencies (CBDCs), present opportunities but also risks associated with privacy, illicit activity, and financial stability. This prospect has intensified calls for CBDCs to maintain the sovereign currency as the anchor of the nation’s payment systems.”

The US government may want to protect the US dollar's position in global trade and savings, but it is unlikely to work. There is a real chance of a worldwide fiat currency collapse, as most central banks and governments are printing money to cover-up the real damage that the political reaction to COVID-19 has created.

The fiat game is almost over – but don't forget that the last phase of a currency collapse is likely to be the most painful. Just look at Venezuela to see an example of how terrible these EZ money policies become when fiscal delusions meet economic reality.

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About Ben Armstrong

ef4f73e9ddeb61becab57469962fa946?s=90&d=blank&r=g US FED Moving Forward with Digital Dollar Development – OfficialBen Armstrong is a YouTuber, podcaster, crypto enthusiast, & creator of BitBoyCrypto.com. Better known as BitBoy Crypto, he works hard to educate and inform the crypto community.

Ben has been involved with the world of cryptocurrency since 2012 when he first invested in Bitcoin. He used Charlie Shrem's BitInstant & lost Bitcoin in the Mt. Gox hack.

In 2018, Ben decided to go "full-time crypto" and focus all of his time and energy into expanding the reach of crypto.

If you have any questions or comments please feel free to email him at BitBoy@BitBoyCrypto.com or contact him on Twitter @BitBoy_Crypto.