news Conservative U.S. Think Tank Denies Need for Federal Digital Currency

[Captain Karim 0]

Yes, I think China is going to issue its national cryptocurrency soon, but the United States is still very far from thinking about this,

[Shaza Ahmad 1682]

Many countries will issue their own national cryptocurrency, but I do not consider it a cryptocurrency or a decentralized currency, it is a digital currency similar to the real currency that they can track their transactions between people and impose taxes, so it will be a central currency, no more than that.

[pablomarwan 3082]

I agree with everything I have said. These are likely to be challenging. Every time a state or a financial institution undertakes to open a project related to financial transactions, some restrictions must be made in order to recover what has been lost, in addition to the interference of security in the affairs of others in terms of dealing in currencies. The supervisor will implement the number of works Suspicious that is growing

[jamesvince 2389]

USA government not ready to create blockchain technology system based crypto market currencies because they wants tax and many other difficulties behind running of decentralized coins for any country. Because there is big player of economic world is inflation so government of USA wants controled prices of market. 

[Irungu 4299]

Things are tough an even the economy of USA is taking the hit we need to evaluate what happens it takes a while to really understand what is happening and its always good to target certain areas, if the whole issue of Covid 19 has take much of US Budget then its important just to leave it

[Moaz 7239]

I believe that most countries of the world will create their own digital currency in the future that depends on blockchain technology in order to help their national economy and control this currency and this will contribute to increasing the number of users of cryptocurrencies in the world

[TimopheyKa 3900]

Sounds weird. After all, as I have heard, the US is actively taking cryptocurrency into its own hands, then begins to reject it, saying that it is very bad and poses a threat to the country. And then again, justifying the fact that it is economically profitable! Very strange, I'm afraid of their actions

[CryptoDemon 370]

On 2/13/2020 at 3:40 PM, kyoukage01 said:

According to a think tank, the U.S. should refrain itself from creating its own cryptocurrency and support those that already exists instead, as opposed to other countries like China that attempts to create their own. At least that is what I infer from this article.

 

This will definitely boost the popularity and acceptance of cryptocurrencies already in use, especially the top ones. But there is the certainty that the U.S. will try to meddle in the affairs of the people using it, by imposing taxes, tracking personalities by the FBI, etc., in the name of national security or whatever.

 

Then again, countries that have their own national cryptocurrency can also do that, and so much more, simply because their governments "own" it, and technically, they can do whatever they want with it.

 

So maybe this think tank's approach isn't so bad after all.

 

What do you think?

 

Here is the link to the article:

https://cointelegraph.com/news/conservative-us-think-tank-denies-need-for-federal-digital-currency

  Reveal hidden contents

Conservative U.S. Think Tank Denies Need for Federal Digital Currency

Conservative United States think tank the Heritage Foundation argues that instead of launching a central bank digital currency (CBDC), the government should ensure that the public can use the currencies they prefer, including private ones.

 

In a commentary piece published on Feb. 12, the Heritage Foundation notes that Facebook’s Libra global stablecoin project “is just the latest reminder that providing money does not have to be a centralized function of government.” The report answers to the idea that the public sector must ensure that sovereign currencies stay at the center of each nation’s financial system:

“Government officials should not suppress alternative forms of money to protect sovereign currencies; they should protect people’s ability to decide what forms of money are the best means of payment.”

Consumer sovereignty, not monetary sovereignty

The report argues that the principle of monetary sovereignty that member of the U.S. Federal Reserve's Board of Governors Lael Brainard spoke about in Febuary should be replaced with the concept of consumer sovereignty.

 

The Heritage Foundation cites the popular concerns that stablecoins and cryptocurrencies heighten the risk of crime and fraud, and notes that “the government does not need to create its own digital currency to protect people from these problems.” The paper claims:

“As with the existing payments system, any system based on cryptocurrencies can be policed by governments for fraud, consumer losses, and illicit activity.”

Competition between the Federal Reserve and private banks

The report also cites concerns that the Federal Reserve should not compete with the private sector. The central bank allegedly competes with private banks with its real-time payment tool, which Cointelegraph reported is expected to be a threat to private banks. The paper argues that a CBDC would also be a type of competition detrimental to the private sector:

“If everyone — not just banks or certain types of financial firms — has direct access to accounts at the Fed, then private banks will be in direct competition with the central bank for retail customers. If the Fed moves in this direction, private banks will lose, and so will their customers. Ultimately, the federal government would have full control over the money going into — and out of — every person’s account.”

Per the report, direct government control over every person’s account is part of the goal of such efforts. According to the Heritage Foundation, “this level of government control simply is not compatible with economic and political freedom.”

Talk of CBDCs in Washington

As Cointelegraph reported earlier this month, Brainard also said during the aforementioned talk that the institution is more open to the idea of central bank digital currency than previously. Yesterday, Congressman Bill Foster questioned a Federal Reserve official on U.S CBDC progress and was told that the institution is not yet sure whether deploying such a digital currency is a good idea.

 

Mass adoption of crypto currency has a good and bad effects depends on how are we going to adopt it. If we use both fiat and crypto currency then it will be good but if we replace crypto onto fist, it will be chaos.

[Sarahden111 1231]

In general, I think that the existence of a specific cryptocurrency in every country is a good thing in principle in terms of accepting the world of crypto and integrating it into the state's systems, but I see that it will affect in some way global trading But in the event that Bitcoin is used as a unified international currency, it is much better, and we now see companies and banks from different countries and around developing investment plans to buy it at different prices A good example is a micro strategy company that buys bitcoin daily for storage The intent of this ideal is that Bitcoin is a solution that exists on a golden plate, far from monopoly states and central authorities of money.

[Cryptomint 433]

No one can say anything about this. And what will happen in thi future. We have the two ways. But according to my mind it will not happen.

[Alex9876r 1408]

Many banks have now transferred part of their investment assets to Bitcoin, as well as the US Federal Reserve. I think they have launched an investment plan to store bitcoin, and here, in fact, Bitcoin has achieved its position among the most valuable brethren on earth with gold, oil and real estate.

[Rosarvx 965]

increasing the number of users of cryptocurrencies in the world so I think digital currency will be in the future, and Bitcoin is used as a unified international currency

[Brandonsaw 1973]

Countries only want to control cryptocurrencies but that is never going to be able and that is why some countries do not accept cryptocurrencies because the government cannot control what they want is to control cryptocurrencies and that they collect taxes so that they have more money but that  power is not going to be the good thing those of us who already occupy cryptocurrencies no longer live in the government system.

[Amiami 1362]

Private or public interference will sooner or later be necessary to improve the image and in the same way lay the foundations for the acceptance of cryptocurrencies as a digital economic asset, although this goes against the decentralization of the network, it is a necessary evil.

[percare 3192]

My question is why would the US need a cryptocurrency that will be the same as the dollar. It will help the economy by making better decisions and they will not be printing as they did until now? It needs a lot to know about. It can help immediately in cases of disaster relief and it can be more transparent. Maybe it will be better as fiat but it will be inflating and the same as all fiat we ever seen.

[wassim19 645]

The United States is trying to control and control digital currencies, but it will not be able to reverse the various countries that are trying to enter the field and contribute to its development and raise the value of digital currencies

[Cryptomint 433]

I also listen about this. But I did not find anything more about this. But If there will be the cryptocurrency of USA its own so it will really helpful.