Skip to content

OPLIN 4Cast #794: Is the U.S. about to get its own digital dollar?

Posted in cryptocurrency

We’ve certainly covered cryptocurrency here before, and even discussed how my husband is mining it and simultaneously heating his office. But, in every prior case, the crypto under discussion was backed by a third party. What if the United States had its own? The rumors are not just flying…the U.S. is actively investigating what it might take for it to have its own digital currency.

  • Biden considers digital dollar—here’s how it could differ from regular money [Ars Technica] “Biden’s order said a US-issued digital currency could be used to ‘support efficient and low-cost transactions, particularly for cross‑border funds transfers and payments, and to foster greater access to the financial system, with fewer of the risks posed by private sector-administered digital assets’ such as bitcoin and other cryptocurrencies.”
  • The US dollar could go digital. Here’s what you need to know [CNN] “All told, around 100 countries are exploring CBDCs at one level or another, International Monetary Fund managing director Kristalina Georgieva said during remarks at the Atlantic Council think tank last month. ‘We have moved beyond conceptual discussions of CBDCs and we are now in the phase of experimentation,’ Georgieva said. ‘Central banks are rolling up their sleeves and familiarizing themselves with the bits and bytes of digital money.'”
  • Federal Reserve study offers no answers on creating a digital dollar [Engadget] “Don’t expect the US Federal Reserve to issue a digital dollar any time soon. CNBC reports the Reserve has published its long-in-the-making study of a central bank cryptocurrency, but took no stances on whether or not it should pursue the technology. The paper instead explored the potential benefits and pitfalls of digital currencies, and asked for public comments.”
  • Biden FOMOs into crypto with wide-ranging executive order [Mashable] “In other words, in the eyes of the White House, this whole crypto thing could go either way. And so, in an effort to make sure it breaks the way the Biden administration wants, the executive order calls on the Financial Stability Oversight Council to ‘identify and mitigate economy-wide (i.e., systemic) financial risks posed by digital assets’ and the Department of Commerce to ‘work across the U.S. Government in establishing a framework to drive U.S. competitiveness and leadership in, and leveraging of digital asset technologies.’ Interestingly, both cryptocurrency boosters and skeptics found something to like in the order.”

From the Ohio Web Library: