Digital Currency: Good, Bad & Ugly

[grip]

Is this a great idea for the future and will it eventually replace all paper currency?

I see it as an attempt by the gov to gain more control over people's finances and to prevent money laundering, tax evasion and undeclared income. It will ultimately give the Fed's uber control by monitoring all monetary transactions, which can be a very bad thing for certain sectors. It will also give hackers more opportunities to digitally steal and disrupt financial institutions. The convenience will not outweigh the negative aspects, IMO.

Biden’s Executive Order Calls for ‘Highest Urgency’ on CBDC Research and Development

The President has called on the Treasury Department to spearhead a series of reports looking into CBDC technology and how to implement them – ”if doing so is deemed to be in the national interest.”

news.yahoo.com

The Federal Reserve Weighs Risks and Benefits of a US Central Bank Digital Currency | JD Supra

This is the fourth in a series of articles in which we discuss recent efforts by regulators and other governmental bodies to set expectations and...

www.jdsupra.com

 

[ttwtt78640]

Great idea. Do away with cash and have your earnings (or proceeds from any private property sales) placed directly into your government account (no more need to file income tax returns). The federal government will then decide how much you will be allowed to spend (after they take their “fair share” for taxes) and, of course, which other accounts you may (or may not) transfer ‘your’ funds into.

 

[grip]

Great idea. Do away with cash and have your earnings (or proceeds from any private property sales) placed directly into your government account (no more need to file income tax returns). The federal government will then decide how much you will be allowed to spend (after they take their “fair share” for taxes) and, of course, which other accounts you may (or may not) transfer ‘your’ funds into.

If you eliminated all criminal proceeds from circulation, it would cause an economic collapse. And the gov knows this, they'd have to clamp down slowly, so as not to have too dramatic of an effect on commerce.

 

[ttwtt78640]

If you eliminated all criminal proceeds from circulation, it would cause an economic collapse. And the gov knows this, they'd have to clamp down slowly, so as not to have too dramatic of an effect on commerce.

They could increase their use of the wonderful (and unlimited?) power of civil asset forfeiture.