US: A central bank digital dollar project

Joe Biden today signed an executive order asking the federal government to assess the risks and benefits of creating a central bank digital dollar.

The federal agencies involved, including the Treasury Department and the Commerce Department, have 180 days to deliver a series of reports on “the future of money” and the role cryptocurrencies will play.

The ordinance requires in particular to evaluate the technological infrastructure necessary for the accomplishment of such a project, but also to examine the problems raised by cryptocurrencies, in particular systemic risks and consumer protection.

The stated goal would be to “address inefficiencies in the current US payments system and strengthen financial inclusion, especially of poor Americans, about 5% of whom currently do not have a bank account due to high fees” .

As in Europe , the obstacles to the realization of such a project seem insurmountable. Between the real electronic cash that is Bitcoin, and the Orwellian monetary model imagined by China, there is not yet a 3rd way.

Source: Reuters.com

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