Finally, The United States Creating Digital Dollars,
The United States might be on the brink of creating a digital dollars in march,
President Biden signed an executive order, tasking federal agencies
with exploring crypto regulations,
including the development of a central bank digital currency.
President biden will sign this executive order today,
now this order calls understanding how a central bank digital currency might work.
Urgent the U.S isn’t alone a growing number of countries
are looking into digital versions of their currencies.
More than a 100 countries representing
more than 95% of the world’s GDP,
are looking to create their own digital currencies,
proponents of CBDC say a digitized currency can provide
more access to the unbanked allow for faster transactions,
and reduce illicit activities.
But there are also concerns,
unlike cryptocurrency CBDC are centralized, they are issued
and controlled by government entities just like fiat currency,
in unstable or authoritarian countries that could lead to currency manipulation.
There’s no government there’s no person that can just like print bitcoin into infinity.
there’s a cap to it which is different from the way that some governments operate,
which is like they can ostensibly keep printing money
which would devalue that nation’s currency we’ve seen that all over the world.
Another concern lack of privacy, according to the bank of international settlements,
in order for CBDC to ensure transparency and combat illicit activities, full anonymity is not plausible.
CBDC can also be programmed and personalized to only be spent on specific items or within a limited time frame this function is called programmability