The Fed & Digital Currency?

[ma96782]

CNBC says that The FED is exploring "digital currency". Rrrright.......perhaps it's a move to keep up with the Chinese? Then again, I saw a YouTube video the other day about fake (counterfeit) US Dollars coming in from China.

The Chinese have joined the ranks of the North Koreans.

Aloha, Mark

PS......

MSN

www.msn.com

Fair is fair. So....how about I NOT report my gains (less than $10k).....that I made from stocks?

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[The Heretic]

The current methodology for currency transfers is slow and clunky for the consumer. It can take days for an ACH to go thru, when it should take less than a minute.

I should be able to send a secure valid authenticated and authorized payment from my from a phone/computer to anyone for anything, in less than a minute. I am not talking about Paypal/et. al. or using a credit/debit card or cashier's check, I am talking about something that is akin to "paper" currency, but even more secure (ideally it would be a LOT more difficult to have a "counterfeit" transfer than it is to make fake paper money).

I should be able to do this without knowing your financial details - i.e., without knowing your bank account or CC #. I should not be able to withdraw from your account - you should have to send it. Each transaction should be standalone - no further transactions should be possible without initializing a new transaction.

Ideally I should be able to do this without connecting to the internet (near field communication), although that would probably be hard for authorization/authentication and verification (account exists and balance resolution). With satellite comms (e.g., Starlink) this would maybe become less of an issue.

Ideally, the government would allow these transfers without keeping a record of who was involved in the transfers and how much was transferred - but I very much doubt that will ever be allowed, even for small amounts. Even without the "war on drugs" and other issues (guns, taxes, etc.), the gov just will never want to give up the kind of control that this kind of data gives them. Also, credit and especially debit card institutions would not want to give up their very lucrative cut of the pie.

I think what the Fed is looking at is mostly about transfers between financial institutions, not between non-financial entities.