The Feds Plan To ENFORCE A Digital Dollar | MAJOR CHANGE IS COMING
Channel: Hayden Schreier
Date: 12/09/2022

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A DIGITAL DOLLAR IS COMING:
The FEDS want a CBDC also known as a central bank digital currency, a U.S. digital dollar or even a “Fedcoin”. CBDCs do offer some real use case. They could easily improve on an already safe and efficient U.S. domestic payments system. This would create a way to transfer money faster and cheaper than the current methods we use now. Similar to the use cases cryptocurrency offers and replacing the international payment system called SWIFT.

CASH IS NO LONGER KING:
Have you noticed the slowdown in restaurants accepting cash as payment. I started to notice a surge in cashless restaurants during the pandemic, not only was it a way to minimize the spread of germs, it also reduced the risk of getting robbed. Just 19% of purchases were made in 2020 with cash, down from 26% the year before, Ten years earlier, the use of cash was close to 30%. 

FEDS ARE ALREADY WORKING ON A CBDC:
As of August 29th the Federal Reserve updated their FedNow service timing to mid-2023.This will be a new instant payment service to enable financial institutions of every size, and in every community across the U.S., to provide safe and efficient instant payment services in real time, around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments conveniently, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments.

CBDC's HAVE BECOME GLOBAL:
Another reason I believe the Feds will enforce a digital dollar soon is because surprisingly they are late to the game. Believe it or not, they wont be the first country to create a centralized digital dollar. Around 60 CBDCs are in the works worldwide, and The Bahamas’ retail currency – ‘Sand Dollar’ – is also making world-beating strides. PwC ranked the top 10 retail CBDC initiatives around the world based on "project maturity," and the Sand Dollar took the top spot. China of course is also making progress towards a CBDC. Over the past several years China has been steadily making progress towards a digital renminbi, and now seems poised to become the first major economy to launch an official central bank digital currency.




Legal Disclaimer: I am not a financial advisor nor is any content in this video presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.