The Federal Reserve is charged with promoting monetary and financial stability and the safety and efficiency of the payment system and is studying how a CBDC could improve on an already safe and efficient U.S. domestic payments system. The Federal Reserve is committed to ensuring the continued safety and availability of cash and is considering a CBDC as a means to expand safe payment options, not to reduce or replace them. We reached out to our experts from the GeoEconomics Center to tell us their top takeaways from the reports and what they mean for the United States’ role in the international financial system—and just how quickly the dollar can go digital. While there has been much focus placed on Satoshi’s identity and whereabouts, people in the Bitcoin community (often referred to as “Bitcoiners”) believe that not knowing Satoshi’s true identity is one of Bitcoin’s greatest strengths. There is no Founder or leader — no single point of failure — just math and lines of code that speak for themselves. This fits squarely into the ethos of a trustless, decentralized money.
Congress is already very active on the issues, and you can expect things will only accelerate from here. There is bipartisan consensus that there should be legislation around stablecoins—making sure things that say they are equivalent to a dollar truly are. But it’s much harder to find agreement on cyrptocurrencies and CBDCs. Most likely, the United States will get some new regulations around cryptocurrencies and stablecoins next year (probably not as strict as these reports would like) and some encouragement for the Federal Reserve’s work on a digital dollar. Congress doesn’t have to decide quite yet whether the Fed can give digital dollars out to Americans, but that decision will come in the near future.
Within the game, which operates through Telegram, players engage in “mining” by tapping on a virtual coin, accumulating in-game NOTs. These in-game tokens are set to be converted into a tradeable digital currency by the end of the month. New cryptocurrencies are emerging all the time — and are challenging more established digital assets such as Bitcoin and Ethereum.
The Federal Reserve’s goals for a CBDC take households, businesses, entrepreneurs, and consumers into account by offering more uses and efficiency than fiat or other supplementary monetary options. Erika Rasure is globally-recognized as a leading consumer economics subject matter expert, researcher, and educator. She is a financial therapist and transformational coach, with a special interest in helping women learn how to invest. “I think it is unlikely that this group would find the government somehow more trustworthy than highly regulated banks,” Bowman said.
This figure is nearly four times the 1.8 trillion yuan ($253 billion) recorded by the People’s Bank of China in June 2023. All original BRICS member states—Brazil, Russia, India, China, and South Africa—are piloting a CBDC. Since last year, BRICS has actively promoted developing an alternate payments system to the dollar.
Bitcoin successfully created a digital currency that operates in a fully-decentralized, trustless manner that allows users to send monetary value to each other through the Internet without the need for trusted, financial intermediaries. India spent ₹4,984.80 crore on printing money in FY22 and ₹4,012.10 crore a year before that. E₹ cuts all kinds of printing, storage, transportation and replacement and settlement costs.
The Trump coin’s market capitalization, which is based on the 200 million coins circulating, is capped at $13 billion, according to CoinMarketCap. The meme coin’s website said there will be 1 billion Trump coins over the next three years. Now, Trump will not only preside over how the federal government will regulate crypto, he can personally cash in on the outcome. Trump’s meme coin skyrocketed over the weekend and was trading at more than $70 by Sunday afternoon, according to CoinGecko.
