[OPLIN 4cast] OPLIN 4Cast #794: Is the U.S. about to get its own digital dollar?

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OPLIN 4Cast #794: Is the U.S. about to get its own digital dollar?
March 9th, 2022

[image: Various forms of crypto] We've certainly covered cryptocurrency
here before, and even discussed how my husband is mining it and
simultaneously heating his office <https://4cast.oplin.org/?p=8946>. But,
in every prior case, the crypto under discussion was backed by a third
party. What if the United States had its own? The rumors are not just
flying...the U.S. is actively investigating what it might take for it to
have its own digital currency.

   -
   - Biden considers digital dollar—here’s how it could differ from regular
   money
   <https://arstechnica.com/tech-policy/2022/03/biden-considers-digital-dollar-heres-how-it-could-differ-from-regular-money/>
   [Ars Technica] "Biden's order said a US-issued digital currency could be
   used to 'support efficient and low-cost transactions, particularly for
   cross‑border funds transfers and payments, and to foster greater access to
   the financial system, with fewer of the risks posed by private
   sector-administered digital assets' such as bitcoin and other
   cryptocurrencies."
   - The US dollar could go digital. Here's what you need to know
   <https://www.cnn.com/2022/03/11/tech/us-digital-dollar-cbdc/index.html>
   [CNN] "All told, around 100 countries are exploring CBDCs at one level or
   another, International Monetary Fund managing director Kristalina Georgieva
   said during remarks at the Atlantic Council think tank last month. 'We have
   moved beyond conceptual discussions of CBDCs and we are now in the phase of
   experimentation,' Georgieva said. 'Central banks are rolling up their
   sleeves and familiarizing themselves with the bits and bytes of digital
   money.'"
   - Federal Reserve study offers no answers on creating a digital dollar
   <https://www.engadget.com/us-federal-reserve-digital-dollar-currency-study-164541497.html>[Engadget]
   "Don't expect the US Federal Reserve to issue a digital dollar any time
   soon. *CNBC* reports the Reserve has published its long-in-the-making
   study of a central bank cryptocurrency, but took no stances on whether or
   not it should pursue the technology. The paper instead explored the
   potential benefits and pitfalls of digital currencies, and asked for public
   comments."
   - Biden FOMOs into crypto with wide-ranging executive order
   <https://mashable.com/article/biden-white-house-cryptocurrency-executive-order>
   [Mashable] "In other words, in the eyes of the White House, this whole
   crypto thing could go either way. And so, in an effort to make sure it
   breaks the way the Biden administration wants, the executive order calls on
   the Financial Stability Oversight Council to 'identify and mitigate
   economy-wide (i.e., systemic) financial risks posed by digital assets' and
   the Department of Commerce to 'work across the U.S. Government in
   establishing a framework to drive U.S. competitiveness and leadership in,
   and leveraging of digital asset technologies.' Interestingly, both
   cryptocurrency boosters and skeptics found something to like in the order."

*From the Ohio Web Library <http://ohioweblibrary.org>:*

   - Surging Interest Indicates Cryptocurrency is Becoming the Latest
   Wealth Accumulation Vehicle
   <https://search-ebscohost-com.proxy.oplin.org/login.aspx?direct=true&db=cmh&AN=202202090900PR.NEWS.USPR.NY56710>(PR
   Newswire. (2022, February 9). Surging Interest Indicates Cryptocurrency is
   Becoming the Latest Wealth Accumulation Vehicle. *PR Newswire US*.)
   - United States Cryptocurrency Market Forecast to 2027: Focus on
   Bitcoin, Bitcoin Dash, Ethereum, Litecoin and Ripple
   <https://search-ebscohost-com.proxy.oplin.org/login.aspx?direct=true&db=nfh&AN=16PU4180675982&site=ehost-live>
   (United States Cryptocurrency Market Forecast to 2027: Focus on Bitcoin,
   Bitcoin Dash, Ethereum, Litecoin and Ripple. (2022). *M2PressWIRE*.)
   - U.S. managers await SEC action on cryptocurrency funds
   <https://search-ebscohost-com.proxy.oplin.org/login.aspx?direct=true&db=f5h&AN=154925941&site=ehost-live>
   (Weinberg, A. I. (2022). U.S. managers await SEC action on cryptocurrency
   funds. *Pensions & Investments*, *50*(2), 13.)

------------------------------
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