New Executive Order To Adopt Digital Currency

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Author	Replies: 7 / Views: 1,273
MisterT Pillar of the Community United States 2003 Posts	Posted 08/22/2022 06:02 am This post is not meant to be political in any way but I just found out about new executive orders that were signed as a step to end the cash dollar as we know it and transform to a system of digital currency. While this may still take a while to fully take effect and facing opposition from financial institutions, I am concerned of the impact it may have on our hobby should it be enacted. Does it mean no more CRH? Report this Post to the Staff

CoffeeTime Valued Member United States 94 Posts	Posted 08/22/2022 06:29 am The executive order in May was to examine the risks and benefits of cryptocurrencies, and asked the fed to explore a digital dollar. I think we are a long way from not having physical money. Report this Post to the Staff
livingwater Pillar of the Community United States 2217 Posts	Posted 08/22/2022 07:27 am IMO the US MInt and other nations would still make collectable, commemorative coins, but much less circulating coins/greenbacks. Some are concerned a digital currency would give governments the ability to have more control over citizens, monitoring what they bought, rationing purchases such as gasoline, etc. I'd think it would be easier for the IRS to check all your accounts. For this reason and due to national debt, distrust in fiat, some are stacking physical silver/gold. Edited by livingwater 08/22/2022 07:30 am Report this Post to the Staff
Sap Moderator Australia 16809 Posts	Posted 08/22/2022 09:09 am I think the recent collapse of the so-called "stablecoins" proves that even stability-prioritized cryptos are less than "stable". Only two countries on the planet have adopted cryptocurrencies - specifically, bitcoin - as legal tender. The El Salvadorian experiment has been a complete failure, with most people signing up for the government bitcoin wallet just so they can be given the free bitcoin incentive, then immediately cashing out - it's cost the government millions, for no tangible benefit or improvement in the economy. And the Central African Republic experiment seems to be stalled on takeoff, which shouldn't surprise as only 15% of the population has access to the Internet. The whole point of crypto is that it's a government-free currency. Having governments try to adopt or create them is oxymoronic. The US dollar is already 89% digital; its value is already utterly detached from physical cash and physical assets. They could easily push that up to near 100%, with no executive orders "ending the cash dollar as we know it" required. And most people wouldn't even notice it had happened. Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis Report this Post to the Staff
livingwater Pillar of the Community United States 2217 Posts	Posted 08/22/2022 10:57 am Yes, most transactions are already digital. The concert arena and football stadium in my city no longer accept cash for food/drink vendors. I don't want greenbacks to go away completely. I still write checks for my electric/water bills, car plates, because they charge a fee for paying electronically. The IRS is hiring thousands of more employees. No doubt they'll be doing a lot more audits. They'll be checking all the digital records and wish they could check what people do with their cash. Eliminate cash and there goes whatever is left of financial privacy. Report this Post to the Staff
jbuck Moderator United States 187702 Posts	Posted 08/22/2022 11:26 am Quote: I still write checks for my electric/water bills, car plates, because they charge a fee for paying electronically. I remember when it was like that, but it seems many places are now charging fees to accept check or cash. I believe it is because those require paying a human body to handle them whereas most electronic transactions are fully automated. I think a good trend indicator is watching the ratio of self-check to traditional checkout lanes at B&M stores. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
fast3777 New Member United States 15 Posts	Posted 08/28/2022 4:59 pm The CBDC will be adopted just because the WEF is pushing it and the FED eventually wants negative rates to finance the fiscal side spending. IIRC over 100 countries are exploring CBDC and the digital currency would handshake with the IMF SDR. A dollar devaluation officially would fit the CBDC plan imho. YMMV Report this Post to the Staff
fast3777 New Member United States 15 Posts	Posted 08/28/2022 6:16 pm RotcD7OREP4 Report this Post to the Staff
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