US central bank designs digital currency
US central bank designs digital currency
The world of bitcoin and cryptocurrencies in general is arousing growing interest and it is no longer possible to ignore the phenomenon, or dismiss it as a mere parallel world, a sort of world apart, alien to reality. Even the states themselves, and the institutional world are entering the sector in a decisive way, after having tried to boycott the sector for years.
We already have several attempts to introduce an official digital currency, managed at the state level, for example petro, the state cryptocurrency launched by President Maduro, with which Venezuela tries to circumvent American sanctions. The petro does not seem to be very successful at the moment, while more interesting seems to be the digital Yuan, launched by China, with the ambitious goal of freeing itself from the dollar. In its current experimental phase, it is distributed first to banks, then to families, and finally to businesses. The curious thing is that among those who will collaborate with the Beijing government, in the experimentation phase, there are also stars and stripes giants such as Starbucks, McDonald's and Subway.
In this race for digital currency, the USA cannot be outdone and the arrival of the digital dollar is now becoming increasingly clear. This project directly involves the Federal Reserve Bank, the American central bank, which since last year has been collaborating with mit (Massachusetts Institute of Technology) in the development of the digital currency. Last year there was talk of the need for a long legislative and regulatory process, considering that the dollar remains today the most important currency in the world.
In recent weeks, there seems to be a definite acceleration, a desire to get the project off the ground as soon as possible. There are statements by the US Treasury Secretary, and the President of the Federal Reserve, the latter announced that the possibility of issuing a digital dollar is being carefully evaluated.
The new digital currency of the US Central Bank would be in competition with the digital Yuan, if we want to consider the institutional sphere. But are we sure that the real competitor of the digital dollar is only its Chinese counterpart? Here the challenge becomes more complex, in fact there is also bitcoin and other cryptocurrencies, therefore a battle fought on several fronts.
I do not exclude that the true objective of central banks, such as the Chinese and American ones, is not only to rival each other, but also and above all, to try to stem the rise of Bitcoin, and of the other cryptocurrencies, which were conceived to evade the power itself of central banks.
A centralized digital currency, regulated and issued by the central banks themselves, represents a challenge to real cryptocurrencies such as bitcoin, which instead have the characteristic of being decentralized, and beyond the control of government and banking institutions.
It is now clear that the banking system and, substantially the traditional financial system, feel threatened by the fact that someone may be able to accumulate, spend and transfer a financial value by bypassing the use of traditional currencies. managed by central banks.
This is a huge threat to the traditional role of central banks themselves and of global monetary policy as a whole, a risk that central banks themselves now seem to have fully understood, after years of trying to ignore or tarnish the role of bitcoin. descending on the same playing field, in the digital world.
It is the clash not only on the financial level, but also on the ideological and conceptual one, between a series of actors, such as traditional institutions, represented by governments and banks, which try to maintain their power, the current status quo, while from on the other hand we have a world that wants to put an end to the monopoly of money, which enriches the few at the expense of the many.
The challenge is launched
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