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2021-05-04

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US Launching Five Digital Dollar Pilot Programs<blockquote>美国启动五个数字美元试点项目</blockquote>

By now it's common knowledge that China isleaps and bounds aheadof all other central banks in launch

US Launching Five Digital Dollar Pilot Programs<blockquote>美国启动五个数字美元试点项目</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":106645352,"tweetId":"106645352","gmtCreate":1620116945776,"gmtModify":1634207688270,"author":{"id":3567078843638124,"idStr":"3567078843638124","authorId":3567078843638124,"authorIdStr":"3567078843638124","name":"Marco0404","avatar":"https://static.tigerbbs.com/1f450a1199dbd476c85934d4988dc1a1","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":4,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Awesome&nbsp;</body></html>","htmlText":"<html><head></head><body>Awesome&nbsp;</body></html>","text":"Awesome","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/106645352","repostId":1116634835,"repostType":4,"repost":{"id":"1116634835","kind":"news","pubTimestamp":1620116086,"share":"https://www.laohu8.com/m/news/1116634835?lang=zh_CN&edition=full","pubTime":"2021-05-04 16:14","market":"us","language":"en","title":"US Launching Five Digital Dollar Pilot Programs<blockquote>美国启动五个数字美元试点项目</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116634835","media":"zerohedge","summary":"By now it's common knowledge that China isleaps and bounds aheadof all other central banks in launch","content":"By now it's common knowledge that China isleaps and bounds aheadof all other central banks in launching a CBDC, or Central Bank Digital Currency (which Beijing vows is not a challenge to the reserve status of the US Dollar,but is precisely that), however the US is doing everything it can to keep up. And while one wouldn't get the sense of urgency if one listened to either the Fed chair or the NY Fed president today...<blockquote>到目前为止，众所周知，中国在推出CBDC或央行数字货币方面遥遥领先于所有其他央行（北京方面发誓这不是对美元储备地位的挑战，但事实正是如此），然而美国正在尽一切努力跟上。虽然如果你今天听美联储主席或纽约联储主席的话，你不会有紧迫感...</blockquote> <ul> <li>POWELL SAYS HAVE NOT DECIDED WHETHER TO ISSUE A DIGITAL CURRENCY</li> <li>WILLIAMS SAYS FED IS STUDYING CENTRAL BANK DIGITAL CURRENCIES ACTIVELY AND IS NOT IN A RACE</li> </ul> ... on Monday, the nonprofit organizationDigital Dollar Project said it will launch five pilot programs over the next 12 monthsto test the potential uses of a U.S. central bank digital currency, the first effort of its kind in the United States.<blockquote><ul><li>鲍威尔称尚未决定是否发行数字货币</li><li>威廉姆斯称美联储正在积极研究央行数字货币，并非在竞争</li></ul>...周一，非营利组织Digital Dollar Project表示将在未来12个月内推出5个试点项目测试美国央行数字货币的潜在用途，这在美国尚属首次。</blockquote> According to Reuters, the private-sector pilots which hope to recreate similar tests held in China last year, will initially be funded by Accenture and involve financial firms, retailers and NGOs, among others. The aim is simple:to generate data that could help U.S. policymakers develop a digital dollar.<blockquote>据路透社报道，私营部门试点希望重现去年在中国举行的类似测试，最初将由埃森哲资助，金融公司、零售商和非政府组织等参与。目的很简单：生成可以帮助美国政策制定者开发数字美元的数据。</blockquote> Why Accenture, formerly known as Arthur Andersen of Enron fame? Because a partnership between Accenture and the Digital Dollar Foundation, the Digital Dollar Project was created last year to promote research into a U.S. central bank digital currency (CBDC).<blockquote>为什么埃森哲，原名安达信安然成名？由于埃森哲和数字美元基金会之间的合作，数字美元项目于去年创建，旨在促进对美国央行数字货币（CBDC）的研究。</blockquote> “There are conferences and papers coming out every week around the world on CBDCs based on data from other countries,” said Christopher Giancarlo, former chair of the CFTC and co-founder of the Digital Dollar Foundation.<blockquote>CFTC前主席兼数字美元基金会联合创始人克里斯托弗·吉安卡洛(Christopher Giancarlo)表示：“世界各地每周都会根据其他国家的数据发布有关CBDC的会议和论文。”</blockquote> “What there is not, is any real data and testing from the United States to inform that debate. We’re seeking to generate that real-world data,” Giancarlo added.<blockquote>“没有来自美国的任何真实数据和测试来为这场辩论提供信息。我们正在寻求生成真实世界的数据，”吉安卡洛补充道。</blockquote> This means thatover the next 12 months, a select group of Americans will have the \"honor\" of transacting with the next evolutionary US currency - the digital dollar.<blockquote>这意味着在接下来的12个月里，一群精选的美国人将“有幸”用下一种进化的美国货币——数字美元进行交易。</blockquote> As discussed here extensively in recent years, CBDCs are the digital equivalent of banknotes and coins, giving holders a direct digital claim on the central bank and allowing them to make instant electronic payments. On the other hand, digital currencies allow central banks to track every single transaction in real-time, to identify the holder of the currency and - when the time comes - to \"expire\" it.<blockquote>正如近年来在这里广泛讨论的那样，CBDC是纸币和硬币的数字等价物，为持有者提供了对中央银行的直接数字索赔，并允许他们进行即时电子支付。另一方面，数字货币允许央行实时跟踪每一笔交易，识别货币持有者，并在时机成熟时将其“到期”。</blockquote> As a reminder, last month we reported that China's digiral yuan \"is programmable.Beijing has tested expiration dates to encourage users to spend it quickly, for times when the economy needs a jump start.\" The Fed's digital dollar will have this functionality too, as well as many more, most notably allowing the central bank to deposit digital dollar in any bank account of its choosing to create targeted inflation by selectively funding those who are most likely to spend rather than save (hence the relentless campaign to convince the US population that minorities deserve reparations).<blockquote>提醒一下，上个月我们报道了中国的数字人民币“是可编程的。北京已经测试了到期日，以鼓励用户在经济需要快速启动的时候快速消费。“美联储的数字美元也将具有这一功能，以及更多功能，最值得注意的是允许央行将数字美元存入其选择的任何银行账户，通过选择性地为那些最有可能支出而不是储蓄的人提供资金来创造有针对性的通胀（因此，我们坚持不懈地努力让美国民众相信少数族裔应该得到赔偿）。</blockquote> A few quick words on how CBDCs differ from other traditional payment methods: While debit cards or payment apps are a form of digital cash, those transactions are created by commercial banks based on money central banks credit to those banks’ accounts. They are not fully government-backed, can take days to settle, and often incur fees. Cryptocurrencies, meanwhile, are controlled by private actors, and have been soaring in recent years in response to the unprecedented debasement of fiat currencies.<blockquote>简单介绍一下CBDC与其他传统支付方式的不同之处：虽然借记卡或支付应用程序是数字现金的一种形式，但这些交易是由商业银行根据央行存入这些银行账户的资金创建的。它们不是完全由政府支持的，可能需要几天时间才能解决，而且通常会产生费用。与此同时，加密货币由私人行为者控制，近年来随着法定货币前所未有的贬值而飙升。</blockquote> Central banks around the world, including in China and Europe, are revving up CBDC projects to fend off threats from cryptocurrencies and improve payment systems.<blockquote>包括中国和欧洲在内的世界各国央行正在加快CBDC项目，以抵御加密货币的威胁并改善支付系统。</blockquote> Unlike Beijing, the U.S. Federal Reserve has said it wants to move more cautiously. It has been working with the Massachusetts Institute of Technology to build a technology platform for a hypothetical digital dollar, but chair Jerome Powell said last week that it is “far more important” to get a digital dollar right than it is to be fast. However, it now appears that speed is emerging as a key variable as well.<blockquote>与北京不同的是，美联储表示希望更加谨慎地采取行动。它一直在与麻省理工学院合作，为假设的数字美元建立一个技术平台，但主席杰罗姆·鲍威尔上周表示，正确获得数字美元比快速获得数字美元“重要得多”。然而，现在看来，速度也成为一个关键变量。</blockquote> Giancarlo said Powell was correct to be cautious but that as China pushes ahead, the United States must drive a discussion on incorporating U.S. values such as privacy and freedom of commerce and speech into the development of CBDCs. “It’s vital that the U.S. asserts leadership as it has in previous technological innovations,” Giancarlo added.<blockquote>吉安卡洛表示，鲍威尔的谨慎态度是正确的，但随着中国向前推进，美国必须推动讨论将隐私、商业和言论自由等美国价值观纳入CBDC的发展。吉安卡洛补充道：“美国必须像在之前的技术创新中那样保持领导地位，这一点至关重要。”</blockquote> Giancarlo also gave the trite BS reason why the US \"needs\" a digital currency, as it could also boost financial inclusion in the United States, where transaction fees impede the access of many Americans to mainstream financial services. Because so many Americans lament their inability to the dollar as it stands now due to high \"transaction fees.\"<blockquote>吉安卡洛还给出了美国“需要”数字货币的陈腐理由，因为它还可以促进美国的金融包容性，因为交易费阻碍了许多美国人获得主流金融服务。因为许多美国人哀叹由于高昂的“交易费”，他们无法像现在这样使用美元。</blockquote> The pilot programs, three of which will launch in the next two months, will complement the Fed’s MIT project by generating data on the functional, sociological, business uses, benefits and other facets, of a digital dollar. The data is due to be released publicly.<blockquote>其中三个试点项目将在未来两个月内启动，将通过生成有关数字美元的功能、社会学、商业用途、收益和其他方面的数据来补充美联储的麻省理工学院项目。该数据将公开发布。</blockquote> According to Reuters, Accenture has previously worked on a number of CBDC projects including in Canada, Singapore and France. David Treat, a senior managing director at Accenture, said CBDCs would exist alongside other forms of physical and electronic money, rather than replace them.<blockquote>据路透社报道，埃森哲此前曾参与加拿大、新加坡和法国等多个CBDC项目。埃森哲高级董事总经理David Treat表示，CBDC将与其他形式的实物和电子货币并存，而不是取代它们。</blockquote> “It’s not a panacea for all money,” Treat said. “We will be using physical cash and coin for some time.”<blockquote>“这并不是解决所有钱的灵丹妙药，”特里特说。“我们将在一段时间内使用实物现金和硬币。”</blockquote> Sure we will... until one day the government pulls an FDR executive order 6102 and confiscates all non-digital currencies.<blockquote>我们当然会...直到有一天，政府撤销了罗斯福第6102号行政命令，没收了所有非数字货币。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US Launching Five Digital Dollar Pilot Programs<blockquote>美国启动五个数字美元试点项目</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS Launching Five Digital Dollar Pilot Programs<blockquote>美国启动五个数字美元试点项目</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-04 16:14\n\n</h4>\n</header>\n<article>\nBy now it's common knowledge that China isleaps and bounds aheadof all other central banks in launching a CBDC, or Central Bank Digital Currency (which Beijing vows is not a challenge to the reserve status of the US Dollar,but is precisely that), however the US is doing everything it can to keep up. And while one wouldn't get the sense of urgency if one listened to either the Fed chair or the NY Fed president today...<blockquote>到目前为止，众所周知，中国在推出CBDC或央行数字货币方面遥遥领先于所有其他央行（北京方面发誓这不是对美元储备地位的挑战，但事实正是如此），然而美国正在尽一切努力跟上。虽然如果你今天听美联储主席或纽约联储主席的话，你不会有紧迫感...</blockquote> <ul> <li>POWELL SAYS HAVE NOT DECIDED WHETHER TO ISSUE A DIGITAL CURRENCY</li> <li>WILLIAMS SAYS FED IS STUDYING CENTRAL BANK DIGITAL CURRENCIES ACTIVELY AND IS NOT IN A RACE</li> </ul> ... on Monday, the nonprofit organizationDigital Dollar Project said it will launch five pilot programs over the next 12 monthsto test the potential uses of a U.S. central bank digital currency, the first effort of its kind in the United States.<blockquote><ul><li>鲍威尔称尚未决定是否发行数字货币</li><li>威廉姆斯称美联储正在积极研究央行数字货币，并非在竞争</li></ul>...周一，非营利组织Digital Dollar Project表示将在未来12个月内推出5个试点项目测试美国央行数字货币的潜在用途，这在美国尚属首次。</blockquote> According to Reuters, the private-sector pilots which hope to recreate similar tests held in China last year, will initially be funded by Accenture and involve financial firms, retailers and NGOs, among others. The aim is simple:to generate data that could help U.S. policymakers develop a digital dollar.<blockquote>据路透社报道，私营部门试点希望重现去年在中国举行的类似测试，最初将由埃森哲资助，金融公司、零售商和非政府组织等参与。目的很简单：生成可以帮助美国政策制定者开发数字美元的数据。</blockquote> Why Accenture, formerly known as Arthur Andersen of Enron fame? Because a partnership between Accenture and the Digital Dollar Foundation, the Digital Dollar Project was created last year to promote research into a U.S. central bank digital currency (CBDC).<blockquote>为什么埃森哲，原名安达信安然成名？由于埃森哲和数字美元基金会之间的合作，数字美元项目于去年创建，旨在促进对美国央行数字货币（CBDC）的研究。</blockquote> “There are conferences and papers coming out every week around the world on CBDCs based on data from other countries,” said Christopher Giancarlo, former chair of the CFTC and co-founder of the Digital Dollar Foundation.<blockquote>CFTC前主席兼数字美元基金会联合创始人克里斯托弗·吉安卡洛(Christopher Giancarlo)表示：“世界各地每周都会根据其他国家的数据发布有关CBDC的会议和论文。”</blockquote> “What there is not, is any real data and testing from the United States to inform that debate. We’re seeking to generate that real-world data,” Giancarlo added.<blockquote>“没有来自美国的任何真实数据和测试来为这场辩论提供信息。我们正在寻求生成真实世界的数据，”吉安卡洛补充道。</blockquote> This means thatover the next 12 months, a select group of Americans will have the \"honor\" of transacting with the next evolutionary US currency - the digital dollar.<blockquote>这意味着在接下来的12个月里，一群精选的美国人将“有幸”用下一种进化的美国货币——数字美元进行交易。</blockquote> As discussed here extensively in recent years, CBDCs are the digital equivalent of banknotes and coins, giving holders a direct digital claim on the central bank and allowing them to make instant electronic payments. On the other hand, digital currencies allow central banks to track every single transaction in real-time, to identify the holder of the currency and - when the time comes - to \"expire\" it.<blockquote>正如近年来在这里广泛讨论的那样，CBDC是纸币和硬币的数字等价物，为持有者提供了对中央银行的直接数字索赔，并允许他们进行即时电子支付。另一方面，数字货币允许央行实时跟踪每一笔交易，识别货币持有者，并在时机成熟时将其“到期”。</blockquote> As a reminder, last month we reported that China's digiral yuan \"is programmable.Beijing has tested expiration dates to encourage users to spend it quickly, for times when the economy needs a jump start.\" The Fed's digital dollar will have this functionality too, as well as many more, most notably allowing the central bank to deposit digital dollar in any bank account of its choosing to create targeted inflation by selectively funding those who are most likely to spend rather than save (hence the relentless campaign to convince the US population that minorities deserve reparations).<blockquote>提醒一下，上个月我们报道了中国的数字人民币“是可编程的。北京已经测试了到期日，以鼓励用户在经济需要快速启动的时候快速消费。“美联储的数字美元也将具有这一功能，以及更多功能，最值得注意的是允许央行将数字美元存入其选择的任何银行账户，通过选择性地为那些最有可能支出而不是储蓄的人提供资金来创造有针对性的通胀（因此，我们坚持不懈地努力让美国民众相信少数族裔应该得到赔偿）。</blockquote> A few quick words on how CBDCs differ from other traditional payment methods: While debit cards or payment apps are a form of digital cash, those transactions are created by commercial banks based on money central banks credit to those banks’ accounts. They are not fully government-backed, can take days to settle, and often incur fees. Cryptocurrencies, meanwhile, are controlled by private actors, and have been soaring in recent years in response to the unprecedented debasement of fiat currencies.<blockquote>简单介绍一下CBDC与其他传统支付方式的不同之处：虽然借记卡或支付应用程序是数字现金的一种形式，但这些交易是由商业银行根据央行存入这些银行账户的资金创建的。它们不是完全由政府支持的，可能需要几天时间才能解决，而且通常会产生费用。与此同时，加密货币由私人行为者控制，近年来随着法定货币前所未有的贬值而飙升。</blockquote> Central banks around the world, including in China and Europe, are revving up CBDC projects to fend off threats from cryptocurrencies and improve payment systems.<blockquote>包括中国和欧洲在内的世界各国央行正在加快CBDC项目，以抵御加密货币的威胁并改善支付系统。</blockquote> Unlike Beijing, the U.S. Federal Reserve has said it wants to move more cautiously. It has been working with the Massachusetts Institute of Technology to build a technology platform for a hypothetical digital dollar, but chair Jerome Powell said last week that it is “far more important” to get a digital dollar right than it is to be fast. However, it now appears that speed is emerging as a key variable as well.<blockquote>与北京不同的是，美联储表示希望更加谨慎地采取行动。它一直在与麻省理工学院合作，为假设的数字美元建立一个技术平台，但主席杰罗姆·鲍威尔上周表示，正确获得数字美元比快速获得数字美元“重要得多”。然而，现在看来，速度也成为一个关键变量。</blockquote> Giancarlo said Powell was correct to be cautious but that as China pushes ahead, the United States must drive a discussion on incorporating U.S. values such as privacy and freedom of commerce and speech into the development of CBDCs. “It’s vital that the U.S. asserts leadership as it has in previous technological innovations,” Giancarlo added.<blockquote>吉安卡洛表示，鲍威尔的谨慎态度是正确的，但随着中国向前推进，美国必须推动讨论将隐私、商业和言论自由等美国价值观纳入CBDC的发展。吉安卡洛补充道：“美国必须像在之前的技术创新中那样保持领导地位，这一点至关重要。”</blockquote> Giancarlo also gave the trite BS reason why the US \"needs\" a digital currency, as it could also boost financial inclusion in the United States, where transaction fees impede the access of many Americans to mainstream financial services. Because so many Americans lament their inability to the dollar as it stands now due to high \"transaction fees.\"<blockquote>吉安卡洛还给出了美国“需要”数字货币的陈腐理由，因为它还可以促进美国的金融包容性，因为交易费阻碍了许多美国人获得主流金融服务。因为许多美国人哀叹由于高昂的“交易费”，他们无法像现在这样使用美元。</blockquote> The pilot programs, three of which will launch in the next two months, will complement the Fed’s MIT project by generating data on the functional, sociological, business uses, benefits and other facets, of a digital dollar. The data is due to be released publicly.<blockquote>其中三个试点项目将在未来两个月内启动，将通过生成有关数字美元的功能、社会学、商业用途、收益和其他方面的数据来补充美联储的麻省理工学院项目。该数据将公开发布。</blockquote> According to Reuters, Accenture has previously worked on a number of CBDC projects including in Canada, Singapore and France. David Treat, a senior managing director at Accenture, said CBDCs would exist alongside other forms of physical and electronic money, rather than replace them.<blockquote>据路透社报道，埃森哲此前曾参与加拿大、新加坡和法国等多个CBDC项目。埃森哲高级董事总经理David Treat表示，CBDC将与其他形式的实物和电子货币并存，而不是取代它们。</blockquote> “It’s not a panacea for all money,” Treat said. “We will be using physical cash and coin for some time.”<blockquote>“这并不是解决所有钱的灵丹妙药，”特里特说。“我们将在一段时间内使用实物现金和硬币。”</blockquote> Sure we will... until one day the government pulls an FDR executive order 6102 and confiscates all non-digital currencies.<blockquote>我们当然会...直到有一天，政府撤销了罗斯福第6102号行政命令，没收了所有非数字货币。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/crypto/us-launching-five-digital-dollar-pilot-programs\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/crypto/us-launching-five-digital-dollar-pilot-programs","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116634835","content_text":"By now it's common knowledge that China isleaps and bounds aheadof all other central banks in launching a CBDC, or Central Bank Digital Currency (which Beijing vows is not a challenge to the reserve status of the US Dollar,but is precisely that), however the US is doing everything it can to keep up. And while one wouldn't get the sense of urgency if one listened to either the Fed chair or the NY Fed president today...\n\nPOWELL SAYS HAVE NOT DECIDED WHETHER TO ISSUE A DIGITAL CURRENCY\nWILLIAMS SAYS FED IS STUDYING CENTRAL BANK DIGITAL CURRENCIES ACTIVELY AND IS NOT IN A RACE\n\n... on Monday, the nonprofit organizationDigital Dollar Project said it will launch five pilot programs over the next 12 monthsto test the potential uses of a U.S. central bank digital currency, the first effort of its kind in the United States.\nAccording to Reuters, the private-sector pilots which hope to recreate similar tests held in China last year, will initially be funded by Accenture and involve financial firms, retailers and NGOs, among others. The aim is simple:to generate data that could help U.S. policymakers develop a digital dollar.\nWhy Accenture, formerly known as Arthur Andersen of Enron fame? Because a partnership between Accenture and the Digital Dollar Foundation, the Digital Dollar Project was created last year to promote research into a U.S. central bank digital currency (CBDC).\n“There are conferences and papers coming out every week around the world on CBDCs based on data from other countries,” said Christopher Giancarlo, former chair of the CFTC and co-founder of the Digital Dollar Foundation.\n“What there is not, is any real data and testing from the United States to inform that debate. We’re seeking to generate that real-world data,” Giancarlo added.\nThis means thatover the next 12 months, a select group of Americans will have the \"honor\" of transacting with the next evolutionary US currency - the digital dollar.\nAs discussed here extensively in recent years, CBDCs are the digital equivalent of banknotes and coins, giving holders a direct digital claim on the central bank and allowing them to make instant electronic payments. On the other hand, digital currencies allow central banks to track every single transaction in real-time, to identify the holder of the currency and - when the time comes - to \"expire\" it.\nAs a reminder, last month we reported that China's digiral yuan \"is programmable.Beijing has tested expiration dates to encourage users to spend it quickly, for times when the economy needs a jump start.\" The Fed's digital dollar will have this functionality too, as well as many more, most notably allowing the central bank to deposit digital dollar in any bank account of its choosing to create targeted inflation by selectively funding those who are most likely to spend rather than save (hence the relentless campaign to convince the US population that minorities deserve reparations).\nA few quick words on how CBDCs differ from other traditional payment methods: While debit cards or payment apps are a form of digital cash, those transactions are created by commercial banks based on money central banks credit to those banks’ accounts. They are not fully government-backed, can take days to settle, and often incur fees. Cryptocurrencies, meanwhile, are controlled by private actors, and have been soaring in recent years in response to the unprecedented debasement of fiat currencies.\nCentral banks around the world, including in China and Europe, are revving up CBDC projects to fend off threats from cryptocurrencies and improve payment systems.\nUnlike Beijing, the U.S. Federal Reserve has said it wants to move more cautiously. It has been working with the Massachusetts Institute of Technology to build a technology platform for a hypothetical digital dollar, but chair Jerome Powell said last week that it is “far more important” to get a digital dollar right than it is to be fast. However, it now appears that speed is emerging as a key variable as well.\nGiancarlo said Powell was correct to be cautious but that as China pushes ahead, the United States must drive a discussion on incorporating U.S. values such as privacy and freedom of commerce and speech into the development of CBDCs. “It’s vital that the U.S. asserts leadership as it has in previous technological innovations,” Giancarlo added.\nGiancarlo also gave the trite BS reason why the US \"needs\" a digital currency, as it could also boost financial inclusion in the United States, where transaction fees impede the access of many Americans to mainstream financial services. Because so many Americans lament their inability to the dollar as it stands now due to high \"transaction fees.\"\nThe pilot programs, three of which will launch in the next two months, will complement the Fed’s MIT project by generating data on the functional, sociological, business uses, benefits and other facets, of a digital dollar. The data is due to be released publicly.\nAccording to Reuters, Accenture has previously worked on a number of CBDC projects including in Canada, Singapore and France. David Treat, a senior managing director at Accenture, said CBDCs would exist alongside other forms of physical and electronic money, rather than replace them.\n“It’s not a panacea for all money,” Treat said. “We will be using physical cash and coin for some time.”\nSure we will... until one day the government pulls an FDR executive order 6102 and confiscates all non-digital currencies.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1667,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":7,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}